French energy company TotalEnergies has decided to halt any further financial investments into its partnership with the Adani Group. This follows allegations against executives of the Adani Group in the United States. The Paris-headquartered company said that its decision would remain in place and hold until the accusations are clearly clarified.
US Indictment Sparks Action
The announcement come after US prosecutors charged Adani Group Chairman Gautam Adani and his nephew, as well as Executive Director of Adani Green Energy Sagar Adani, Managing Director of Adani Green Vneet Jaain, and others with orchestrating a $265 million bribery scheme to gain power supply contracts in India. The US Securities and Exchange Commission has also asked for a trial by jury and penalties against Gautam Adani and Sagar Adani.
TotalEnergies Responds to Allegations
Group executives through public announcements. The alleged corruption scheme is linked to the business of Adani Green Energy Limited (AGEL). However, the French energy company clarified that the indictment does not target AGEL or any of its related entities. In line with its code of conduct, TotalEnergies reaffirmed its stance against corruption in any form. The company also emphasized that it is “not targeted nor involved” in the allegations outlined in the US indictment. As a minority shareholder in Adani Green and a joint-venture partner in related projects, TotalEnergies assured that it would take all necessary actions to safeguard its interests.
Furthermore, TotalEnergies highlighted that its investments in Adani’s entities were made in compliance with all applicable laws and its internal governance protocols. The investments were subject to due diligence and based on representations provided by the sellers. The company stressed that it was unaware of any investigation into the alleged corruption scheme at the time of its investments.
The controversy has had ripple effects globally. Last week, Kenyan President William Ruto canceled a procurement process that would have awarded control of Nairobi’s main airport to the Adani Group, citing the US indictment.
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