Moody’s to review Adani Group’s governance after bribery charges
Moody's Ratings stated that the indictment of Adani Group's chairman and other senior officials on bribery charges is "credit negative" for the group's companies. Billionaire Gautam Adani has been accused by U.S. prosecutors of participating in a scheme to pay over $250 million (approximately ₹2,100 crore) in bribes to Indian officials to secure favorable terms for solar power contracts.
New Delhi: Moody’s Ratings on Thursday said it will look at Adani group’s governance practices when assessing the ports-to-energy conglomerate’s ability to access capital in the aftermath of indictment of the group head Gautam Adani on bribery charges.
“The indictment of Adani Group’s chairman and other senior officials on bribery charges is credit negative for the group’s companies,” Moody’s Ratings said in a statement.
Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay over USD 250 million (about Rs 2,100 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.
“Our main focus when assessing Adani Group is on the ability of the group’s companies to access capital to meet their liquidity requirements and on its governance practices,” Moody’s said.
