Securities and Exchange Commission v. Cyril Sebastien Dominque Cabanes · Azure Power Global and Adani Green's Involvement in India between 2020 and 2024
Prosecuting Agency:
U.S. Securities and Exchange Commission
Type of Action:
SEC Federal Court Proceeding
Docket or Case Number:
24-cv-08081
Court:
E.D. New York
Name of Prosecuting Attorneys:
Eric Heining, SEC Headquarters
Paul Block, SEC Boston Regional Office
Patrick Noone, SEC Boston Regional Office
Martin F. Healey, SEC Boston Regional Office
US Assisting Agencies:
U.S. Department of Justice
Federal Bureau of Investigation
Foreign Enforcement Action/Investigation:
Unknown
Foreign Assistance:
Unknown
Origin of the Proceeding:
Unknown
Whistleblower:
Unknown
Case Status:
Ongoing
Summary
Azure Power Global Ltd. was a renewable energy company incorporated in Mauritius and headquartered in India that developed, owned, and operated utility-scale grid-connected solar farm projects. Azure's shares were registered with the SEC and traded on the New York Stock Exchange until November 13, 2023, when Azure’s stock was delisted for failure to file reports with the SEC. The company’s largest stockholder, Caisse de depot et placement du Quebec (“CDPQ”), which was a Montreal, Canada-based pension fund company established by the National Assembly of Quebec, and one of the world’s largest infrastructure investors.
Adani Group was a privately held multinational conglomerate headquartered in India. Adani Green Energy Ltd. was an Indian public limited company that was the renewable energy arm of Adani Group. Adani Green developed, built, owned, operated, and maintained a portfolio of large solar power and wind farm projects.
Cyril Sebastien Dominique Cabanes, a citizen of France and resident of Singapore, was member of Azure’s Board of Directors and was employed by CDPQ as its Head of Infrastructure for the Asia-Pacific region.
According to the documents in this case, between 2021 and 2023, Azure and Adani Green, and executives and agents of the companies, engaged in a scheme in which Adani Green paid or promised approximately $250 million in bribes to Indian state officials to secure contracts necessary to move forward with contracts for a twelve-gigawatt solar energy project in India. Cabanes became aware of and actively participated in the scheme. Cabanes took steps in furtherance of the authorization of bribes to state government officials in India by directing the Azure Chairman, and others at Azure and CDPQ, to find a “commercially doable deal” that would enable the Adani executives and officials and Adani Green to collect from Azure.
On November 20, 2024, the SEC filed a single claim complaint in the Eastern District of New York against Cabanes alleging a violation of the anti-bribery provisions of the FCPA.
This case is ongoing.
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