NEW DELHI: Adani Group founder Gautam Adani responded for the first time on Saturday to allegations by US authorities that he was part of a $265 million corruption scheme, saying his port-feeder conglomerate was committed to complying with world-class regulations.
The indictment is the second major crisis to hit Adani in just two years, sending shockwaves across India and beyond. An Indian state is reviewing an energy agreement with the group, the French group TotalEnergies will suspend its investments and political quarrels around Adani have disrupted the Indian parliament.
“Less than two weeks ago, we faced a series of allegations from the United States regarding Adani Green Energy’s compliance practices. 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 and executive director Sagar Adani and Adani Green chief executive Vneet S Jaain of participating in a scheme to pay bribes to obtain contract contracts. electricity supply in India and misleading American investors during fundraising events in the country. .
Adani Group has denied the allegations, calling them “baseless” and vowing to seek “all possible legal remedies”.
“What I can tell you is that every attack makes us stronger and every obstacle becomes a springboard for a more resilient Adani Group,” Adani said in Jaipur, northern India.
“In today’s world, negativity spreads faster than facts, and as we move forward through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance,” a- he added, without giving further details.
The Adani group’s chief financial officer on Friday rejected the allegations, while the Indian government said it had not received any US requests regarding the matter.
At one point, the Adani Group’s listed companies saw up to $34 billion wiped off their combined market value, but shares have regained some ground as some partners and investors rallied behind the conglomerate.