NEW DELHI (AP) – Indian billionaire Gautam Adani said his organization is committed to “abiding by international law” after being indicted in the US on charges of fraud and a multimillion-dollar bribery scheme, his first public statement since being indicted.
Adani, 62, is one of the richest men in Asia and is considered close to Prime Minister Narendra Modi. He was exposed on November 20 when United States prosecutors in New York charged him and seven of his associates with fraud, conspiracy to commit securities fraud, wire fraud, as well as defrauding investors and concealing his company’s solar power. a project on the subcontinent was driven by bribery.
They were accused of paying or arranging to pay up to 265 million dollars to government officials to help them get contracts and money worth billions of dollars.
“This is not the first time we have encountered such problems. What I can tell you is that every attack strengthens us. And every obstacle becomes a step for the strong Adani Group,” Adani said late Saturday at an awards ceremony in the northern Indian city of Jaipur.
The businessman said the barriers his group faces are “the cost of pioneering.”
“The bolder your dreams are, the more scrutinized the world will be,” he said. “In today’s world disaffection is spreading faster than truth. And as we work through the law, I want to emphasize our full commitment to international compliance.
The Adani Group, in a statement last week, said the allegations by the US Department of Justice and the US Securities and Exchange Commission against the directors of Adani Green are baseless.
Adani’s footprint in the Indian economy is declining. His group is the world’s largest coal miner and major infrastructure developer, operating several ports and airports, and employing tens of thousands of people. Despite its fossil fuel roots, Adani has ambitions to become a major global player in renewable energy by 2030.
Analysts say a key factor in his meteoric rise over the years has been his ability to reconcile his party’s values with those of the Modi government. His critics accuse him of secrecy and favoritism from the government which has led him to win government contracts. The group continued to deny the charge.
These disputes have already affected Adani’s overseas interests.
Kenya’s president on November 21 canceled multi-million dollar contracts with the Adani Group for airport maintenance and power projects.