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I'm confident the allegations have legs. I'm just surprised that a foreign entity breaking foreign laws can be prosecuted in the US.
You can't be a massive company in India, without massive bribery. Wonder why Adani is being specially targeted. Surely this kind of massive corruption is the norm in much of Africa & South Asia.
Adani group is run by Indian nationals, most of their assets are in India and they're listed on an Indian stock exchange (BSE). Still a little confused how it adds up to crime in the US.
So, American investors were victims of fraud because Adanis claimed that their business was above ground in investment rounds. Then used American investment dollars for bribes. That is a crime in the US ?
Do DOJ cases have anything to do with the outgoing Biden administration ? Or does it operate independently ? Modi is close to Trump, and I wonder if this is petty vindictiveness. I ask because a lot of recent anti-tech action and Ukraine military allocations seem to be angry 'fuck yous' from the out going administration.
I read that some of this started under Trump.
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Yup. This is why the western sanctions regimes can be so disruptive- it is really, really easy to fall into foreign jurisdictions when financial services are in play.
In international contexts, nations can assert jurisdiction fora couple of reasons, including the nationality principle (a state can punish their citizens- and corporate entities- for misconduct abroad), and the territorial principle (a state can punish misconduct on its own territory).
Both are relevant in this case, as using American investment corporations for bribes abroad is a nationality issue, and using the American financial system at all places it in American territory. That it is also in the Indian jurisdiction is irrelevant, though if the Indians wanted to pursue prosecution they'd probably be able to preempt the US effort, but the fact that Adani group is mostly based out of India is irrelevant. 'Mostly' is not enough- any exposure to another authority's jurisdiction is enough to require full compliance with those laws (hence why China or the EU can compel American social media companies to cooperate on censorship as a condition for market access).
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Adanis example is quite a bit extreme compared to others here though, he saw a nearly 1200 percent return for the 10 year period where Modi won.
I'm unsure if what really happeninng and why do all that in late November. It might be one of those times where they just needed an excuse to catch you. The kinda volatility Adani stocks have and the likelihood of them owning more than listed via shell companies is fairly damming.
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