News

US charges Indian billionaire with fraud

Published

2 weeks ago

November 21, 2024

editor

Gautam Adani has been charged with fraud in the US, which has accused him of orchestrating a $250m (£198m) bribery scheme and concealing it to raise money in the US.

The criminal charges, filed on Wednesday in New York, are the latest blow to 62-year-old Mr Adani, one of India’s richest men, whose business empire extends from ports and airports to renewable energy.

In the indictment, prosecutors alleged the tycoon and other senior executives had agreed to the payments to Indian officials to win contracts for his renewable energy company expected to yield more than $2bn in profits over 20 years.

The Adani Group did not immediately respond to a request for comment.

The conglomerate has been operating under a cloud in the US since 2023, when a high-profile company published a report accusing it of fraud. The claims, which Mr Adani denied, prompted a major market sell-off.

Reports of this bribery probe have been circling for months. Prosecutors said the US started investigating the company in 2022, and found the inquiry obstructed.

They allege that executives raised $3bn in loans and bonds, including from US firms, on the backs of false and misleading statements related to the firm’s anti-bribery practices and policies, as well as reports of the bribery probe.

“As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and… lied about the bribery scheme as they sought to raise capital from U.S. and international investors,” US Attorney Breon Peace said in a statement announcing the charges.

“My office is committed to rooting out corruption in the international marketplace and protecting investors from those who seek to enrich themselves at the expense of the integrity of our financial markets,” he added.

On several occasions Mr Adani met personally with government officials to advance the bribery scheme, officials said.

Mr Adani is a close ally of Indian Prime Minister Narendra Modi. He has long faced claims from opposition politicians alleging that he has benefited from his political ties, which he denies.

The US Attorney positions in the US are appointed by the president. The filing comes just weeks after Donald Trump won election to the White House, pledging to overhaul the US Justice Department.

Last week on social media, Mr Adani congratulated Trump on his election win and pledged to invest $10bn in the US.

(BBC News)

FEATURES

Draft proposed for “North-East People’s Action Plan”

Published

10 hours ago

December 1, 2024

editor

Political commentator/analyst Kusal Perera has issued a people centric program for North – East for social discourse which is as follows :

“ _Post-war issues the north-east wanted answers for, will not get trashed merely because 29% in N-E voted for NPP_ .”

– Kusal Perera / Daily FT 30 Nov.2024

North-East clearly exhibited its frustration and anger against traditional political leaderships. It is a fact, traditional political parties and leaderships don’t have a “people-centric” perspective, working on the understanding they could always manipulate the vote, in the absence of alternate leaderships.

This 2024 elections proved the people are no more ready to be manipulated to vote them as representatives of the people. At least a substantial majority in North-East did not, creating a space for an alternate action programme at grassroot level.

That action programme is proposed here as a two-part programme with initial demands in this current context and as the organisational democratic platform for a campaign.

Demands are –
01. all 22 Tamil and Muslim MPs (including NPP) in North-East issue a joint statement, confirming they stand for “full implementation” of the 13 Amendment to the Constitution

02. all 22 Tamil and Muslim MPs (including NPP) in North-East table a motion in parliament within month of December 2024, demanding the government announce they would implement the 13A in full and hold PC elections before end March 2025.

03. Public demand asking the President to present the APRC Final Report in parliament immediately (as the LLRC Report was presented)

04. De-militarise North-East administration as stressed in LLRC Final Report in establishing a civil administration

05. Minister of Justice and National Integration to provide a comprehensive list of “enforced disappearances” during and after the war to the parliament, with details and the present situation/status within 03 months

Campaign platform to constitute –
1. District level action committees consisting of people’s organisations, trade unions and professional associations

2. Federation of district action committees forming the N-E campaign platform

3. District Action Committees to form its local actions committees as electoral or professional committees

This is meant for a public discussion among North-East social activists and remains open for due amendments and alterations for improvement and implementation.

Kusal Perera – Political commentator/Analyst
2024 December 01

BIZ

Special Commodity Levy on big onions, slashed

Published

11 hours ago

December 1, 2024

editor

The Special Commodity Levy imposed on imported big onions, has been reduced by Rs. 20 to Rs. 10 per kilogram.

This will be in effect during the period from today (Dec. 01) to December 31, 2024.

However, it has been decided to keep the Special Commodity Levy imposed on imported potatoes unchanged.

Announcing the decision, a media release issued by the Ministry of Finance, Planning and Economic Development states that the move comes amid a notable rise in the market price of onions.

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News

British citizen arrested at BIA over alleged terrorism financing

Published

11 hours ago

December 1, 2024

editor

Sri Lanka Police have arrested a 43-year-old British citizen of Sri Lankan origin for allegedly collecting and distributing funds for a terrorist group.

The suspect, originally from Kilinochchi, had left Sri Lanka in 2009 and later obtained British citizenship.

The arrest was made upon his arrival at Bandaranaike International Airport (BIA) in Katunayake on November 30, 2024.

Authorities from the Immigration and Emigration Department had apprehended the individual, acting on an overseas travel ban issued by the Colombo Magistrate’s Court at the request of the Colombo North Crimes Division. The suspect was subsequently handed over to the Airport Police.

According to police sources, the suspect is accused of raising funds while based in the United Kingdom and channeling the money to individuals in Colombo and the Vanni region.

The Airport Police, in coordination with the Colombo-North Crimes Division, is currently conducting further investigations.

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)