TotalEnergies Suspends New Investments in Adani Amid Fraud Allegations

It acquired a 19.75% stake in Adani Green Energy in 2021.

TotalEnergies has announced that it will not make any new financial contribution as part of its investments in India's Adani group until the alleged stock manipulation issue is clarified.

In a statement, the French energy company said it learned of US charges against certain Adani Group executives for alleged corruption linked to Adani Green Energy Limited (AGEL) through public announcements. TotalEnergies was also not made aware of the existence of an investigation into the alleged corruption scheme.

Whilst these charges do not target the company itself or its affiliates, TotalEnergies rejects corruption in any form.

The company said it will take all relevant actions to protect its interests as a minority (19.75%) shareholder of AGEL and as a joint-venture partner (50%) in project companies with AGEL.

It also assured that its investments in Adani’s entities were undertaken in full compliance with applicable laws, and with its own internal governance processes.