Adani Affirms Commitment to Compliance Following US Indictment
Gautam Adani, the Indian billionaire, recently addressed allegations of fraud against his company. He mentioned that every challenge makes them stronger and that his conglomerate is committed to top-notch regulatory compliance. Adani, along with some officials, were accused of misleading investors in a bribery scheme. While the US indictment claims involvement in a bribery scheme for solar energy contracts, Adani emphasized that no one from his company has been charged with corruption or obstructing justice. The US Justice Department charged Adani, his nephew, and another official with conspiracies to commit securities fraud. Since the indictment, Adani’s company has suffered significant market capitalization losses. Despite this, the Adani Group, known for its diverse businesses, remains resilient. Adani, a close ally of Prime Minister Narendra Modi, has faced criticism in the past for alleged impropriety arising from their relationship.
