No notice has been received from US Justice Department: Adani Group

New Delhi (Uttam Hindu News): Adani Group companies have said that they have not received any notice from the US Department of Justice (DOJ) on any bribery allegation. Earlier, a JP Morgan report had said that the scope for bribery for the Adani Group looks “almost impossible” given the high level of transparency in the renewable energy sector in India. Adani Group told the stock exchange that it has “not received any notice from the Department of Justice regarding the allegation” and that “media reports in this regard are false”. Bloomberg reported last weekend that prosecutors from the US Attorney’s Office and DOJ were looking into Adani Group unit and Azure Power Global in a possible bribery investigation.

In a separate filing, Adani Green Energy also told the stock exchange that it had not received any notice, but “is aware of an investigation by the US Department of Justice into possible violations of US anti-corruption laws by a third party”. Adani Green said in the filing, “The company has no relationship with the said third party and is therefore unable to comment at this time on the scope of the US investigation into the company’s alleged dealings with the third party against the company or any of its employees.” “An investigation is underway or his name is emerging in connection with the transaction.”

JPMorgan’s report said that overall, assuming it relates to the companies’ renewable energy project, “we believe that such provisions are highly unlikely to have a material financial impact, even if the reported investigation till the prosecution stage and thereafter the bribery is proved”. “Given the high level of transparency involved in the various renewable energy tenders issued in India, the scope for major corruption and bribery appears to be very low,” the report said.