Adani Group founder responds to US bribery claims

Adani Group founder Gautam Adani responded to allegations of a $265 million bribery scheme by US authorities, stating that his conglomerate is committed to regulatory compliance.

Adani faces a major crisis with an indictment, causing shockwaves in India and beyond. One state is reviewing a power deal, France’s TotalEnergies paused investments, and political rows disrupted India’s Parliament.

“Less than two weeks back, we faced a set of allegations from the US about compliance practices at Adani Green Energy. This is not the first time we have faced such challenges,” Adani said in a speech at an awards ceremony.

US authorities have accused Gautam Adani, his nephew Sagar Adani, and Vneet S. Jaain, managing director of Adani Green, of involvement in a bribery scheme to secure Indian power contracts and misleading US investors during fundraisings.

Adani Group has refuted the allegations, calling them “baseless” and stating they will pursue legal action. Adani expressed that every challenge strengthens the group and turns into a stepping stone for resilience, speaking in Jaipur, India.

“In today’s world, negativity spreads faster than facts, and as we work through the legal process, I want to re-confirm our absolute commitment to world-class regulatory compliance,” he added, without giving further details.

Adani Group’s finance chief denied the allegations, and the Indian government stated that it had not received any US request regarding the case. Adani Group’s listed companies initially lost $34 billion in market value but have since regained ground as partners and investors show support for the conglomerate.

Attribution: Reuters

Subediting: M. S. Salama