‘Every attack makes us stronger’: Gautam Adani on US allegations – Times of India

NEW DELHI: In a first reaction to the recent US indictment, industrialist Gautam Adani on Saturday dismissed the allegations and said that “every attack makes us stronger.” Speaking at the 51st Gem And Jewellery Awards in Jaipur, Adani said that this was not the first time the group had faced “such challenges.”
“As most of you would have read less than 2 weeks back, we faced a set of allegations from the US about compliance practices at Adani Green Energy. 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,” Adani said.
“Despite a lot of the vested reporting, no one from the Adani side has been charged with any violation of the FCPA or any conspiracy to obstruct justice,” he added.

Adani also reiterated the group’s unwavering commitment to regulatory compliance, saying, “negativity spreads faster than facts, but as we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance.”
Adani, said that these “roadblocks” are the “price of pioneering.”
“Over the years I have come to accept that the roadblocks we face are the price of pioneering. The more you mould your dreams, the more the world will scrutinize 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.

Hindenburg allegations a double hit on our financial stability: Adani

Talking about the Hindenburg allegations, Adani described it as a “double hit” on the group’s financial stability. He said that even then the group maintained its commitment to its principles, and returned the money of the investors.
“Last year in January, just as we were getting ready to launch our follow-on public offering, we faced a short-selling attack initiated from abroad. This was not a typical financial strike. It was a double hit targeting our financial stability and pulling us into a political controversy,” he said.
“But even in the face of such adversity, our commitment to our principles remained strong. After successfully raising 20,000 crore rupees from India’s largest-ever FPO, we made the extraordinary decisions to return the proceeds,” he added.
Adani’s comments come in the wake of a US Department of Justice indictment that alleged over $250 million in bribes were paid to Indian officials to secure solar power contracts. These contracts, which could reportedly yield profits of $2 billion over 20 years for Adani Green Energy, have been under intense scrutiny. However, the indictment does not mention Gautam Adani, his nephew Sagar Adani, or Vneet Jaain in relation to bribery or violations of the Foreign Corrupt Practices Act (FCPA).
In response to the allegations, the Adani Group had categorically denied any wrongdoing, describing the accusations as baseless. A statement from Adani Green Energy reaffirmed this position, saying that neither Gautam Adani nor other senior leaders of the group have been charged with FCPA violations.