Indian billionaire Gautam Adani recently spoke for the first time on the plight facing the Adani Group following the explosive allegations by the United States government. His address at an awards ceremony was a personal statement touching on the matter.
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.
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 in the northern Indian city of Jaipur.
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 US, terming them as 'baseless'.
Damage may already have been done, however, as Adani's interest overseas has taken a massive hit.
On November 21, President William Ruto cancelled multimillion-dollar deals with the Adani Group for airport modernisation and energy projects. This, however, has done little to restore the faith of skeptical Kenyans, who want proof that Kenya has indeed severed ties with the Adani Group.
Meanwhile, the Kenyan government has requested Kenyans to submit alternative proposals to aid in the development of the country’s main airport and electrical infrastructure a week after President William Ruto cancelled expansion deals.
Similarly, a Sri Lankan government spokesperson said the country was reconsidering a 20-year deal with Adani, similar to that of Kenya.
The deal involved the investment of over $440 million (Ksh57 billion) to develop 484 megawatts of wind power in the northeastern regions of Sri Lanka and develop a terminal in the Colombo port.
