Indian billionaire Gautam Adani speaks during an inauguration ceremony at the Port of Haifa in Israel on January 31, 2023 after the Adani Group completed its acquisition of the Port of Haifa in early January 2023 .
Amir Cohen | Reuters
Adani Group founder Gautam Adani on Saturday responded for the first time to US authorities’ allegations that he was involved in a $265 million bribery scheme, saying his Ports Power Group was committed to complying with world-class regulations.
The indictment is Adani’s second major crisis in just two years, sending shockwaves through India and beyond. An Indian state is reviewing a power deal with the group, France’s Total Energies has decided to suspend its investment, and a political row over Adani has roiled India’s parliament.
“Less than two weeks ago, we faced a series of US allegations regarding Adani’s green energy compliance practices. This is not the first time we have faced such challenges,” Adani said in a speech at the awards ceremony.
U.S. authorities have accused Gautam Adani, his nephew and executive director Sagar Adani, and Adani Green managing director Vneet S. Jaain of participating in a scheme to secure power supplies in India bribery scheme to secure contracts and misled U.S. investors in the financing process in India.
Adani Group has denied the accusations, calling them “baseless” and vowing to pursue “all possible legal recourse.”
“What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone for a more resilient Adani group,” Adani said in the northern Indian city of Jaipur.
“In today’s world, where negative emotions spread faster than facts, I want to reaffirm our absolute commitment to world-class regulatory compliance as we move through the legal process,” he added without providing further details. .
Adani Group Finance Director Friday Dismissal of chargesThe Indian government stated that it has not received any request from the United States regarding this case.
The total market value of Adani Group’s listed companies was wiped out by US$34 billion, but as some companies’ share prices rose, these companies’ stocks have recovered their losses. Partners and investors Already rallied behind the group.
About The Author
