The Adani Bribery Scandal: A Corporate Governance Crisis in India's Power Sector
In November 2024, Adani Group, a titan of Indian infrastructure and an icon of the nation's economic aspirations, were cracked by the allegations involved in a $265 million bribery scheme aimed at obtaining energy contracts. US officials have accused the company of falsifying compliance documents, while the Indian regulators have already started investigations into its failures to disclose information. “A company, once considered as a leader in corporate governance, was criticised for intended ethical shortcomings and raised concerns about oversight in India’s business landscape.” A Breach of Business Ethics: What Went Wrong? As I learnt in the IFRFM module on ethical codes of conduct, the Adani case is undoubtedly a breach of three fundamental principles of ethical business conduct. v ➤ Firstly, they disregarded the anti-bribery laws, thereby undermining integrity , a core element of professional ethics as outlined by IFAC's...