In this episode of The Editorial, Mr. Sujit Nair discusses the latest allegations against Indian business tycoon Gautam Adani. U.S. prosecutors have indicted Adani, his nephew Sagar Adani, and six others for allegedly paying $265 million in bribes to Indian government officials to secure solar power contracts with state electricity distribution companies.
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[00:00:00] Namaskar! Welcome to another episode of Editorial. Gautam Adani is in trouble again, this time around with US Court. Let's get right to the show and find out.
[00:00:12] Now, let's understand this story in a very simple language. The American prosecutors have found or has accused Gautam Adani and his nephew Sagar Adani.
[00:00:33] Gautam Adani, Chairperson of Adani Green Energy, Sagar Adani, Executive Director of Adani Green Energy and this Adani Green Energy is so-called referred as the Indian Energy Company.
[00:00:49] These two have been accused along with Ranjit Gupta who was the CEO of Azure Power and Rupesh Agrawal, consultant and CEO of Azure Power who is called as the US issuer.
[00:01:04] US issuer means company connected to US, company with US investment, US issuer.
[00:01:10] These two identities have been accused of paying bribes up to 2,029 crores to Indian officials, not to American officials, but to Indian officials.
[00:01:26] So US prosecutors is accusing Gautam Adani of paying bribes to Indian officials.
[00:01:37] But let us first understand a very basic question.
[00:01:41] Who is Gautam Adani? Indian. Indian no, very powerful Indian.
[00:01:48] Who he gave the money to? Indian officials. Who did he bribe? Indian officials.
[00:01:53] You will ask me, what does America have to do with it?
[00:01:56] What has America got to do with it?
[00:01:59] Now there is a reason why America is involved and there is a reason why American prosecutors are accusing Gautam Adani.
[00:02:07] The reason is, according to American law, if you are taking investment from America, which these people took, that is the Indian energy company and the American issuer put together, they took huge investments from America.
[00:02:24] And they were hoping to create huge profit out of this investment that they took from America.
[00:02:31] So they took investment from America.
[00:02:33] And if you take investment from America and then you go and bribe some official in any part of the world, America will come after you.
[00:02:39] The American law will come after you.
[00:02:42] And that is exactly what they are trying to do here.
[00:02:45] They are saying that they have got evidence.
[00:02:48] They are saying that they have got proof that this Indian energy company, whose chairperson is Gautam Adani and this whatever American issuer, they have gone and bribed people to ensure that the Indian energy company, that is Adani energy,
[00:03:09] provides 12 gigawatts of solar power to state-owned solar energy corporation of India.
[00:03:17] And these people, these government officials were bribed so that they can ensure that they buy from Adani at whatever price and give it to you.
[00:03:26] Give it to you.
[00:03:28] So they buy from Adani and ensure that sell it to you.
[00:03:32] And in return of that, they get 2029 crores as bribe from Adani.
[00:03:38] Finally, do you know who pays for that 2029 crores?
[00:03:42] Adani doesn't pay it from his pocket.
[00:03:45] You pay it.
[00:03:47] You pay it.
[00:03:48] And today, United States of America, their prosecutors are accusing Adani of paying this bribe.
[00:03:58] So finally, this is how this entire story looks.
[00:04:03] Mind you, Adani, same company, Hindenburg, they too had huge amount of allegations against Adani.
[00:04:12] Adani, same company where even in Maharashtra, a lot of political leaders, a lot of civil activists, they too seem to have a lot of problems with the way Dharavi is being handled.
[00:04:25] Adani seems to be having a problem almost everywhere they are in and they are doing business in.
[00:04:31] Now, mind you, there is also another story which is in Kenya.
[00:04:41] In October 2024, there is a report that the Kenyan court suspends 736 million Adani power line deal.
[00:04:51] Kenyan court suspended it.
[00:04:53] Kenya's High Court suspended 736 million deal between State Utility and India's Adani energy solutions to build and operate power infrastructure including transmission line.
[00:05:06] The public-private partnership agreement between the state-owned Kenyan electrical transmission company and Adani was signed earlier this month.
[00:05:15] The High Court said that the government could not move ahead with the 30-year-old agreement with Adani energy solutions until the court makes a determination on the case bought by the law society of Kenya challenging the case.
[00:05:29] The law society argued that the power deal is constitutional sham and tainted with secrecy.
[00:05:37] So, Kenya also same thing constitutional sham tainted with secrecy.
[00:05:43] America said they are bribing India officials to the 2029 crores so that India buys energy from Adani energy and sells it to the poor people.
[00:05:57] And bulk of it, I believe, is going to Andhra according to this report.
[00:06:01] Bulk of this, they promised around 265 million dollars as bribe which is around 2029 crores as bribe with a large portion of the directed funds to officials in Andhra Pradesh.
[00:06:16] A large part of this fund is going to Andhra Pradesh.
[00:06:19] So, you have problem with Hindenburg who spoke about problem, US spoke about problem, Kenya spoke about problem, everybody is speaking about problem and somehow or another, somehow or another Adani is in the middle.
[00:06:36] Sebir chairperson, again there were allegations against her, somehow or another Adani was in the middle.
[00:06:44] So, except for our government, except for our investigating bodies who finds every other opposition person, every other person who dissents against the government guilty and raids and whatever, whatever, whatever, whatever, they don't find them guilty.
[00:07:00] Now, Adani says that this is all baseless.
[00:07:04] This is all baseless. Let me tell you Adani's version also.
[00:07:07] Adani says that the allegation made by US Department of Justice and US Security and Exchange Commission against Directors of Adani Green are baseless and denied.
[00:07:18] As stated by the US Department of Justice, the charges in the indictment are allegations and the defendants are presumed innocent until proven guilty.
[00:07:30] All possible legal recourse will be sought.
[00:07:33] This is what Adani group said.
[00:07:35] They went on to say that the Adani group has always upheld.
[00:07:39] Hear this?
[00:07:40] The Adani group has always upheld and instead fastly commitment to maintaining the highest standard of governance, transparency, regulatory compliance across all jurisdictions of its operations.
[00:07:52] The group statement added, we assure your stakeholders, partners and employees that we are a law abiding organization and fully compliant with law.
[00:08:04] This is what Adani said.
[00:08:06] This is the status.
[00:08:07] Adani says it's all baseless.
[00:08:09] When Hindenburg happened, Adani came out and said it is all baseless.
[00:08:13] When Kenya happened, that too, I am sure Adani believed that it was all baseless.
[00:08:20] Now US has happened, then too Adani says it is all baseless.
[00:08:25] And to a very major extent, our law enforcement agencies and our law also feels that all this are not necessarily true.
[00:08:36] This is the situation.
[00:08:39] Rest, you decide.
[00:08:41] Till I see you next time.
[00:08:43] That's tomorrow at 10.
[00:08:45] Namaskar.