AB News Desk, Jaipur, November 30, 2024: Billionaire industrialist Gautam Adani has firmly rejected allegations made by US prosecutors accusing him of involvement in a scheme to pay over $250 million in bribes to Indian officials for solar energy project contracts. Addressing the 51st Gem and Jewellery Awards in Jaipur, the Adani Group chairperson described the accusations as baseless and reiterated the company’s unwavering commitment to regulatory compliance.
Adani’s Response to Allegations
Acknowledging the allegations during his address, Adani highlighted the group’s resilience in the face of challenges.
“As most of you would have read less than two weeks ago, we faced a set of allegations from the US about compliance practices at Adani Green Energy. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger, and every obstacle becomes a stepping stone,” he said.
Rejecting Claims and Emphasizing Compliance
Adani emphasized that neither he nor his executives had been charged with violating the Foreign Corrupt Practices Act (FCPA) or obstructing justice.
“Despite a lot of vested reporting, no one from the Adani side has been charged with any violation of the FCPA or any conspiracy to obstruct justice. In today’s world, negativity spreads faster than facts. As we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance,” he added.
Adani Group’s Official Statement
The Adani Group released a formal statement denying the allegations made by the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC).
“The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied,” the statement read.
Details of the US Allegations
US prosecutors allege that Adani and his executives engaged in a scheme to bribe Indian officials to secure lucrative solar energy contracts. Additionally, the group has been accused of misleading US investors and lenders about its anti-bribery practices while raising funds.
Reuters reported that discrepancies between the company’s statements and its actual compliance practices were at the core of the allegations.
Adani’s Focus on Resilience and Strength
In his address, Adani framed the allegations as an opportunity for growth, reiterating the group’s resolve to face challenges head-on. He portrayed setbacks as stepping stones, underscoring the conglomerate’s commitment to strengthening its reputation and practices.
