TotalEnergies has decided to halt new investments in the Adani Group due to allegations of corruption involving certain executives of the group.
According to announcements made by U.S. authorities, these allegations relate to a corruption scheme tied to the business activities of Adani Green Energy (AGEL). While AGEL itself is not implicated in the indictment, the accusations raise concerns about governance and compliance practices.
TotalEnergies, which has a 19.75 percent minority stake in AGEL and holds a 50 percent interest in three joint ventures with the company, emphasized that it was not aware of the investigation during its initial investments.
In line with its code of conduct rejecting corruption in any form, TotalEnergies stated it would pause any new financial contributions to Adani Group companies until the accusations are clarified.
The company highlighted that its prior investments in Adani entities were conducted in compliance with applicable laws and its internal governance standards. TotalEnergies is committed to protecting its interests as a shareholder and partner while awaiting further clarity on the legal and ethical implications of the allegations.
Baburajan Kizhakedath