JAKARTA - Indian billionaire Gautam Adani is getting closer to resolving his legal problems in the United States. Citing a report by The Straits Times, Friday, May 15, Adani and his nephew, Sagar Adani, agreed to pay 18 million US dollars to settle charges from the US Securities and Exchange Commission or SEC.
The settlement is still a proposal filed with a US court on May 14. The SEC accused the two of making false and misleading statements regarding Adani Green Energy.
In a November 2024 lawsuit, the SEC accused Gautam Adani of leading an effort to pay or promise bribes of hundreds of millions of US dollars to Indian officials. The goal, according to the SEC, was for Adani Green to win contracts for India's largest solar power plant project.
The matter of his sentence is also beginning to subside. Bloomberg News previously reported that the US Department of Justice was moving to withdraw fraud charges against Adani in a separate case.
Markets responded quickly to the news. Most of Adani Group's dollar bonds rose on May 15. Shares of Adani Enterprises, the group's main company, had risen as high as 3.3 percent.
For the Adani Group, this settlement is important. The conglomerate is active in many strategic sectors, from energy, airports, to data centers. The data center business is part of the push for a $100 billion digital infrastructure.
If this case is completed, the Adani Group can be more free to return to the international capital market and continue its expansion. Previously, the group was also shaken by allegations of market manipulation from Hindenburg Research in 2023. Adani has denied the allegations.
"This is very positive for investor perceptions of the group," said Abhay Agarwal, chief investment officer at Piper Serica Advisors.
According to Agarwal, the settlement of this case can end the pressure experienced by the Adani Group after the Hindenburg allegations.
Gautam Adani is the head of the Adani Group. Sagar Adani serves as the executive director of Adani Green Energy. The SEC did not sue the Adani Group conglomerate or its subsidiaries. The company has also denied the US allegations when the case came to light.
Bloomberg News reported in February 2025, since the case was filed, Adani has built a network of political influence in the US by involving lawyers from major law firms and lobbyists.
The rise in dollar bonds and Adani Enterprises shares shows the market is reading the proposed settlement as a positive signal for the future of the Adani Group's business.
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