SEC v. Gautam Adani and Sagar Adani

Gautam Adani and Sagar Adani allegedly made false and misleading statements in connection with a 2021 bond offering by Adani Green Energy Ltd. According to the SEC, Gautam Adani and Sagar Adani, respectively the founder and Executive Director of Adani Green, orchestrated a scheme to pay or promise to pay the equivalent of hundreds of millions of dollars in bribes to Indian government officials. These bribes were allegedly in exchange for commitments to purchase energy at above-market rates, thereby benefiting Adani Green. The complaint also alleges that in September 2021, while the bribery scheme was ongoing, the defendants falsely touted Adani Green’s compliance with anti-bribery principles and laws in connection with a $750 million bond offering, which raised more than $175 million from U.S. investors. According to the complaint, Adani Green’s offering materials contained statements about its anti-corruption and anti-bribery efforts that were materially false or misleading in light of the bribery scheme.

Summary generated from official Securities and Exchange Commission press release