Our Bureau
Fort Lauderdale, FL
One of Adani’s most devoted supporters, GQG Partners, helmed by Rajiv Jain, has increased its ownership in five Adani Group entities. The GQG return coincides with the de-escalation of the USD 265 million US bribery issue that has Adani Group in the dark since the end of last year.
As the charges of the US bribery scandal fade, Adani’s devoted supporters, including Rajiv Jain-led GQG Partners, an NRI investor, have increased their ownership in five Adani Group entities.
GQG has reneged on its promise to lower its stake in Adani Ports by more than half to just 1.46 percent in the December quarter, increasing it by 247 basis points to 3.93 percent. Adani Green Energy saw a 28 basis point increase in shareholder value to 4.49 percent, Adani Energy Solutions saw a 13 basis point increase to 5.23 percent, Adani Enterprises saw a 17 basis point increase to 3.84 percent, and Adani Power saw a modest increase to 5.1%.
The GQG return coincides with the de-escalation of the USD 265 million US bribery issue that has Adani Group in the dark since the end of last year.
The Securities Exchange Commission and the US Department of Justice claimed in November that Adani executives had bribed Indian officials with millions of dollars in order to obtain solar contracts. The Adani Group has categorically denied them and termed it “baseless.”
However, the Adani Group breathed a sigh of relief when the newly elected US President Donald Trump signed an executive order halting the Foreign Corrupt Practices Act (FCPA) prosecutions. Trump reportedly did it for certain foreign bribery cases, as per Wall Street Journal article later.
