Tuesday, December 3, 2024 - Indian billionaire Gautam Adani has addressed the challenges facing the Adani Group for the first time after his U.S. indictment for corruption, which led President William Ruto to cancel the group's Kenyan deals.
While speaking at an awards
ceremony in India on Saturday evening, Adani played down the allegations facing
his company, insisting that his conglomerate is committed to “world-class
regulatory compliance”.
“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,” the 62-year-old said.
While reiterating the challenges
his company was facing was “the price of pioneering", Adani added, “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
regulatory compliance.”
Before Adani's direct response,
the group released an official statement in the wake of the explosive
allegations by the U.S., terming them as 'baseless'.
Damage may already have been
done, however, as Adani's interest overseas has taken a massive hit.
Adani, who is one of Asia’s
richest men, saw his conglomerate gain global attention on November 20 after US
prosecutors in New York charged him with conspiracy to commit securities fraud
and duping investors.
The billionaire, alongside seven
other associates, was accused of allegedly paying or planning to pay about $265
million (Ksh35 billion) in bribes to government officials to help attain
billion-dollar contracts.
The Kenyan DAILY POST
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