Gautam Adani, founder of the Adani Group, has spoken out about the recent bribery charges made by U.S. authorities.
This is his first public comment on the subject. Speaking at an awards ceremony in Jaipur, Adani emphasized the conglomerate’s commitment to regulatory compliance and framed the accusations as yet another challenge to overcome in the company’s journey.
The Allegations and Their Impact
The U.S. Department of Justice (DOJ) recently said that Adani, his nephew Sagar Adani, and Vneet S. Jaain, who runs Adani Green Energy, were all involved in a $265 million plan to pay people to do what they wanted.
The three people are accused of paying bribes to get contracts to give power to India and lying to U.S. investors while they were trying to raise money.
Adani Group’s image and finances have taken a hit because of these claims.
A total of $34 billion was taken away from the market value of the conglomerate’s traded companies at one point. The case has also drawn attention from around the world. For example, the French energy company TotalEnergies has stopped investing in Adani projects, and an Indian state is reviewing its power deal with the group.
Even so, Adani Group stocks have partly recovered because some investors still believe in the company.
Adani’s Response: “Every Attack Makes Us Stronger”
Adani said that the claims were “baseless” and that his company would continue to follow world rules.
“Every attack makes us stronger, and every problem turns into a stepping stone for the Adani Group to become even stronger,” he said.
#WATCH | 'Every attack makes us stronger': Gautam Adani breaks silence on US bribery allegations#GautamAdani #AdaniBribe #AdaniGroup pic.twitter.com/alhjNBjEpe
— Moneycontrol (@moneycontrolcom) December 1, 2024Moreover, he said that no one from the Adani Group has been charged with breaking the U.S. Foreign Corrupt Practices Act (FCPA) or obstructing justice. He emphasized that the company would be found not guilty by the courts.
The rich businessman admitted that his group has had many problems over the years, such as opposition to coal mining projects in Australia and an attack earlier this year by people who were short-selling stocks.
“Over the years, I have come to accept that the roadblocks we face are the price of pioneering,” he stated, adding that bold ambitions often draw intense scrutiny.
Commitment to Compliance and Sustainability
In his comments, Adani reaffirmed the group’s focus on compliance and transparency. “Negativity spreads faster than facts,” he said, adding that he was sure the company was safe legally.
He promised that Adani Group would keep up its world-class regulatory standards and work to make the future sustainable and full of new ideas.
Adani also talked about how important it is to see technology and sustainability as important forces for growth.
“These aren’t just trends; they’re the building blocks of our future,” he said, telling companies to boldly and widely use these forces.
A Broader Vision for India’s Progress
Besides the legal problems, Adani used the event to talk about his plan to give India’s skilled workers and artists more power.
He stressed how important it is to give craftsmen and artists access to digital tools, training, and platforms so they can do well in today’s market.
He said, “These craftsmen are the guardians of India’s rich heritage” and pushed for their inclusion in the story of the country’s growth.
Adani’s words come at a very important time for the group, which has been under a lot of scrutiny since early 2023, when a bad short-seller report came out.
The new bribery claims add to the ongoing political and financial trouble surrounding the conglomerate. The issue has even caused problems in India’s government.
Navigating Crisis and Rebuilding Trust
In answer to the claims, the Adani Group has issued a strong denial and promised to pursue “all possible legal recourse.”
The Chief Financial Officer of the company denied the charges, and the Indian government said it had not gotten any official request from U.S. authorities about the case.
Even with all the trouble, Adani is still confident in the group’s ability to pull through. He saw the problems that were happening as chances for growth and new ideas, making the company look like a leader going into unknown territory.