US President Donald Trump has ordered a stagnation in the enforcement of a law of almost half a century which was used to go after the Adani Group under the previous biden administration.
Foreign corrupt practice act (FCPA) firms and people along with the US ban relationships from giving money or gifts to foreign authorities to secure trade abroad.
President Trump considered stopping the law during his first term.
“It looks good on paper, but (practice) it’s a disaster,” said on FCPA, British daily financial Times Informed “This means that if an American goes to a foreign country and starts trading legally, legally or otherwise, it is almost a guaranteed investigation, prosecution and no one is with Americans due to this Does not want to do business. “
This order is one of the boldest enforcement policies issued by the Trump administration, FT stated.
Adani Group – The largest and fastest growing portfolio of diverse businesses in India – Last year was strongly denied by the Biden administration that some company officials were bribing Indian authorities more than $ 250 million to Indian officials. The for alleged plans taken were in exchange for favorable terms. For solar power contracts.
“… more vigorous and unexpected FCPA enforcement against American citizens and businesses – our own government – not only waste limited prosecution resources for regular trade practices in other countries that are dedicated to preserving American independence Can, rather actively damage US economic competition.
The executive order of President Trump said, “Therefore it is my administration policy to preserve the Ram’s right to conduct foreign affairs and American commerce should be carried forward by abolishing extreme obstacles abroad and taking forward American economic and national security. . “
The Executive Order signed on President Trump asked the US Attorney General to “review all the existing FCPA investigations or enforcement works in detail and to restore appropriate limits on FCPA enforcement and to preserve the President’s foreign policy privilege Take appropriate action in relation to cases “.
Following the executive order to prevent the enforcement of FCPA, shares of all Adani group firms saw enough benefits today. The most notable beneficiary was Adani Enterprises Limited, whose stock rose 4.28 percent. It was closely Adani Power Limited, which rose 4.17 percent to Rs 511.90.
Adani Green Energy Limited was the third top beneficiary, as it rose 3.34 percent to Rs 985.90. New Delhi Television Limited (NDTV) stock rose by 3.84 percent to Rs 145. Shares of Adani Energy Solutions Limited, Adani Total Gas Limited and Adani Ports and Special Economic Zone Limited also benefited.
On Monday, in a letter to Attorney General Palm Bondi, six US Congressmen said that the action of the previous justice department (DOJ) was a “misguided crusade” that like India “America’s relations with” strategic geopolitical partner “like India” The risk of delivering came to “.
He called it one of the “mindless decisions” by the Biden administration.
“This case rests on the allegation that preparations were made by the members of this company in India to bribe Indian officials, especially in India. Instead of postponing the matter to the appropriate Indian authorities, Biden DOJ decided to move forward and move forward. “The company’s officials said without any real injury for American interests.
Logistics (ports, airports, logistics, shipping and rail) in Adani Group, resources, power generation and distribution, renewable energy, gas and infrastructure, interest in agriculture (commodities, edible oil, food products, cold storage and grain silos) Are, real estate, public transport infrastructure, consumer finance and defense, and other fields.
(Disclaimer: New Delhi Television AMG Media Networks Limited is a subsidiary of a Adani group company.)
