HARRISBURG, Pennsylvania: President Joe Biden urged his supporters to stay unified during a series of Sunday stops in critical Pennsylvania on Sunday, even as some leading congressional Democrats privately suggested it was time for him to abandon his reelection bid because of intensifying questions about whether he’s fit for another term.
Addressing a rousing church service in front of stained glass windows bathed in sunshine at Philadelphia’s Mount Airy Church of God in Christ, the 81-year-old Biden joked, “I know I look 40” but “I’ve been doing this a long time.”
“I, honest to God, have never been more optimistic about America’s future if we stick together,” he said.
There and during a subsequent rally with union members in Harrisburg, Biden offered short speeches that touched on familiar topics. But he also left plenty of room for key backers to discuss standing by him. In that way, the Pennsylvania swing seemed meant to showcase support for the president from key political quarters more than proving he’s up to four more years.
His party, though, remains deeply divided.
As Congress prepares to resume this week, House Democratic leader Hakeem Jeffries convened top committee lawmakers Sunday afternoon to assess their views. Several Democratic committee leaders, including Rep. Jerry Nadler of New York, Rep. Jim Himes of Connecticut and Rep. Mark Takano of California, said privately that Biden should step aside, according to two people familiar with the meeting and granted anonymity to discuss it.
But other top Democrats, including members of the influential Congressional Black Caucus, argued just as forcefully that Biden remain the party’s choice. The conversation was wide ranging, with the committee leaders sharing various views on the situation, but there was no unanimity on what should be done, the people said.
Biden was personally calling lawmakers through the weekend. He also joined a call with campaign surrogates and reiterated that he has no plans to leave the race. Instead, the president pledged to campaign harder going forward and to step up his political travel, according to two people who spoke on condition of anonymity to discuss private conversations.
One Democrat the president spoke to, Sen. Alex Padilla of California, said he and others are pushing the Biden campaign to “let Joe be Joe, get him out there.”
“I absolutely believe we can turn it around,” Padilla told The Associated Press.
Meanwhile, a person familiar with Sen. Mark Warner’s thinking said there will be no meeting on Monday to talk about Biden’s future, as had been previously discussed, and that those discussions will take place in Tuesday’s regular caucus luncheon with all Democratic senators. The person said a private meeting was no longer possible after it was made public that the Virginia Democrat was reaching out to senators about Biden, and that a variety of conversations among senators continue.
Five other, different Democratic lawmakers have already publicly called on Biden to abandon his reelection campaign ahead of November. Meeting this coming week in person means more chances for lawmakers to discuss concerns about Biden’s ability to withstand the remaining four months of the campaign — not to mention four more years in the White House — and true prospects of beating Republican presumptive nominee Donald Trump.
Biden’s campaign team was also calling and texting lawmakers to try to head off more potential defections, while increasingly asking high-profile Biden supporters to speak out on his behalf..
Calls to bow out nonetheless popped up from different directions.
Alan Clendenin, a Tampa city councilman and member of the Democratic National Committee, on Sunday called for Biden to “step aside and allow Vice President Kamala Harris to carry forward his agenda as our Democratic nominee.” Director Rob Reiner, who has helped organize glitzy Hollywood fundraisers for Biden in the past, posted on X, “It’s time for Joe Biden to step down.”
The Democratic convention is fast approaching and Biden’s Friday interview with ABC has not convinced some who remain skeptical.
Democratic fundraising bundler Barry Goodman, a Michigan attorney, said he’s backing Biden but, should he step aside, he’d throw his support to Harris. That’s notable since Goodman was also a finance co-chairman for both of the statewide campaigns of Michigan Gov. Gretchen Whitmer, who has also been mentioned as a top-of-the-ticket alternative.
“We don’t have much time,” Goodman said. “I don’t think the president gets out. But if he does, I think it would be Kamala.”
There was no such suggestion at Mount Airy, where Pastor Louis Felton likened the president to Joseph and the biblical story of his “coat of many colors.” In it, Joseph was sold into slavery in Egypt by his jealous brothers, only eventually to obtain a high place in the kingdom of the pharaoh and have his brothers beg him for assistance without initially recognizing him.
“Never count Joseph out,” Felton implored. Then, referring to Democrats who have called on Biden to step aside, he added, “That’s what’s going on, Mr. President. People are jealous of you. Jealous of your stick-to-itiveness, jealous of your favor. Jealous of God’s hand upon your life.”
