India's Adani says his group is committed to compliance after US bribery and fraud charges
Indian tycoon Gautam Adani says his conglomerate is committed to “world-class regulatory compliance" after being indicted in the U.S. on fraud charges and an alleged bribery scheme worth millions of dollars, his first remarks since the accusations surf...
NEW DELHI — Indian tycoon Gautam Adani said his conglomerate is committed to “world-class regulatory compliance” after being indicted in the U.S. on fraud charges and an alleged bribery scheme worth millions of dollars, his first remarks since the accusations surfaced.
Adani, 62, is one of Asia’s richest men and perceived as close to Prime Minister Narendra Mo di. He was thrust into the spotlight on Nov. 20 when U.S. prosecutors in New York charged him and seven of his associates with securities fraud, conspiracy to commit securities fraud, and wire fraud, as well as duping investors by concealing that his company’s huge solar energy project on the subcontinent was being facilitated by bribes.
They were accused of allegedly paying or planning to pay about $265 million in bribes to government officials to help secure contracts and financing amounting to billions of dollars.
“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,” Adani said late Saturday at an awards ceremony in the northern Indian city of Jaipur.
The businessman said roadblocks his group faces are “the price of pioneering.”
“The more bold your dreams, the more the world will scrutinize you,” he said. “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
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