Asia Roundup
US Set to Drop Charges Against Indian Billionaire Accused of Fraud
When the Justice Department indicted India’s richest man in the final weeks of the Biden administration, prosecutors described an “elaborate” bribery scheme involving “corruption and fraud at the expense of US investors.”
Now, the Justice Department is planning to drop the charges altogether, The New York Times reported, citing several people with knowledge of the case.
The reversal came after the Indian billionaire, Gautam Adani, hired a new legal team led by Robert J. Giuffra Jr., one of President Trump’s personal lawyers and the co-chairman of the prominent firm Sullivan & Cromwell.
As part of the same meeting, Giuffra sought to resolve a parallel civil case against Adani brought by the Securities and Exchange Commission (SEC), as well as a separate investigation by the Treasury Department. The SEC announced its settlement with Adani late Thursday; the Treasury Department could unveil its own deal in coming days.
Acrostics Asia wrote on 12 March 2026:
💼 Brief Take: India’s Battle-Hardened Billionaires
The Indian conglomerate has retained access to global lenders despite the legal risks from an ongoing Securities and Exchange Commission (SEC) case in the US. Some investors are sticking to Adani because they believe the SEC case might drag on for a while, a buyside friend said, adding that it should be a manageable scenario if the saga ends in a settlement or a fine.
India’s Shapoorji Pallonji Secures Over Half of Planned $2.7 Billion Fundraising, Sources Say
India’s Shapoorji Pallonji Group has secured commitments for more than half of its planned $2.7 billion fundraising and aims to complete the deal before end of next month, Reuters reported, citing two sources familiar with the matter.
Investors have committed about $1.5 billion across the rupee and dollar portions of the fundraising.
The group plans to raise $950 million through dollar bonds issued by a unit, with the rest through rupee debt raised by Goswami Infratech. Foreign banks have secured commitments worth about $500 million equivalent from clients for the rupee debt tranche.
Troubled Platform UCars Wound Up on SGD 4 Million Debt
Troubled Singapore car portal UCars has been wound up, more than a year after it was revealed to be SGD 4 million (USD 3.1 million) in debt and owe salaries to former employees, The Business Times reported.
A letter sent to creditors indicates the company was wound up pursuant to a court order dated 20 March, with the reason being cash flow problems.
Indonesia Roundup
Indonesia Allows Airlines to Raise Fuel Surcharge to 50% of Fare Ceiling
Indonesia’s Transportation Ministry has adjusted the fuel surcharge mechanism for domestic scheduled commercial flights, Jakarta Globe reported.
Under a Transportation Ministry regulation that took effect on 13 May 2026, airlines are now allowed to impose fuel surcharges of up to 50% of the government’s upper airfare limit, depending on the service category.
Court Ruling Raises Further Questions Over Future of Indonesia’s Nusantara
The Constitutional Court has reaffirmed that Jakarta remains Indonesia’s capital until a decree is issued to formally transfer its status to Nusantara in East Kalimantan, further raising questions over the project’s development under President Prabowo Subianto’s administration, The Jakarta Post reported via The Star.
The ruling came four years after the mega project was launched by former president Joko Widodo. Nusantara’s development has been slowing down under Prabowo, with various infrastructure projects facing delays.
The project also saw its budget slashed and redirected for Prabowo’s other flagship programs, such as the free meal rollout and Red and White cooperatives.
Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.