The US government will settle a lawsuit filed against Gautam Adani, one of the world's richest people, for hiding an alleged bribery scheme. It's just one of the cases Adani faces in US courts.
The United States Securities and Exchange Commission (SEC) settled a civil lawsuit against Indian billionaire Gautam Adani for bribing Indian officials and lying to US investors, according to court documents published Thursday. The settlement is subject to court approval.
International media reported that the Department of Justice was also close to dropping related criminal charges of fraud against Adani.
Court documents show that Gautam Adani agreed to pay civil penalties of $6 million (€5.2 million), while his nephew Sagar Adani, another leader at Adani Green Energy, agreed to pay $12 million. The proposed settlement doesn’t include an admission of guilt.
This comes after The New York Times reported that the US SEC and Department of Justice were close to dropping their charges against Adani while implementing financial penalties and receiving a pledge to invest $10 billion in the United States.
