Cyril Cabanes faces US SEC charges: Foreign Corrupt Practices Act explained

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Cyril Cabanes faces US SEC charges: Foreign Corrupt Practices Act explained - Business Standard

Quick Summary:

Cabanese is charged alongside Gautam Adani, and his nephew Sagar Adani, in connection to a bribery allegation that misled US investors in a September 2021 bond offering that raised $175 million. Adani Group has denied the accusations, stating that they intend to seek all legal recourse on the matter.

These actions violated the Foreign Corrupt Practices Act (FCPA), which forbids bribing foreign officials for business advantages.

The SEC alleges that Cabanes helped authorise the bribes, which took place both in the US and abroad, violating US anti-corruption laws aimed at preventing the bribery of foreign officials.