Moody’s to evaluate Adani Group’s governance amid bribery allegations

NEW DELHI: Moody’s Ratings on Thursday announced on Thursday that it will evaluate Adani group’s governance standards while determining the conglomerate’s ability to raise capital, following the bribery allegations against its chairman Gautam Adani.
“The indictment of Adani Group’s chairman and other senior officials on bribery charges is credit negative for the group’s companies,” Moody’s Ratings said.
US prosecutors have accused billionaire Gautam Adani of participating in an alleged scheme involving $250 million (approximately Rs 2,100 crore) in bribes to Indian officials for obtaining favourable solar power contract terms.
“Our main focus when assessing Adani Group is on the ability of the group’s companies to access capital to meet their liquidity requirements and on its governance practices,” Moody’s added.