Gautam and Sagar Adani Agree to Pay USD 18 Million Penalty to Drop US SEC's Bribery Case: Report |
Listen to this article:
New Delhi: Indian billionaire businessmen Gautam Adani and his nephew Sagar Adani have agreed to a proposed USD 18 million penalty to settle the US Securities and Exchange Commission (SEC) allegations linked to Adani Green Energy Ltd of having paid or promised bribes to Indian officials, Bar and Bench reported. However, they have neither admitted nor denied the allegations.
According to the report, Gautam Adani has consented to a proposed USD 6 million penalty, whereas his nephew agreed to USD 12 million, under the proposed agreement filed in federal court on Thursday, although it still needs a judge’s approval.
The proposed judgments also state that the penalty........