Felton also led a prayer where he said, “Our president gets discouraged. But today, through your holy spirit, renew his mind, renew his spirt, renew his body.”
After the church service, Biden visited a campaign office in Philadelphia, where Sen. John Fetterman, a Pennsylvania Democrat who won a tough 2022 race while recovering from a stroke, offered a forceful endorsement.
“There is only one guy that has ever beaten Trump,” Fetterman said. “And he is going to do it twice and put him down for good.”
Later stepping off Air Force One in Harrisburg, the president was asked if the Democratic Party was behind him and emphatically responded, “Yes.”
Joining him at the union event, Rep. Madeleine Dean, also a Pennsylvania Democrat, said that “democracy is on the line. There’s one man who understands it it’s Joe Biden.”
Isabel Afonso, who saw Biden speak in Harrisburg, said she was worried when she saw the president’s debate performance, but doesn’t think he should drop out of the race and that he can still win. “I know he is old, but I know if something happens to him, a reasonable person will replace him,” said Afonso, 63.
At the same event, 73-year-old James Johnson said he knew what it was like to forget things as he’s gotten older but called Biden “a fighter.” He said replacing the president at the top of the Democratic ticket would only cause confusion.
“I’m talking about lifelong Democrats and people that have been in the Democratic Party for a long time,” Johnson said. “They may just decide to jump ship, because of that.”
Still, others aren’t fully convinced.
Democratic Sen. Chris Murphy of Connecticut told CNN that Biden “needs to answer those questions that voters have” while adding, “If he does that this week, I think he will be in a very good position.”
Biden has rejected undergoing independent cognitive testing, arguing that the everyday rigors of the presidency were proof enough of his mental acuity. Yet California Democratic Rep. Adam Schiff told NBC on Sunday that he’d be “happy if both the president and Donald Trump took a cognitive test.”
As some Democrats have done, Schiff also seized on Biden suggesting during the ABC interview that losing to Trump would be acceptable “as long as I give it my all.”
“This is not just about whether he gave it the best college try,” Schiff said “but rather whether he made the right decision to run or to pass the torch.”
While Biden campaigns in Pennsylvania, some Democratic leaders in the House say he should step aside
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While Biden campaigns in Pennsylvania, some Democratic leaders in the House say he should step aside
- As Congress prepares to resume this week, House Democratic leader Hakeem Jeffries convened top committee lawmakers Sunday afternoon to assess their views
COP29 host urges collaboration as deal negotiations enter final stage
- Sweeping plan that would see rich nations pledge to hand over hundreds of billions of dollars to help poorer countries grapple with the worsening impacts of global warming
World governments represented at the meeting in the Caspian Sea city of Baku are tasked with agreeing a sweeping plan that would see rich nations pledge to hand over hundreds of billions of dollars to help poorer countries grapple with the worsening impacts of global warming.
Economists have said developing countries need at least $1 trillion annually by the end of the decade, but wealthy nations have so far been resisting. Negotiations have also been clouded by uncertainty over the role of the United States, the world’s top historic greenhouse gas emitter, ahead of climate skeptic President-elect Donald Trump’s return to the White House.
“We encourage parties to continue to collaborate within and across groups with the aim of proposing bridging proposals that will help us to finalize our work here in Baku,” the COP29 presidency said in a note to delegates on Friday morning.
It said a new draft deal would be released at midday in Baku, in the hopes of a deal by the end of the day.
Past COPs have traditionally run over time.
Division and discontent over the negotiations have already spilled into the open, after a fresh deal draft was released by the presidency on Thursday that offered two vastly different options that left no-one happy.
Although the 10-page document was slimmed to less than half the size of the previous versions issued at the summit, it avoided stating the total funds countries would aim to invest each year, leaving the space marked with an “X.”
It also reflected big divisions over issues such as whether funds should be offered as grants or loans, and the degree to which different types of non-public finance should count toward the final annual goal.
“I hope they find the sweet spot with this next iteration,” said Li Shuo, director of the China Climate Hub at the Asia Society, a veteran observer of COP summits. “Anything other than that may require rescheduling flights.”
UN Secretary-General Antonio Guterres returned to Baku from a G20 meeting in Brazil on Thursday, calling for a major push to get a deal and warning that “failure is not an option.”
Ireland’s anti-immigration right eyes election gains
- After recession and economic slowdown from 2008, immigration surged again following the coronavirus pandemic
- Some 20 percent of Ireland’s 5.4-million population is now foreign-born
Dublin: The Dublin office of lawyer Malachy Steenson doubles as his election campaign headquarters. Outside is an Irish tricolor and a sign reading: “Take back our nation.”
