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
Yesterday tuesday,the Senate President Bukola Saraki announced that they passed the Secured Transaction in Movable Assets Bill and the Credit Bureau Services Bill.These two Bills are a part of the Senate's Ease of Doing Business Legislation that are aimed at making the local regulatory environment more conducive to starting and operating businesses.Under the Secured Transaction in Movable Assets Bill,we can close the gap on access to credit financing for SME's by allowing the use of movable assets as collateral when acquiring loans.Up until now,only fixed assets like land and infrastructure were accepted.Additionally,the Secured Transaction Bill strengthens the financial inclusion of SME's,stimulates responsible lending to micro,small and medium enterprises and establishes a Collateral Registry for its operations.
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