INDIAN BILLIONAIRE GAUTAM ADANI CHARGED IN U. S. FOR ALLEGED BRIBERY, FRAUD. (PHOTO).
Indian billionaire Gautam Adani charged in US for alleged bribery, fraud Gautam Adani, the chair of Indian conglomerate Adani Group and one of the world’s richest people, whose business empire extends from ports and airports to renewable energy,has been indicted in New York over an alleged multibillion-dollar fraud scheme, United States prosecutors have said. The authorities on Wednesday charged Adani and two other executives at Adani Green Energy, his nephew Sagar Adani and Vneet Jaain, with agreeing between 2020 and 2024 to pay more than $250m in bribes to Indian government officials to obtain solar energy supply contracts expected to yield $2bn in profits. Prosecutors said the renewable energy company also raised more than $3bn in loans and bonds during this period based on false and misleading statements. Shares of Adani Enterprises, the group's flagship firm, closed down 22% on Thursday. Other group firms also closed in the red. Adani Green Energy, which is the firm at the c
I just received an information that Etisalat,a telecommunication firm in Nigeria has brought a legal action against MTN Nigeria and Visafone Ltd,challenging MTN's use of the 800MH spectrum following the acquisition of Visafone.Etisalat said the court action was necessary to prevent the use of the spectrum by MTN at this time,as it will entrench the dominance of MTN in the retail data service market.It noted that MTN Nigeria had been declared dominant by the Nigerian Communications Commission {NCC} in 2013 and remains dominant in the wholesale leased line and retail voice markets.Chineze Amanfo,Head of Media,Etisalat in a statement said the use of the 800MHz spectrum to deploy broadband services ahead of its competitors,particularly those who,prior to MTNs purchase as MTN,will further entrench MTN's dominance in the Nigerian telecommunications sector.She said in line with Section 86 of the Nigerian Communications Act,2003,engaged the NCC to understand the basis of its decision to approve the acquisition.Before the acquisition of Visafone by MTN Nigeria last month,the GSM operators controlled about 98 percent of the Nigerian market,while the CDMA controlled 1.58 percent market share,according to statistics from the NCC.One more photo below. 
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