French oil giant TotalEnergies has announced that it will suspend its financial contributions to Adani Group projects following a U.S. federal indictment accusing Adani Green Energy executives of bribery and corruption.
TotalEnergies, which holds stakes in Adani Green Energy and Adani Total Gas, stated that it was unaware of the U.S. investigation when it entered into its partnerships with the Adani Group. The company clarified that it had not been informed of the federal inquiry, which became public after the FBI issued warrants targeting Adani executives.
The charges in question involve allegations of improper payments made to Indian officials between 2021 and 2024. These payments are alleged to have been part of a scheme involving multiple Adani Group entities.
As a result of these developments, TotalEnergies has decided to halt further financial investments in the Adani Group while the legal situation unfolds. The company’s decision marks a significant shift, as it had previously maintained a partnership with Adani in various energy projects.
TotalEnergies emphasized that its commitment to ethical business practices and regulatory compliance was central to its decision to pause these investments, pending further clarity on the legal and regulatory landscape surrounding the charges.
Key Points:
- TotalEnergies Halts Investments: French oil giant TotalEnergies has paused its financial contributions to Adani Group projects in light of a U.S. federal indictment alleging bribery and corruption.
- Investigation Unawareness: TotalEnergies stated it was unaware of the U.S. investigation into Adani executives when it formed its partnerships, including those with Adani Green Energy and Adani Total Gas.
- U.S. Charges: The U.S. indictment involves accusations of improper payments made to Indian officials from 2021 to 2024 as part of a corruption scheme.
- FBI Involvement: The charges became public after FBI warrants were issued targeting executives within the Adani Group.
- Ethical Business Practices: TotalEnergies emphasized that its decision to halt investments was driven by its commitment to ethical business practices and regulatory compliance.