Inside, Steenson summarised his platform for the November 29 vote. “We need to close the borders and stop any more migrants coming in,” he told AFP.
Ireland is one of the few European Union members without any large established far-right party. But for the first time, immigration has become a frontline election issue.
Steenson, white-haired and 61, is part of an emerging group of ultra-nationalist politicians who performed well at local elections this year and now aim to gain a foothold in parliament.
Elected to Dublin City Council in June, he is running as an independent in the inner-city Dublin Central constituency that is now one of Ireland’s most ethnically diverse.
Most mainstream parties have spent much of the campaign bickering over solutions to Ireland’s acute housing shortage.
But for Steenson, migrants and asylum-seekers are exacerbating that crisis.
“If you import people who are going to sit around on welfare in accommodation that should be available to Irish nationals you’re just creating a bigger problem,” he said.
Ireland’s economy has attracted immigrants since the 1990s when eye-popping growth earned it the “Celtic Tiger” moniker.
After recession and economic slowdown from 2008, immigration surged again following the coronavirus pandemic, plugging job vacancies in booming tech, construction, and hospitality sectors, as well as health care.
Some 20 percent of Ireland’s 5.4-million population is now foreign-born. Official data showed a population increase fueled by migration of around 100,000 in the year to April 2024 — the largest since 2007.
But rapid demographic growth has heaped pressure on housing, services and infrastructure strained by lack of investment, fanning anti-migrant sentiment and hitting still largely favorable attitudes to immigration.
“Immigration is on everyone’s minds,” said Caroline Alwright, a fruit and vegetable stall-owner on Moore Street, a historic city-center market which has become a multicultural meeting place for different nationalities.
“A lot of people will vote for independent candidates, they see what is going on in this country,” said Alwright, 62, a veteran trader nicknamed by customers the “Queen of Moore Street.”
“This street has gone downhill, the country is being robbed blind with money given to people doing nothing on welfare,” she added, gesturing toward a group of Eastern European Romani.
In Kennedy’s pub across the constituency several punters also murmured discontent.
“The buses are full of foreigners, I would vote for anyone saying ‘Ireland is full’ and promising to do something about it,” said Mick Fanning, 74.
Around 110,000 Ukrainians have arrived in Ireland since Russia’s full-scale invasion in 2022, one of the highest numbers per head of population in the EU.
Meanwhile asylum applications have surged to record levels since 2022, with this year’s figures driven by a fourfold increase in people arriving from Nigeria.
The large inflow and the housing crisis has prompted the government to stop providing accommodation to all asylum seekers last year.
That forced hundreds of single male applicants to sleep rough in tents, sparking hostile reactions from some anti-migrant locals.
Ireland has also seen a spike in arson attacks on buildings rumored or earmarked to provide reception centers for asylum seekers.
Last year the largest riot seen in Dublin for decades was triggered by a knife attack on children by an Irish national of immigrant origin.
At the other end of the ward, students at Dublin City University were supportive of immigration.
“We are not full, that’s a closed mindset,” said Carla Keogh, 19, a teaching student.
“If we look into our own past, Irish people left to find help and support in other places, as humans we need to open ourselves up.”
The ultra-nationalist vote is fragmented by micro parties and independents, with few, if any, expected to make an electoral breakthrough.
Anti-immigration votes will rather channel toward moderate independents “who are more outspoken on migration” than more radical options, said political scientist Eoin O’Malley, from Dublin City University.
Most mainstream parties have also pledged to tighten up the asylum system.
The number of arrivals from Ukraine dropped this year after the government slashed allowances and accommodation benefits for newly arrived refugees.
“We were called fascists, racists, far-right, when we proposed the same things two years ago, when in fact we are none of those things,” said Steenson who self-describes as a nationalist.
South Korea’s mountain of plastic waste shows limits of recycling
- South Korea says that it recycles 7% of its plastic waste, compared to about 5%-6% in the US
SEOUL: South Korea has won international praise for its recycling efforts, but as it prepares to host talks for a global plastic waste agreement, experts say the country’s approach highlights its limits.
When the talks known as INC-5 kick off in Busan next week, debate is expected to center around whether a UN treaty should seek to limit the amount of plastic being made in the first place.
