But this week brought exotic news to Americans when law officers in New York indicted the Adani Group for alleged wire and securities fraud, $250 million in bribes to secure contracts for Adani Green Energy in India, and conspiracy to conceal this. Court documents refer to the scheme as "the corrupt solar project".
Will it make a difference to Gautam Adani, who has weathered a damaging attack by the short-seller Hindenburg Group? Well, the US president-elect has been indicted on 34 counts—and it hasn't hurt his prospects.
The day before Adani's indictment, Trump began to get intelligence briefings in the lead-up to assuming office. An FBI raid in 2022 on his golf club had uncovered reams of classified documents which he was supposed to have surrendered when he lost office. With his re-election, he seems to have gotten away with this serious security breach, too. This is legitimizing impunity—in comparison, alleged bribery by a foreign business owner looks fairly minor.
Corruption does not enjoy the casual legitimacy in the US that it does in India. The Foreign Corrupt Practices Act prohibits the use of American investments to gratify foreign officials to influence decisions. Penalties include huge fines, possible jail terms and being disbarred from doing business with the US government.
This story is from the November 23, 2024 edition of The Morning Standard.
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This story is from the November 23, 2024 edition of The Morning Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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