The Indian tycoon Gautam Adani said this Saturday, in reference to the accusations of million-dollar bribes made by the United States Securities and Exchange Commission (SEC) that directly affect him and two other executives of the Adani Group, that each attack strengthens his conglomerate.
“Less than two weeks ago we faced a series of accusations from the US over compliance practices at Adani Green Energy (the group’s renewable energy firm). This is not the first time we have faced challenges of this type. What I can tell you is that “Every attack makes us stronger and every obstacle becomes a springboard for a more resilient Adani Group,” the tycoon said.
Adani participated this Saturday in the city of Jaipur, in northwest India, at the 51st edition of the Gem & Jewelery Awards – dedicated to the gems and jewelery sector – where he gave a speech.
Gautam Adani, the second richest man in India according to Forbes magazine, stressed that neither he nor the other two accused by the US Justice Department have been accused of violating the US Foreign Corrupt Practices Act (FCPA), something that had been mentioned by several American and Indian media outlets, according to the group.
“Negativity spreads faster than facts”
“The fact is, despite the vast amount of information that has been released, no one on Adani’s side has been charged with any violation of the FCPA or conspiring to obstruct justice. However, in today’s world, the “Negativity spreads faster than facts, and as we move forward in the legal process I want to reaffirm my commitment to absolute regulatory compliance,” Adani said in his speech.
Adani’s defense comes more than a week after the US SEC accused the tycoon and two other executives of his business conglomerate of organizing a $250 million bribery scheme to secure solar energy contracts in India.
It is not the first time that the businessman, close to Indian Prime Minister Narendra Modi and his party the Bharatiya Janata Party (BJP), has faced controversies for alleged bad corporate practices.
In 2023, the American investment group Hindenburg Research accused him of carrying out “a brazen scheme of stock manipulation and accounting fraud over decades.”
The new accusations against the management of Adani Group have led countries such as Kenya to cancel agreements with the Indian multinational, or companies such as the French oil giant TotalEnergies – in the capital of the conglomerate since 2021 – to indicate that they will not make new financial contributions to their investments with the group.
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