French-based TotalEnergies has announced a suspension of new financial contributions to the Adani Group of companies following the indictment of certain Adani Group’s executives by US authorities. The indictment is linked to an alleged corruption scheme associated with Adani Green Energy Limited (AGEL).

TotalEnergies (NYSE:TTE) said Monday it will not make any new investments in companies connected to India's Adani Group after the U.S. indicted founder Gautam Adani and other Adani executives over an alleged bribery scheme.

SINGAPORE/SYDNEY, Nov 25 (Reuters) - Adani dollar bond prices fell to almost one-year lows on Monday as investors cut their exposure to the Indian conglomerate in the wake of bribery and fraud allegations from U.S. authorities.

The Adani Group is experiencing significant setbacks globally after its chairman, Gautam Adani, was indicted in the U.S. for alleged bribery and fraud involving Adani Green Energy contracts

TotalEnergies has paused new financial investments in the Adani Group amid corruption allegations against Adani Green Energy executives, emphasising its zero-tolerance policy on misconduct.

TotalEnergies has paused investments in India's Adani Group following allegations of a multi-million-dollar bribery scheme involving its chairman, Gautam Adani. Charges by US authorities have prompted scrutiny and led to falling stock prices.

The billionaire said the company is committed to "world-class regulatory compliance," without giving further details.