By Arpan Chaturvedi
NEW DELHI (Reuters) – Adani Group founder Gautam Adani on Saturday responded for the first time to allegations by U.S. authorities that he was part of a $265 million bribery scheme, saying his port-to-power group had world-class regulatory compliance. is committed to .
The allegations are the second major crisis to hit Adani in just two years, sending shockwaves across India and beyond. An Indian state is reviewing a power deal with the group, France’s Total Energies (EPA: ) has decided to halt its investments and political rows over Adani have roiled India’s parliament.
“Less than two weeks ago, we faced several allegations from the US regarding compliance practices. Adani Green Energy (NS:). This is not the first time we have faced such challenges,” Adani said in a speech at an award ceremony.
US authorities have accused Gautam Adani, his nephew and executive director Sagar Adani and Adani Green managing director Vaneet S Jain of being part of a bribery scheme to secure Indian power supply contracts and misleading US investors while raising funds. accused of the country
The Adani group has called the allegations “baseless” and vowed to take “all possible legal recourse”.
“What I can tell you is that every attack makes us stronger and every setback becomes a stepping stone to a more resilient Adani Group,” Adani said in the northern Indian city of Jaipur.
“In today’s world, negativity spreads faster than facts, and as we work through the legal process, I want to reaffirm our absolute commitment to world-class regulatory compliance,” he said, without elaborating.
Adani Group’s finance chief dismissed the allegations on Friday, while the Indian government said it had not received any request from the US on the case.
At one point, Adani Group’s listed companies saw $34 billion wiped off their combined market value, but the stocks have recovered ground as some stakeholders and investors rallied behind the group.
