Representatives of Indian billionaire Gautam Adani have met with officials from U.S. President Donald Trump’s administration to request that criminal charges in a bribery investigation be dismissed, according to Bloomberg News.
Shares of Adani Group’s nine listed companies saw an increase of 0.4% to 5.3% in early trading on Monday, with Adani Total Gas seeing the highest rise. The overall market went up by 0.5%. These discussions started earlier this year and have gained momentum in recent weeks, with a potential resolution expected within a month if progress continues, Bloomberg reported, citing anonymous sources.
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A representative from Adani Group, as well as spokespeople from the U.S. Justice Department and the White House, declined to comment on the matter when asked by Bloomberg. They also didn’t respond to requests for comment from Reuters outside of U.S. business hours.
In November, U.S. authorities charged Gautam Adani and his nephew, Sagar Adani, accusing them of paying bribes to secure power supply contracts in India and misleading U.S. investors. The Securities and Exchange Commission (SEC) also accused the Adanis of paying bribes to Indian officials and misleading investors during a $750 million bond sale by Adani Green.
Adani’s representatives are arguing that prosecuting him doesn’t align with Trump’s priorities and that the case should be reconsidered.
Earlier last month, Adani Green stated that its review of the U.S. charges found no issues or irregularities. The indictment has caused a loss of around $13 billion in market value for the nine companies in the Adani Group.
