The Adani Group on Thursday defended itself after its founder Gautam Adani and several directors were indicted in the United States on a Ksh32 billion ($250 million) bribery case. The company claimed no wrongdoing.
In a swift letter responding to the charges levelled by the US Department of Justice (DOJ), the Indian-based conglomerate maintained that the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.
“The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless,” read the statement in part.
The Group further noted that the US Department of Justice itself stated that, “the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty. All possible legal recourse will be sought.”
The conglomerate maintained that it carried out its business practices ethically and would uphold its highest standards of governance.
“The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency, and regulatory compliance across all jurisdictions of its operations,” added the letter.
“We assure our stakeholders, partners, and employees that we are a law-abiding organisation, fully compliant with all laws.”
Adani, the group CEO, along with seven other executives, were indicted on allegations of bribing Indian government officials.
The DOJ argued that the Adani Group has for years bribed officials to lie to US investors and acquire green energy supply contracts for the group’s Adani Green subsidiary.
Speaking to the media, Deputy Assistant Attorney General Lisa Miller stated that the bribes were to facilitate the officials lying to investors and banks to raise billions of dollars and to obstruct justice.
Shortly after the indictment caused uproar in Kenya, Cabinet Secretary of Energy Opiyo Wandayi defended the government’s involvement with Adani in several public-private partnership (PPP) projects, specifically Kenya Electricity Transmission Company (KETRACO).
Meanwhile while appearing before the National Assembly Departmental Committee on Energy, Energy CS Opiyo Wandayi stated that Adani projects will proceed despite fraud charges in the United States.
When asked whether the government will proceed with Adani after indictment charges in the US over fraud allegations, Wandayi maintained that the Adani-KETRACO deal will still go on.
He cited that emerging reports of Adani’s fraud allegations would not affect the delivery of KETRACO projects because the charges are not related to projects in Kenya.
‘’On the matter of Adani’s indictment, under section 41 of the PPP Act, we have an elaborate mechanism for undertaking due diligence. The PPP Directorate domiciled under the Treasury in coordination with KETRACO conducted a due diligence exercise on Adani Energy Solution in two phases,’’ Wandayi stated.
Source: kENYANS.CO.KE