Global banks weigh halting fresh credit to India's Adani after U.S. indictment, say sources [Yahoo! Finance]
Mitsubishi UFJ Financial Group, Inc. (MUFG)
Company Research
Source: Yahoo! Finance
HONG KONG/NEW YORK (Reuters) - Some global banks are considering temporarily halting fresh credit to India's Adani Group but staying put with existing loans following U.S. prosecutors' indictment of its billionaire founder Gautam Adani for fraud, sources said. U.S. prosecutors have charged eight people, including Adani chair Gautam Adani, with agreeing to pay about $265 million in bribes to Indian government officials to obtain contracts and develop India's largest solar power plant project. The crisis is the second in two years to hit the ports-to-power conglomerate founded by Adani, 62, one of the world's richest people. Adani Group has said the allegations made by the U.S. authorities were "baseless and denied". Senior executives at two of Adani's global lenders said that they have had multiple calls within their respective banks since the indictment details were announced to discuss exposure to the group and what the impact of the latest development would be on the group's
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MUFG
News
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MUFG
Earnings
- 8/2/24 - Beat
MUFG
Sec Filings
- 12/2/24 - Form 6-K
- 12/2/24 - Form 6-K
- 11/29/24 - Form 6-K
- MUFG's page on the SEC website