India's Gautam Adani settles civil case with the US SEC
Indian billionaire Gautam Adani and his nephew settled a civil case brought by the US Securities and Exchange Commission. Nikkei Asia said the settlement includes a payment of about 18 million dollars. The settlement was reached without an admission of wrongdoing.
According to Nikkei Asia, Adani Group founder Gautam Adani and his nephew Sagar Adani settled a civil case brought by the US Securities and Exchange Commission. The SEC, in its 2024 complaint, alleged that Adani Green Energy paid bribes to secure solar contracts in India.
The settlement reportedly involves a payment of about 18 million dollars by the Adani Group. The statement said the companies did not admit any wrongdoing. The deal does not affect the parallel criminal investigation by the US Department of Justice, and Adani Green's access to US bond markets remains limited.
Shares of Adani Enterprises rose about 4 percent on the Mumbai stock exchange after the news. Analysts said the settlement could bring some relief to the group's global financing channels. Adani has been under pressure for two years from US litigation, short-seller reports and political debate in India.
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