Gautam Adani breaks silence on US bribery indictment

1/12/2024 14:54

        Adani Group founder Gautam Adani responded for the first time on Saturday to allegations by U.S. authorities that he was part of a $265 million bribery scheme, saying that his ports-to-power conglomerate was committed to world class regulatory compliance.
        
        The indictment is the second major crisis to hit Adani in just two years, sending shockwaves across India and beyond. One Indian state is reviewing a power deal with the group, France's TotalEnergies decided to pause its investments and political rows over Adani have disrupted India's parliament.
        
        Adani said in a speech at an awards ceremony, "Less than two weeks back, we faced a set of allegations from the U.S. about compliance practices at Adani Green Energy. This is not the first time we have faced such challenges."
        
        U.S. authorities have accused Gautam Adani, his nephew and executive director Sagar Adani and managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes to secure Indian power supply contracts, and misleading U.S. investors during fundraisings in the country.
        
        Adani Group has denied the allegations, describing them as "baseless" and vowing to seek "all possible legal recourse".