Adani stocks in focus as Gautam Adani responds to bribery allegations and legal scrutiny
Adani Group stocks will be in focus on Monday after Gautam Adani, chairman of the energy-to-infrastructure conglomerate, addressed ongoing challenges, including allegations of bribery and fraud involving Adani Green Energy.
Speaking at the 51st Gem & Jewellery Awards in Jaipur on Saturday, Adani described the allegations as opportunities to strengthen the group. «Less than two weeks ago, we faced allegations from the US regarding compliance practices. Every attack makes us stronger, and every obstacle becomes a stepping stone for resilience,» Adani said, referring to charges filed by the US Department of Justice and the SEC.
Adani emphasized that no one from the group had been charged with violations of the Foreign Corrupt Practices Act (FCPA) or conspiracy to obstruct justice. «We are fully committed to world-class regulatory compliance,» he added.
Adani and seven others have been accused of bribery to secure contracts, which the group has denied. Adani framed such challenges as a recurring aspect of the group's journey, citing past instances of resistance and controversy.
“The more bold your dreams, the more the world will scrutinise you. But it is precisely in that scrutiny that you must find the courage to rise, to challenge the status quo, and to build a path where none exists,” he said.
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