{"id":426977,"date":"2024-12-01T12:09:35","date_gmt":"2024-12-01T12:09:35","guid":{"rendered":"https:\/\/www.saipantribune.com\/?p=426977"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T14:00:00","slug":"Defiant-Adani-says-committed-to-compliance-after-US-indictment","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/Defiant-Adani-says-committed-to-compliance-after-US-indictment\/","title":{"rendered":"Defiant Adani says committed to compliance after US indictment"},"content":{"rendered":"

Indian billionaire Gautam Adani on Saturday said “attacks” on his company made it “stronger”, days after US prosecutors accused him and other officials of fraud.<\/p>\n

The November 20 bombshell indictment in New York accused the industrialist and multiple subordinates of deliberately misleading international investors as part of a multi-million-dollar bribery scheme.\u00a0<\/p>\n

Addressing the allegations for the first time, the 62-year-old tycoon said his conglomerate was committed to “world-class regulatory compliance”.\u00a0<\/p>\n

“What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone for a more resilient Adani Group,” he said at an awards ceremony in the northern Indian city of Jaipur. \u00a0<\/p>\n

Adani is suspected of having participated in a $250 million scheme to bribe Indian officials for lucrative solar energy supply contracts.<\/p>\n

The billionaire, however, said nobody from his company had been charged with any violation of corruption laws or “any conspiracy to obstruct justice”.\u00a0<\/p>\n

The US Justice Department said Adani, his nephew Sagar Adani, and one other official were charged “with conspiracies to commit securities and wire fraud and substantive securities fraud”.\u00a0<\/p>\n

Five others were charged “with conspiracy to violate the Foreign Corrupt Practices Act,” the department said.<\/p>\n

On Thursday, Adani’s company said it had suffered a loss of nearly $55 billion in market capitalisation across its 11 listed companies since the US indictment was filed.\u00a0<\/p>\n

With a business empire spanning coal, airports, cement and media, Adani Group has weathered previous corporate fraud allegations, suffering a similar stock rout last year.<\/p>\n

The conglomerate saw $150 billion wiped from its market value in 2023 after a report by short-seller Hindenburg Research accused it of “brazen” corporate fraud.<\/p>\n

Adani is a close ally of Hindu nationalist Prime Minister Narendra Modi and was at one point the world’s second-richest man, and critics have long accused him of improperly benefitting from their relationship.<\/p>\n

ash\/aha<\/p>\n

<\/p>\n

Addressing the allegations for the first time, the 62-year-old tycoon said his conglomerate was committed to ‘world-class regulatory compliance’<\/p>\n

-INDRANIL MUKHERJEE
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