Big Positive For Adani Group As Donald Trump Eases 'Disaster' Foreign Corrupt Practices Act
Trump has argued that the restriction puts US firms at a disadvantage, as per a Bloomberg report.
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In a positive development for Adani Group, US President Donald Trump has decided to reverse the enforcement of a law banning American companies from bribing foreign officials.
The development comes as a major boost ahead of Prime Minister Narendra Modi's visit to the US on Wednesday. During the two-day visit to the US, the prime minister will hold bilateral talks with the newly elected US President Donald Trump.
During the Joe Biden administration, the Department of Justice (DoJ), indicted billionaire Gautam Adani on charges of 'fraud' and allegedly orchestrating a bribery scheme. The regulator had also charged a former executive of renewables firm Azure Power Global in the case.
Legal experts have argued that Trump's presidency will be the deciding factor in the case, Financial Times reported.
The Justice Department did not respond to FT's request for comment on the matter.
However, Adani Group has denied all accusations in the case and termed them baseless.
Trump has argued that the restriction puts US firms at a disadvantage, as per a Bloomberg report.
As per the Bloomberg report, the US president is ordering Attorney General Pam Bondi to pause all actions taken under the Foreign Corrupt Practices Act until new guidelines on the law are in place.