South Korea says that it recycles 73 percent of its plastic waste, compared to about 5 percent-6 percent in the United States, and the country might seem to be a model for a waste management approach.
The bi-monthly MIT Technology Review magazine has rated South Korea as “one of the world’s best recycling economies,” and the only Asian country out of the top 10 on its Green Future Index in 2022.
But environmental activists and members of the waste management industry say the recycling numbers don’t tell the whole story.
South Korea’s claimed rate of 73 percent “is a false number, because it just counts plastic waste that arrived at the recycling screening facility — whether it is recycled, incinerated, or landfilled afterward, we don’t know,” said Seo Hee-won, a researcher at local activist group Climate Change Center.
Greenpeace estimates South Korea recycles only 27 percent of its total plastic waste. The environment ministry says the definition of waste, recycling methods and statistical calculation vary from country to country, making it difficult to evaluate uniformly.
South Korea’s plastic waste generation increased from 9.6 million tons in 2019 to 12.6 million tons in 2022, a 31 percent jump in three years partly due to increased plastic packaging of food, gifts and other online orders that mushroomed during the pandemic, activists said. Data for 2023 has not been released.
A significant amount of that plastic is not being recycled, according to industry and government sources and activists, sometimes for financial reasons.
At a shuttered plastic recycling site in Asan, about 85km south of Seoul, a mountain of about 19,000 tonnes of finely ground plastic waste is piled up untreated, emitting a slightly noxious smell. Local officials said the owner had run into money problems, but could not provide details.
“It will probably take more than 2-3 billion won ($1.43 million-$2.14 million) to remove,” said an Asan regional government official. “The owner is believed unable to pay, so the cleanup is low priority for us.”
Reuters has reported that more than 90 percent of plastic waste gets dumped or incinerated because there is no cheap way to repurpose it, according to a 2017 study.
NO CONCRETE GOALS
South Korean government’s regulations on single-use plastic products have also been criticized for being inconsistent. In November 2023, the environment ministry eased restrictions on single-use plastic including straws and bags, rolling back rules it had strengthened just a year earlier.
“South Korea lacks concrete goals toward reducing plastic use outright, and reusing plastic,” said Hong Su-yeol, director of Resource Circulation Society and Economy Institute and an expert on the country’s waste management.
Nara Kim, a Seoul-based campaigner for plastic use reduction at Greenpeace, said South Korea’s culture of valuing elaborate packaging of gifts and other items needs to change, while other activists pointed to the influence of the country’s petrochemical producers.
“Companies are the ones that pay the money, the taxes,” said a recycling industry official who declined to be identified because of the sensitivity of the issue, adding that this enabled them to wield influence. “The environment ministry is the weakest ministry in the government.”
The environment ministry said South Korea manages waste over the entire cycle from generation to recycling and final disposal.
The government has made some moves to encourage Korea Inc. to recycle, including its petrochemical industry that ranks fifth in global market share.
President Yoon Suk Yeol said at the G-20 summit on Tuesday that “efforts to reduce plastic pollution must also be made” for sustainable development, and that his government will support next week’s talks.
The government has changed regulations to allow companies like leading petrochemical producer LG Chem to generate naphtha, its primary feedstock, by recycling plastic via pyrolysis. SK Chemicals’ depolymerization chemical recycling output has already been used in products such as water bottles as well as tires for high-end EVs.
Pyrolysis involves heating waste plastic to extremely high temperatures causing it to break down into molecules that can be repurposed as a fuel or to create second-life plastic products. But the process is costly, and there is also criticism that it increases carbon emissions.
“Companies have to be behind this,” said Jorg Weberndorfer, Minister Counsellor at the trade section of the EU Delegation to South Korea.
“You need companies who really believe in this and want to have this change. I think there should be an alliance between public authorities and companies.”
North Korean leader says past diplomacy only confirmed US hostility
- During the speech at the exhibition, Kim Jong Un touched on the failed summits without naming Donald Trump
- He accused the US of raising military pressure on North Korea by strengthening military cooperation with regional allies
SEOUL: North Korean leader Kim Jong Un said his past negotiations with the United States only confirmed Washington’s “unchangeable” hostility toward his country and described his nuclear buildup as the only way to counter external threats, state media said Friday.
Kim spoke Thursday at a defense exhibition where North Korea displayed some of its most powerful weapons, including intercontinental ballistic missiles designed to target the US mainland as well as artillery systems and drones, according to text and photos published by the North’s Korean Central News Agency. While meeting with army officers last week, he had pledged a “limitless” expansion of his military nuclear program.
