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 CONFERENCE TASK EITI ON GLENCORE'S BRIBERY SCANDAL IN NIGERIA, 5 OTHERS.(PHOTO).#PRESS RELEASE.

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AU Conference Tasks EITI on Glencore’s Bribery Scandal in Nigeria, 5 Others

The Conference on Addressing Illicit Financial Flows and Asset Recovery in the Extractive Industries has tasked the Extractive Industries Transparency Initiative (EITI) on the bribery scandal by Glencore in Nigeria and five other African countries.

The Conference, in a communique released on Tuesday at the end of its two-day session in Diamniadio, Dakar, Senegal, asked EITI to publicly call out Glencore for its failure to adhere to the group’s principles and values over its bribery scandal in Nigeria, Cameroon, South Sudan, Cote d’Ivoire, Equatorial Guinea and the Democratic Republic of Congo.

The Conference convened by the Secretariat of the African Union High Level Panel on Illicit Financial Flows and the Working Group on Common Africa Position on Asset Recovery (CAPAR) held parallel to the 2023 Global Conference of the Extractive Industries Transparency Initiative (EITI) on 13th and 14th June 2023 in Dakar, Senegal. The Global EITI Conference is the first ever conference to be held in Africa in spite of African countries being the majority of its fifty-seven member countries which meet every three years.



 

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