Gautam Adani breaks silence on US indictment to say his group is committed to compliance

NEW DELHI: Adani Group founder Gautam Adani responded for the first time on Saturday to allegations by US authorities that he was part of a $265 million bribery scheme, saying that his ports-to-power conglomerate was committed to world class regulatory compliance.

“Less than two weeks back, 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,” Adani said in a live-streamed speech at an awards ceremony.

“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,” Adani said in the northern Indian city of Jaipur.

US authorities have accused Gautam Adani, his nephew Sagar Adani and managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes of $265 million to secure Indian solar power supply contracts, and misleading US investors during fund raises there.

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Adani Group has denied the US allegations, describing them as “baseless” and vowing to seek “all possible legal recourse”.

“In today’s world, negativity spreads faster than facts, and as we work through the legal process, I want to re-confirm our absolute commitment to world class regulatory compliance,” Adani said in his speech, without giving further details.

Adani Group’s finance chief on Friday rejected the allegations, while the Indian government said it has not received any US request regarding the case.

Many of India’s opposition parties accuse Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP) of favouring Adani and blocking investigations against him in India, accusations both have denied.

Congress leader Rahul Gandhi, who has been a vocal critic of Adani, demanded that Gautam Adani should be arrested.