INDIAN BILLIONAIRE GAUTAM ADANI CHARGED IN U. S. FOR ALLEGED BRIBERY, FRAUD. (PHOTO).

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  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
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AU MEMBER-STATES COMMIT TO IMPLEMENTATION OF AFRICA’S ASSET RECOVERY AGENDA.(PHOTO).#PRESS RELEASE.

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AU Member-States Commit To Implementation Of Africa’s Asset Recovery Agenda

*AU To Facilitate Consultations With Regional Banks To Establish Escrow Accounts

An extended Common African Position on Asset Recovery (CAPAR) Working Group, with more African Union (AU) member-states including Nigeria, Democratic Republic of Congo (DRC), Malawi and Senegal has joined pan-African institutions mandated by the AU Assembly to actively further the implementation of CAPAR.

The commitment of AU member-states to the implementation of Africa’s Asset Recovery Agenda, CAPAR, is one of the major outcomes of the high-level technical meeting on the frameworks for its implementation held over the weekend in Addis Ababa, Ethiopia.

At the meeting which had top government officials and heads of anti-corruption and asset recovery agencies, the aforementioned countries agreed through their respective missions and representatives to propagate CAPAR, unify its messaging and deliver necessary political support to its implementation frameworks, as well as its proposed protocol and model agreements.

The high-level meeting, which was jointly organized by the African Union and the Coalition for Dialogue on Africa (CoDA), reviewed strategy documents that focused on the legal framework for the recovery of African assets and the proposal on the setting up of an escrow account for African assets.


 

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