India’s Adani Breaks Silence On US Indictment As Sri Lanka Follows Kenya’s Suit
Gautam Adani, an Indian billionaire, recently talked for the first time about the Adani Group’s predicament following the bombshell claims made by the United States government.
His speech at an awards ceremony was a personal reflection on the subject.
Adani, one of Asia’s richest men, saw his company attract global attention on November 20 when US authorities in New York charged him with conspiracy to conduct securities fraud and defrauding investors.
The billionaire and seven other associates were charged with allegedly paying or planning to pay around $265 million (Ksh35 billion) in bribes to government officials in order to secure billion-dollar contracts.
While speaking at an awards ceremony in India on Saturday evening, Adani batted off the claims against his company, maintaining that his conglomerate is devoted to “world-class regulatory compliance”.
#WATCH | Jaipur, Rajasthan: Addressing 51st Gem & Jewellery Awards, Adani Group Chairman Gautam Adani says, "…As most of you would have read less than 2 weeks back, we faced a set of allegations from the US about compliance practises at Adani Green Energy. This is not the first… pic.twitter.com/LWGT0tDiBC
— ANI (@ANI) November 30, 2024
“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 for a more resilient Adani Group,” the 62-year-old said in the northern Indian city of Jaipur.
Adani maintained that the obstacles his company was encountering were “the price of pioneering”.
“In today’s world negativity spreads faster than facts. And as we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance,” Adani added.
Prior to Adani’s direct response, the group issued a formal statement in the wake of the explosive charges made by the US, calling them ‘baseless’.
However, Adani’s global interests may have already suffered significant damage.
On November 21, President William Ruto revoked multimillion-dollar contracts with the Adani Group for airport modernization and energy projects.
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This, however, has done little to restore the faith of wary Kenyans, who seek proof that Kenya has truly cut ties with the Adani Group.
Meanwhile, a week after President William Ruto rejected expansion plans, the Kenyan government has asked Kenyans to submit alternative proposals to help enhance the country’s primary airport and electrical infrastructure.
Similarly, a Sri Lankan government spokeswoman stated that the country was reviewing a 20-year arrangement with Adani, comparable to that of Kenya.
The agreement entailed an investment of more than $440 million (Ksh57 billion) to create 484 megawatts of wind power in Sri Lanka’s northeastern districts, as well as a terminal in the Colombo port.
India’s Adani Breaks Silence On US Indictment As Sri Lanka Follows Kenya’s Suit
