New Delhi [India], November 24 : Weighing in on the bribery allegations against the Adani Group by US prosecutors and its market regulator, former foreign secretary Kanwal Sibal argued on Sunday that these allegations represented an extraterritorial application of US laws.
In a post on X, Sibal argued that simply because some money was raised in the US by a company and that company allegedly paid bribes in India, it cannot be argued that the principal cause of action lies in the US.
"Have US investors lost financially or morally?" Sibal questioned.
Sibal argued that legal route should be taken if charges are proved after investigation. He suggested that the case should be transferred to India with all the evidence, including how the electronic information including details of company meetings in India, were obtained.
"It would then be for the Indian administrative and judicial processes to take appropriate action. Rejecting the extraterritorial application of US laws does not mean shielding an Indian industrialist from legal action. The issue is one of national sovereignty," Kanwal Sibal explained.
In a pointed critique, Sibal noted that the moral posturing of the US District Attorney sounds comical, with so many financial, business, and moral infirmities within the US system.
"Robert Kennedy Jr who will be a Minister in the Trump administration has publicly accused the Biden government and US defence companies of large-scale money laundering in supplying billions worth of arms to Ukraine. The moral posturing of the US District Attorney who wants to clean up the international market place sounds comical with so many financial, business, and moral infirmities within the US system," he argued in his post.
Earlier this week, a five-count criminal indictment was unsealed in the United States District Court for the Eastern District of New York, charging prominent Indian executives, including Chairman of the Adani Group, Gautam Adani, by linking them to an alleged bribery and fraud scheme.
In response, Adani Group strongly denied the bribery allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of the Adani Green as "baseless."
An Adani Group spokesperson in an official statement had said all legal recourse will be taken. "The US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied," the statement had read.
The Adani Group also reaffirmed its dedication to high standards of governance, compliance, and transparency across its operations.
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