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TotalEnergies pauses business with Adani, says it was not aware of US investigation
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TotalEnergies pauses business with Adani, says it was not aware of US investigation
Nov 25, 2024 2:10 AM

PARIS, Nov 25 (Reuters) - French oil major TotalEnergies

SE was not informed of a U.S. investigation into

possible bribery and corruption at Adani Green Energy Limited,

it said on Monday, adding it will stop financial contributions

to investments with Adani Group companies following last week's

U.S. federal indictment.

"Until such time when the accusations against the Adani

group individuals and their consequences have been clarified,

TotalEnergies will not make any new financial contribution as

part of its investments in the Adani group of companies," the

company said in a statement.

"TotalEnergies was not made aware of the existence of an

investigation into the alleged corruption scheme," the company

added.

U.S. prosecutors on Thursday

charged

eight people - including Indian tycoon Gautam Adani, his

nephew Sagar Adani and the former CEO of Adani Green Energy

Limited - with promising and then making improper payments to

Indian officials between July 2021 and 2024 for business

advantages.

The French firm purchased a 19.75% stake in Adani Green

Energy in January 2021 - after the Indian company won what was

then the world's largest solar order, and just months before the

payments to officials were alleged to have begun.

Total also owns a 37.4% stake in Adani Total Gas

Limited, as well as a 50% stake in three renewable joint

ventures with Adani Green Energy.

Two of those

joint ventures

were entered into after the FBI served search warrants on

Sagar Adani and seized evidence related to Adani Green Energy.

TotalEnergies shares were down 0.04% at 0945 GMT on Monday.

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