Gautam Adani breaks his silence on US bribery allegations

Adani Group founder Gautam Adani on Saturday responded for the first time to allegations by US authorities that he was involved in a $265 million bribery scheme, saying his ports-to-power conglomerate followed world-class regulatory requirements.

The charges are the second major crisis to hit Adani in just two years, shaking India and beyond. An Indian state is reviewing an energy deal with the group, France’s TotalEnergies has decided to suspend its investment, and political wrangling over Adani has roiled India’s parliament.

“Less than two weeks ago, we faced a series of allegations from the US regarding Adani Green Energy’s compliance practices. This is not the first time we have faced such problems,” Adani said while speaking at the award ceremony.

US authorities charged Gautam Adani, his nephew and chief executive Sagar Adani and Adani Green managing director Vneet S. Jaaina in engaging in a scheme to pay bribes to obtain electricity supply contracts in India and to mislead American investors when raising funds in the country. .

Adani Group has denied the allegations, calling them “baseless” and vowing to pursue “all possible legal remedies”.

“What I can tell you is that every attack makes us stronger and every obstacle is a stepping stone to a more resilient Adani group,” Adani said in the northern Indian city of Jaipur.

“In today’s world, negativity travels faster than facts, and as we work through the litigation, I want to reiterate our absolute commitment to world-class regulatory compliance,” he added, without elaborating.

Adani Group’s chief financial officer on Friday denied the allegations, and the Indian government said it had not received any US inquiry on the matter.

At one point, the combined market value of Adani Group’s listed companies lost $34 billion, but the stock has recovered as some partners and investors rallied behind the conglomerate.