Gautam Adani in problem after arrest warrant

Gautam Adani, India's second-richest man, and seven others, including his nephew Sagar Adani, have been charged by the US Department of Justice.

With the US filing civil and criminal charges against billionaire Gautam Adani and seven others over a multi-million-dollar bribery scheme, the group has started facing different problems.

Gautam Adani's conglomerate could find it harder to get funding following a U.S. arrest warrant for its billionaire founder, with some banks considering halting fresh credit to the Indian group due to an alleged $265 million bribery scheme.
Kenya has canceled a deal worth nearly $2billion with Adani Group after its founder was indicted in the United States.
Kenyan President William Ruto made the announcement on Thursday in his state of the nation address.
Under the proposed deal worth nearly $2bn, the Adani Group was to add a second runway at Jomo Kenyatta International Airport and upgrade the passenger terminal in exchange for a 30-year lease.
Some global banks are considering temporarily halting fresh credit to the Adani Group after the U.S. indictment but maintaining existing loans.

Ratings agency S&P warned in a statement that the group will need regular access to equity and debt markets given its large growth plans, but it might find fewer takers.
Research firm CreditSights highlighted refinancing for the conglomerate's green energy business, which is at the centre of the allegations, as its biggest near-term concern.
Bonds issued by the Adani Group dropped sharply for a second day on Friday and although the shares of some Adani firms clawed back some of Thursday's losses, the overall market value of all 10 stocks has dropped by $27.9 billion over two sessions.

They have charged by the US Department of Justice with paying bribes to unidentified officials of state governments in Andhra Pradesh and Odisha to buy expensive solar power, potentially earning more than USD 2 billion in profit over 20 years. 

Source: Agencies