Adani Group Founder Responds to US Bribery Allegations
Adani Group founder Gautam Adani responded to allegations by US authorities that he was part of a $265 million bribery scheme, saying that his conglomerate was committed to world-class regulatory compliance. This is the second major crisis to hit Adani in just two years, sending shockwaves across India and beyond.
Adani stated that his company has faced similar challenges before and is committed to resolving the issue through the legal process. He added that the allegations are “baseless” and vowed to seek “all possible legal recourse”.
The US authorities have accused Adani, his nephew and executive director Sagar Adani, and the managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes to secure Indian power supply contracts, and misleading US investors during fundraisings in the country.
Adani Group has denied the allegations and has seen its listed companies recover some ground after their market value dropped by as much as $34 billion.