TotalEnergies says halting new investment in India’s Adani

PARIS: French energy giant TotalEnergies said Monday it was halting new investment linked to Indian conglomerate Adani, after the indictment of its billionaire founder on US bribery charges, an announcement which saw Adani Green shares lose 7.9 percent on the Indian stock market.

US prosecutors have accused tycoon Gautam Adani of paying more than $250 million in bribes to gain lucrative government solar energy contracts, to the detriment of US investors.

The energy and infrastructure tycoon has rejected the accusations which came in a bombshell indictment in New York on Wednesday. It led to India’s opposition leader Rahul Gandhi demanding Adani’s arrest and Kenyan President William Ruto scrapping airport and electricity deals worth about $2.5 billion.

“TotalEnergies has learnt through public announcements made by the US authorities of the indictment of certain individual Adani group executives in relation to an alleged corruption scheme linked to the business of Adani Green Energy Limited (AGEL),” the energy group said in a statement.

“This indictment does not target AGEL itself, nor any AGEL related companies.

“In accordance with its code of conduct, TotalEnergies rejects corruption in any form,” the group stated.

“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 group went on.