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TotalEnergies Halts Investment to India's Adani Amid US Bribery Probes

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Adani News

Totalenergies,Corruption,Bribery

TotalEnergies has paused new investments in the Adani Group following allegations of corruption against the Indian conglomerate.

TotalEnergies, which is a partner of India’s Adani group in renewable energy projects, will not make any new financial contribution as part of its investments in the group of companies until the ongoing U.S. investigations into Adani executives for corruption are clarified, the French supermajor said on Monday. Last week, the U.S.

The SEC, for its part, charged Gautam Adani and Sagar Adani, executives of Adani Green Energy Ltd, and Cyril Cabanes, an executive of Azure Power Global Ltd, for conduct arising out of a massive bribery scheme. TotalEnergies, which is not targeted nor involved in the facts described by the charges and indictment, is a minority shareholder with 19.75% in Adani Green Energy Limited AGEL. The French oil and gas giant is also a joint-venture partner in project companies with AGEL.

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