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
According to sources,a total of 4,116 buses valued N37 billion have been delivered to beneficiaries nationwide under the Federal Government's Public Mass Transit Revolving Fund {PMTF} Scheme.The Managing Director of The Infrastructure Bank,Mr Adekunle Oyinloye,state this in a paper he presented at a National Workshop for Chief Executive Officers of Mass Transit Companies in Abuja.Oyinloye said the buses were released to mass transit companies to provide cheap and affordable road transport services to Nigerians across the six geo-political zones and the FCT.According to him,the vehicles were provided under phase I and II of the N25 billion PMT scheme being managed by the Infrastructure Bank.He stated that the scheme has also empowered over 50,000 Nigerians,including bus drivers,bus assistants,auto-technicians and booking clerks,through direct employment.''In addition,the scheme has thrived in reducing poverty and enhancing regional integration,as more people are able to move easily across different regions of the country,and across the West African sub-region.The PMTF Scheme offers a single digit interest rate regime of five per cent per annum in Phase ! and zero percent per annum in Phase II.Thi has resulted in cost savings of about N10 billion when compared with the prevailing interest rate of about 25 percent per annum obtainable in other financial institution''.
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