The US President Donald Trump issued an executive order instructing the US Justice Department to stop bringing charges against Americans who allegedly bribed foreign government officials in order to secure business abroad.
Although the decision is intended to help US residents, it will probably serve as a reprieve for important Adani Group executives who are now being tried in a US court for bribery.
The executive order would help Azure Power, which has a solar project contract (a build, operate, and transfer agreement) with an Adani Group company.
According to people with knowledge of the matter. According to the source, the Adanis will receive a little break because the case will be put on hold until President Trump drafts new legislation.
Even though the benchmark Sensex was down 1.3% on Tuesday, the share price of Adani Enterprise was up 3% in early trading hours and ended the day up 1.37 percent. However, neither Azure Power nor the Adani Group commented on the most recent development.
In order to foster American competitiveness, the order directs US Attorney General Pam Bondi to halt charges under the Foreign Corrupt Practices Act (FCPA) of 1977 until she releases updated enforcement guidelines.
According to the order, this new guidelines will govern future FCPA investigations and enforcement actions, which require the Attorney General’s approval.
According to the White House, the FCPA creates an unfair playing field by prohibiting US companies from engaging in actions that are typical of their international rivals.
