French firm TotalEnergies halts new investments in Adani Group amid $265 million bribery charges
The oil and gas company said it was not made aware of the existence of an investigation into the alleged corruption scheme by the United States authorities.
Join our WhatsApp Community to receive travel deals, free stays, and special offers!
- Join Now -
Join our WhatsApp Community to receive travel deals, free stays, and special offers!
- Join Now -
French oil and gas company TotalEnergies on Monday said that it will not make any new financial contributions as part of its investments in the Adani Group in view of the indictment of Gautam Adani by a United States court in a $265 million bribery and fraud case.
“TotalEnergies rejects corruption in any form,” the company said in a statement. “TotalEnergies was not made aware of the existence of an investigation into the alleged corruption scheme.”
The company added: “Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies.”
The statement came just days after a New York court on November 20 announced the indictment of Gautam Adani in a multibillion-dollar bribery and fraud scheme related to the Adani Group’s solar projects in India.
The indictment has triggered an uproar in India.
A judge also issued arrest warrants for the industrialist and his nephew, Sagar Adani, in connection with the allegations.
Gautam Adani and seven others, including Sagar Adani, agreed to pay over $265 million, or nearly Rs 2,236 crore, in bribes to Indian government officials between 2020 and 2024 to obtain contracts expected to yield a profit of $2 billion, or...
