France-based TotalEnergies has acknowledged US authorities’ public announcements regarding the indictment of certain Adani Group executives over an alleged corruption scheme tied to Adani Green Energy Limited (AGEL). The allegations do not implicate AGEL or its affiliates. TotalEnergies, a 19.75% minority stakeholder in AGEL and a 50% partner in JV project firms, reaffirms its zero-tolerance stance on corruption in line with its code of conduct. While not targeted in the indictment, TotalEnergies will take necessary actions to safeguard its interests. Pending clarification of the allegations, TotalEnergies will halt new financial contributions to Adani Group entities. The company claims its investments, including its $2.5 billion AGEL stake acquired in January 2021, adhered to legal and internal governance standards. TotalEnergies asserts no prior knowledge of investigations at the time and views the AGEL partnership as integral to its renewable energy expansion in India.
TotalEnergies issues statement on Adani Group investments
TotalEnergies suspends future financial contributions while awaiting further clarity on the allegations. (Image Source: TotalEnergies)
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