Kim has yet to comment directly on Donald Trump’s reelection as US president. During his first term, Trump held three highly orchestrated summits with the North Korean leader in 2018 and 2019, before the diplomacy collapsed over disagreements on exchanging a relaxation of US-led economic sanctions with North Korean steps to wind down its nuclear program.
During the speech at the exhibition, Kim touched on the failed summits without naming Trump.
“We have already gone as far as possible with the United States with negotiations, and what we ended up confirming was not a superpower’s will for coexistence, but a thorough position based on force and an unchangeable invasive and hostile policy” toward North Korea, Kim said.
Kim accused the United States of raising military pressure on North Korea by strengthening military cooperation with regional allies and increasing the deployment of “strategic strike means,” apparently a reference to major US assets such as long-range bombers, submarines and aircraft carriers. He called for accelerated efforts to advance the capabilities of his nuclear-armed military, saying the country’s only guarantee of security is to build up the “strongest defense power that can overwhelm the enemy.”
Kim’s expanding nuclear weapons and missile programs include various weapons targeting South Korea and Japan and longer-range missiles that have demonstrated the range to reach the US mainland. Analysts say Kim’s nuclear push is aimed at eventually pressuring Washington into accepting North Korea as a nuclear power and to negotiate economic and security concessions from a position of strength.
In recent months, the focus of Kim’s foreign policy has been Russia as he tries to strengthen his international footing, embracing the idea of a “new Cold War” and aligning with President Vladimir Putin’s broader conflicts with the West.
Washington and its allies have accused North Korea of providing Russia with thousands of troops and large amounts of military equipment, including artillery systems and missiles, to help sustain its fighting in Ukraine. Kim in return could possibly receive badly needed economic aid and Russian technology transfers that would possibly enhance the threat posed by his nuclear-armed military, according to outside officials and experts.
North Korea also held a major arms exhibition in July last year and invited a Russian delegation led by then-Defense Minister Sergei Shoigu, who was given a personal tour by Kim that included a briefing on the North’s expanding military capabilities, in what outside critics likened to a sales pitch. That event came weeks before Kim traveled to the Russia for a summit with Putin, which sped up military cooperation between the countries. North Korean state media photos of this year’s exhibition showed various artillery systems, including what appeared to be 240mm multiple rocket launch systems that South Korea’s spy agency believes were part of the North Korean weaponry recently sent to Russia. When asked whether North Korea was showcasing the systems it intends to export to Russia, Koo Byoungsam, a spokesperson for South Korea’s Unification Ministry, said he wouldn’t make “premature judgments” but said the government was “monitoring related trends.” “We stress once again that arms transfers between Russia and North Korea are a clear violation of UN Security Council resolutions and an illegal act that undermines the norms of the international community,” he said.
Even with Trump returning to the White House, a quick resumption of diplomacy with North Korea could be unlikely, according to some experts. North Korea’s deepening alliance with Russia and the weakening enforcement of sanctions against it are presenting further challenges in the push to resolve the nuclear standoff with Kim, who also has a greater perception of his bargaining power following the rapid expansion of his arsenal in recent years.
How Indian billionaire Gautam Adani’s alleged bribery scheme took off and unraveled
- Gautam Adani allegedly tried to bribe local officials in India to persuade them to buy electricity produced by his renewable energy company Adani Green Energy
- The allegations caught the attention of US watchdog agencies as Adani’s companies were raising funds from US-based investors in several transactions starting in 2021
NEW YORK: In June of 2020, a renewable energy company owned by Indian billionaire Gautam Adani won what it called the single largest solar development bid ever awarded: an agreement to supply 8 gigawatts of electricity to a state-owned power company.
But there was a problem. Local power companies did not want to pay the prices the state company was offering, jeopardizing the deal, according to US authorities. To save the deal, Adani allegedly decided to bribe local officials to persuade them to buy the electricity.
That allegation is at the heart of US criminal and civil charges unsealed on Wednesday against Adani, who is not currently in US custody and is believed to be in India. His company, Adani Group, said the charges were “baseless” and that it would seek “all possible legal recourse.”
The alleged hundreds of millions of dollars in bribes promised to local Indian officials caught the attention of the US Justice Department and Securities and Exchange Commission as Adani’s companies were raising funds from US-based investors in several transactions starting in 2021.
