03 Dec 2024
Business tycoon Gautam Adani stated that his group is dedicated for maintaining world-class regulatory compliance, following his guilty plea in the U.S. to fraud charges and involvement in an alleged bribery scheme worth millions of dollars, and this is his first public comment since the allegations emerged.
Gautam Adani, one of the richest individuals in Asia, is known to have close ties with Prime Minister Narendra Modi. He made headlines on November 20 when US prosecutors in New York charged him and seven of his associates with securities fraud, conspiracy to commit securities fraud, and wire fraud. The charges also included accusations of deceiving investors by hiding the fact that his company's large-scale solar power project in the subcontinent was being facilitated through bribes.
They were accused of allegedly offering or planning to offer around $265 million in bribes to government officials in exchange for assistance in securing billions of dollars in contracts and financing.
"This is not the first time we've faced such challenges. What I can tell you is that each attack strengthens us, and every obstacle becomes a stepping stone towards a more resilient Adani Group," Adani said at an event in Jaipur late Saturday night. The industrialist stated that the hurdles his group faced are the cost of undertaking pioneering work.
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