French energy company TotalEnergies has paused its investments in the Adani Group following allegations of corruption against the Indian conglomerate. Criminal charges have been filed by the US Department of Justice against Adani Group chairman Gautam Adani and seven others, who are accused of orchestrating bribes totaling $265 million to Indian government officials.
While TotalEnergies is not implicated in the charges, the company emphasized its firm stance against corruption and its lack of prior knowledge of the ongoing investigation. The French firm holds a 19.75% stake in Adani Green Energy Limited (AGEL), which it acquired in January 2021, and also has a 50% interest in three joint ventures with AGEL.
In a statement, TotalEnergies declared that it would not make any new financial contributions to its Adani-related investments until the allegations are resolved. The company reaffirmed that its investments were in compliance with applicable laws and its internal governance processes.
An Adani Group spokesperson responded, stating that the charges are allegations, and the defendants are presumed innocent until proven guilty. The company stressed its commitment to high standards of governance and compliance. Notably, the indictment does not target AGEL or any entities connected to it.
TotalEnergies has pledged to take all necessary actions to protect its interests as a minority shareholder in AGEL and as a partner in the joint ventures with the Adani Group.
