TotalEnergies clarifies ties with Adani Group after chairman Gautam was accused of alleged bribery

• TotalEnergies will no longer invest in Adani Green Energy Limited (AGEL) of the Adani Group after its chairman, Gautam Adani, was indicted in the US
• The petroleum company, which has a minority stake in AGEL, noted that it would protect its interests and clarified that it was not involved in the bribery allegations.
• US authorities have accused Adani and other suspects of obtaining money from US investors and other lenders based on false and misleading statements

TUKO.co.ke journalist Japhet Ruto has more than eight years of experience in financial, companyand technology reporting, providing in-depth insights into Kenyan and global economic trends.

TotalEnergies, a global oil company, has suspended its investment in Adani Green Energy Limited (AGEL), a subsidiary of Adani Group.

Why TotalEnergies has suspended investments in Adani Group

This is after the group’s chairman, Gautam Adani, was indicted in the United States (US) on allegations of bribery to secure tenders.

In one statementThe petroleum company, which has a minority stake in AGEL, noted that it will not invest in the company until Adani is approved.

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“TotalEnergies, which is not the target of nor involved in the facts described in such indictment, will take all relevant actions to protect its interests as a minority shareholder (19.75%) of AGEL and as a joint venture partner (50% ) in project companies with AGE.

“Until the allegations against the individuals of the Adani Group and their consequences are resolved, TotalEnergies will not make any new financial contribution as part of its investments in the Adani Group,” the report said.

Why was Gautam Adani charged?

The Indian billionaire was accused of fraud by US authorities on allegations that he and other accused co-conspirators bribed Indian officials with $250 million (KSh32.4 billion) to win solar power contracts.

The U.S. Attorney’s Office in Brooklyn, New York, charged the suspects on Wednesday, Nov. 20, with soliciting funds from U.S. investors and other foreign lenders “based on false and misleading statements.”

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TotalEnergies says it will stop new investments in the Indian company Adani

US attorney Breon Peace said the incidents took place between 2020 and 2024, with the Adani Group, of which Adani is chairman, reportedly expecting $2 billion (KSh259.2 billion) in profits.

Why William Ruto scrapped Adani’s deals

In other news, Chairman William Ruto canceled the controversial multi-billion Adani deals in Kenya during his State of the Nation address on Thursday, November 21.

In his speech, Ruto directed the relevant agencies suspend their commitments with the Indian company and look for alternative, reputable partners.

The President revealed that he had received new information from partner countries and investigative agencies after Adani was indicted in the US.

Proofreading by Mercy Nyambura Guthua, journalist and editor at TUKO.co.ke

Source: TUKO.co.ke