New Delhi:
The president of the United States, Donald Trump, ordered a pause in the application of a law of almost half a century that used to go after the Adani group under the previous Biden administration.
The Foreigner Corrupt Practices Law (FCPA) prohibits companies and people with US ties to offer money or gifts to foreign officials to ensure business abroad.
President Trump had considered to stop the law during his first term.
“It sounds good on paper, but in [practice] It is a disaster, “said President Trump in the FCPA, the British newspaper Financial Times reported. “It means that if an American goes to a foreign country and begins to do business there legitimately, legitimately or otherwise, it is almost a guaranteed investigation, accusation and nobody wants to do business with the Americans for that.”
The order marks one of the boldest application policies issued by the Trump administration, FT reported.
The Adani Group, the diversified business portfolio of larger and faster in India, last year strongly denied the biden administration accusations that some company officials were part of an alleged scheme to pay more than $ 250 million of bribes to Indian officials in exchange for favorable terms. For solar energy contracts.
“… The application of FCPA too expansive and unpredictable against US citizens and companies, by our own government, for commercial routine practices in other nations, not only waste limited fiscal resources that could devote themselves to preserving US freedoms , but actively harms American economic competitiveness.
“Therefore, it is the policy of my administration to preserve the presidential authority to carry out foreign matters and advance in American economic and national security by eliminating excessive barriers to US trade abroad,” said President Trump’s executive order.
The executive order signed by President Trump asked the United States attorney general to “review in detail all existing FCPA investigations or compliance actions and take appropriate measures regarding said matters to restore the appropriate limits in the application of the FCPA and preserve the prerogatives of presidential foreign policy. “
After the executive order to stop the application of the FCPA, the actions of all the companies of the Adani group saw substantial profits today. The most notable winner was Adani Enterprises Ltd, whose shares rose 4.28 percent. Following closely Adani Power Ltd, which increased 4.17 percent to RS 511.90 each.
Adani Green Energy Ltd was the third upper winner, since it increased 3.34 percent to RS 985.90 each. New Delhi Television LTD (NDTV) shares rose 3.84 percent to RS 145 each. Adani Energy Solutions Ltd’s actions, Adani Total Gas LTD and Adani Ports and Special Economic Zone Ltd also saw profits.
On Monday, six American congressmen in a letter to the attorney general Pam Bondi said that the previous action of the Department of Justice (DOJ) was a “wrong crusade” that referred to the “risk of damaging” the relationship of the United States with a “couple” Strategic geopolitics “as India” as India.
They called him one of the “reckless decisions” by the Biden administration.
“This case is based on the accusation that the members of this company in India made preparations in India to brib Justice Biden decided to boost and accuse the company’s executives without any real injury to the interests of the United States are present, “said the six congressmen.
The Adani group has interests in logistics (sea ports, airports, logistics, shipping and rail), resources, generation and distribution of energy, renewable energy, gas and infrastructure, agriculture (basic products, edible oil, food products, cold storage and grain silos), real estate, public transport infrastructure, finance and consumer defense, and other sectors.
(Discharge of responsibility: New Delhi Television is a subsidiary of AMG Media Networks Limited, a company of the Adani group).
By
