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
Justice M.A Onyetenu of the Federal High Court Osogbo,Osun State,June 8,2017 granted the 3rd,5th and 6th defendants bail in the case of conspiracy and money laundering brought against the former members of the Governing Council of the Osun State College of Education,Ila-Orangun,Osun State.They include David Olayinka Olojede,Akingbade Latilo,Dr. Gbadamosi Basiru,Oluwafemi Kujembola.Others are: Amobi Yunusa Akintola and Ogungbemi Olatokunbo.Bashiru {3rd defendant}, Akintola {5th defendant} and Olatokunbo {6th defendant} were granted bail in the sum of N20 Million each with two sureties who have landed properties within Osogbo.The defendants are to deposit their International Passport with the court.One of the sureties must be a civil servant on grade level 16 and must depose to an affidavit of means.However,the applications for bail of the 1st defendant,David Olayinka Olojede,2nd defendant,Akingbade Latilo and 4th defendant,Oluwafemi Kujembola were dismissed by the court.They are to remain in prisons custody pending conclusion of trial.The defendants,who were arraigned Wednesday May 18,2017 by the Economic and Financial Crimes Commission,EFCC,are standing trial on an eight-count charge bordering on conspiracy and money laundering.The Commission got wind of their activities through a petition alleging that they were involved in abuse of office and misappropriation of N125 Million Tetfund Special Intervention Fund released to the College for the building of a Lecture Theater.The defendants as members of the Governing Council allegedly released the sum of N102 Million to the contractor DigitPro Engineering Technology Ltd chaired by one Mr John Ojemuyiwa Ojokerede {Who is also standing trial before the High Court of Osun State sitting at Ede on a separate charge}.Investigations revealed that upon the release of the mobilization fee to the contractor,the contractor deducted a bribe of N43 Million from the original sum to the Council members as kick back and never executed the contract.The sum was collected by the 1st Defendant,David Olayinka Olojede and subsequently distributed to the other defendants,who were also members of the council.
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