TotalEnergies halts new investments in Adani Group amid bribery allegations
French energy conglomerate TotalEnergies has suspended new investments in Adani Group companies after the Indian firm's founder, Gautam Adani, was slapped with bribery charges. The company was unaware of the corruption investigation and has opted to withhold further financial contributions until the accusations are clarified. The charges allege that Gautam and others accused paid $265 million in bribes to Indian officials to secure solar power supply contracts for Adani Green Energy Ltd (AEGL).
This indictment does not target AGEL itself, says Total
"This indictment does not target AGEL itself, nor any AGEL-related companies," TotalEnergies said in a statement. "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."
Adani Group refutes allegations, TotalEnergies safeguards interests
Reacting to the charges, the Adani Group has rejected the allegations as baseless and vowed to seek all legal recourse. Meanwhile, TotalEnergies has a major stake in Adani Green Energy Ltd and Adani Total Gas Ltd. The French company stressed its commitment to anti-corruption measures and said it will take all necessary actions to protect its interests as AGEL's minority shareholder and as a joint-venture partner in project companies with AGEL.
TotalEnergies's investments in Adani's entities were lawful
TotalEnergies has assured that its investments in Adani's entities were made "in full compliance with applicable laws" and in accordance with its internal governance processes after due diligence. The company was not aware of the existence of an investigation into the alleged corruption scheme when it invested. The news comes amid ongoing scrutiny of the Adani Group's financial practices.