This account of how the alleged scheme unfolded is drawn from federal prosecutors’ 54-page criminal indictment of Adani and seven of his associates and two parallel civil SEC complaints, which extensively cite electronic messages between the scheme’s alleged participants.
In early 2020, the Solar Energy Corporation of India awarded Adani Green Energy and another company, Azure Power Global, contracts for a 12-gigawatt solar energy project, expected to yield billions of dollars in revenue for both companies, according to the indictment.
It was a major step forward for Adani Green Energy, run by Adani’s nephew, Sagar Adani. Up until that point, the company had only earned roughly $50 million in its history and had yet to turn a profit, according to the SEC complaint.
But the initiative soon hit roadblocks. Local state electricity distributors were reluctant to commit to buying the new solar power, expecting prices to fall in the future, according to an April 7, 2021 report by the Institute for Energy Economics and Financial Analysis, a think tank.
Sagar Adani and the Azure CEO at the time discussed the delays and hinted at bribes on the encrypted messaging application WhatsApp, according to the SEC.
When the Azure CEO wrote on Nov. 24, 2020, that the local power companies “are being motivated,” Sagar Adani allegedly replied, “Yup ... but the optics are very difficult to cover. In February 2021, Sagar Adani allegedly wrote to the CEO, “Just so you know, we have doubled the incentives to push for these acceptances.”
The SEC did not name the Azure CEO as a defendant, but Azure’s securities filings show the CEO at the time was Ranjit Gupta.
Gupta was charged by the Justice Department with conspiracy to violate an anti-bribery law. He did not immediately respond to a request for comment.
Azure said on Thursday it was cooperating with the US investigations, and that the individuals involved with the accusations had left the company more than a year ago.
‘Sudden good fortune’
In August of 2021, Gautam Adani had the first of several meetings with an official in the southern state of Andhra Pradesh, to whom he allegedly ultimately promised $228 million in bribes in exchange for agreeing to have the state buy the power, according to the Justice Department’s indictment.
By December, Andhra Pradesh had agreed to buy the power, and other states with smaller contracts soon followed. Other states’ officials were promised bribes as well, US authorities said.
During a Dec. 6, 2021 meeting at a coffee shop, Azure executives allegedly discussed “rumors that the Adanis had somehow facilitated signing” of the deals, according to the SEC.
Gautam Adani said on Dec. 14, 2021, the company was on track “to become the world’s largest renewables player by 2030.”
“The sudden good fortune for Azure and Adani Green prompted speculation in the marketplace about the contract awards,” the SEC wrote in its complaint.
Letter from the SEC
Before long, the SEC began to probe. The agency sent a “general inquiry” letter to Azure — which at the time traded on the New York Stock Exchange — on March 17, 2022, asking about its recent contracts and if foreign officials had sought anything of value, according to the Justice Department indictment.
According to the Department of Justice, Gautam Adani told representatives of Azure during a meeting in his Ahmedabad, India office the next month that he expected to be reimbursed more than $80 million for the bribes he had paid officials that ultimately benefited Azure’s contracts.
Some Azure representatives and a leading investor in the company decided to pay Adani back by allowing his company to take over a potentially profitable project. The representatives and investor allegedly agreed to tell Azure’s board of directors that Adani had requested bribe money, but hid their role in the scheme, prosecutors said.
All the while, Adani’s companies were raising billions of dollars in loans and bonds through international banks, including from US investors. In four separate fundraising transactions between 2021 and 2024, the companies sent investors documents indicating that they had not paid bribes — statements prosecutors say are false and constitute fraud.
FBI search
During a visit to the United States on March 17, 2023, FBI agents seized Sagar Adani’s electronic devices. The agents handed him a search warrant from a judge indicating that the US government was investigating potential violations of fraud statutes and the Foreign Corrupt Practices Act.
According to prosecutors, Gautam Adani emailed himself photographs of each page of the search warrant on March 18, 2023.
His companies nonetheless went through with a $1.36 billion syndicated loan agreement on Dec. 5, 2023, and another sale of secured notes in March 2024, and once again furnished investors with misleading information about their anti-bribery practices, according to prosecutors.
On Oct. 24, federal prosecutors in Brooklyn secured a secret grand jury indictment against Gautam Adani, Sagar Adani, Gupta, and five others allegedly involved in the scheme.
The indictment was unsealed on Nov. 20, prompting a $27 billion plunge in Adani Group companies’ market value. Adani Green Energy promptly canceled a scheduled $600 million bond sale.
