Indian billionaire Gautam Adani and his nephew Sagar Adani have agreed to pay a combined $18 million to settle a civil fraud lawsuit filed by the US Securities and Exchange Commission.
The SEC had accused the Adanis of paying bribes to Indian officials for renewable energy projects and misleading US investors about anti-bribery practices during a bond offering.
The proposed settlement, which requires court approval, bars the Adanis from future violations of US anti-fraud laws but includes no admission or denial of the allegations.
Markets responded positively, with Adani Group shares rising Friday.
Separately, the US Department of Justice is reportedly moving to drop criminal fraud charges against Gautam Adani, following the hiring of a new legal team led by Robert J Giuffra Jr, a lawyer for President Trump. Reports indicate Adani pledged a $10 billion US investment and 15,000 jobs if charges were dropped.