Total Energy stops new investment in Ad. Group: French multinational company Total Energy has also prepared to separate from Ad. Group. In America, a fine of Rs 50 thousand has been imposed on eight officials including Gautam Ad. of Ad. Green Energy Limited of Ad. Group. After allegations of bribery and fraud worth Rs 2,200 crore, Total Energy has taken a big decision and announced that it will not invest in Ad. Group comp.es in future.
Total Energy said in a statement, ‘We have a zero-tolerance stance on bribery in the United States. Not only this, our company has decided not to make any new investment in any company of Ad. Group. Until a clear picture of the allegations against Ad. Group emerges, Total Energy will not make new investments in Ad. Group comp.es.
We are unaware of Ad.’s other interests: Total Energy
Total Energy said, ‘We are unaware of any alleged wrongdoing and bribery by Ad. Group. He has not made any contact with any official in this matter.
Notably, Total Energy holds a 19.75 percent stake in Ad. Green Energy and a 50 percent stake in three joint ventures that manage renewable energy assets.
Investment claim is subject to the policy
The French company had invested in Ad. Green Energy and Joint Ventures following strict rules. It has been claimed that Total Energy had no knowledge of any alleged corruption and bribery by Ad. Group during this investment.
Big blow to Ad. Group
Ad. Group has suffered a big blow due to this announcement of the French company. As Ad. Group seeks to establish its dominance as a global leader in the renewable energy sector, Total Energy’s decision not to invest in the future could challenge its ambitions. Total Energy has been a strategic partner and investor in Ad. group comp.es in 2020. Ad. Group has not given any clarification on this statement of Total Energy.
