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Time of India
5 hours ago
- Business
- Time of India
'We never backed down': Gautam Adani says 'Adani Group has become more unbreakable & resilient' amid challenges, scrutiny
This is an AI generated image (left) and Gautam Adani (Right) NEW DELHI: Gautam Adani , Asia's second-richest person, said the Adani Group stayed strong and adapted its strategy despite facing a series of acquisitions and intense scrutiny, becoming stronger and more resilient. "In the face of fierce headwinds and relentless scrutiny - we have never retreated. Instead - we have recalibrated. We have reimagined. And we have become - more formidable, more unbreakable, more stronger and more resilient!" Adani said in the recent annual report of Adani Enterprises. He also announced that the conglomerate plans to invest $15–20 billion over the next five years across its businesses, backed by a strong balance sheet and steady growth. Adani noted that people often ask him "How does Adani Group keep doing it? How do we rise, time and again?" "My answer remains the same: Our conviction is anchored in clarity. Our objectives are aligned with India's ambitions. And our strength comes from the belief that you - our shareholders - place in us," he said. In January 2023, a report by US short-seller Hindenburg Research accused the Adani group of being "the largest con in corporate history," causing stock prices to crash and wiping out over $150 billion in market value. The group's largest public offering was also called off. Adani Group reduced debt, cut back on pledged promoter shares, attracted new investments, and refocused on its core businesses. Just as it began to recover, the group faced fresh allegations from US authorities, accusing it of bribery to win Indian power contracts and misleading investors, during fund raises. Adani Group denied all wrongdoing and said the group had faced challenges before and would face them again. Despite the setbacks, most Adani stocks have rebounded, and the group has reported record earnings. Regarding the US Department of Justice and SEC allegations concerning Adani Green Energy, he asserted that this wasn't their first challenge. "Nor will it be the last," he continued. "Every challenge sharpens our resolve. Every setback becomes a stepping stone," he stated, emphasising that no member of Adani Group faces charges of violating Foreign Corrupt Practices Act (FCPA) or conspiring to obstruct justice. "We live in a world where negativity often echoes louder than truth. But as we cooperate with legal processes, let me also restate - emphatically - our governance is of global standards, and our compliance frameworks are robust and non-negotiable," Adani further added. The conglomerate's diverse portfolio spanning ports, airports, renewable energy, data centres, defence manufacturing, and city gas distribution has demonstrated substantial expansion in recent years. "History should remember us not for the size of our balance sheet, but for the strength of our backbone. Not just for the markets we entered, but for the storms we handled and emerged stronger. For it is easy to lead in sunshine, but true leadership is forged in the face of crisis," he said. Adani also highlighted record profits across the group's ports-to-energy businesses for the financial year 2024–25. He further said that the Adani Airports handled a record 94 million passengers, and the Navi Mumbai Airport is set to open later this year with an initial capacity of 20 million passengers, eventually expanding to 90 million. Adani Defence is developing ammunition and missile systems in Kanpur, and its surveillance and Kamikaze drones played a role in the recent Operation Sindoor, he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
7 hours ago
- Business
- Business Standard
Adani Group stood firm amid scrutiny, now more formidable: Gautam Adani
Despite facing consecutive acquisitions and intense scrutiny, Adani Group never backed down and instead adapted its strategy, emerging more resilient, formidable and unbreakable, its chairman Gautam Adani said. The conglomerate will invest $15-20 billion over the next five years across businesses, he said touting its strong balance sheet and robust business growth. In January 2023, US short seller Hindenburg Research published a scathing report describing Adani Group as "the largest con in corporate history". The fallout was swift: stock prices plummeted, wiping out over $150 billion in market value at the lowest point, and the group's biggest public offering was abruptly scrapped. Just as the group scripted a comeback through a mix of trimming of debt, cutting back on the founder's pledged shares, bringing in both promoter and marquee investor equity, and refocusing attention on the group's core businesses, it was hit by US authorities charging Adani and his close associates of allegedly paying bribes to secure Indian power supply contracts and misleading US investors during fund raises. Adani Group denied all allegations of wrongdoing and went about refocusing its efforts, resulting in most of its stocks recovering and the group posting record earnings. "In the face of fierce headwinds and relentless scrutiny - we have never retreated. Instead - we have recalibrated. We have reimagined. And we have become - more formidable, more unbreakable, more stronger and more resilient!" Adani said in the latest annual report of the group's flagship Adani Enterprises. Adani, Asia's second-richest, said people often ask him "How does Adani Group keep doing it? How do we rise, time and again?" "My answer remains the same: Our conviction is anchored in clarity. Our objectives are aligned with India's ambitions. And our strength comes from the belief that you - our shareholders - place in us." On the allegations by the US Department of Justice and the US SEC relating to Adani Green Energy, he said this was not the first time the conglomerate was tested. "Nor will it be the last". "Every challenge sharpens our resolve. Every setback becomes a stepping stone," he said adding despite all the noise, fact is that none from Adani Group has been charged with violating Foreign Corrupt Practices Act (FCPA) or conspiring to obstruct justice. "We live in a world where negativity often echoes louder than truth. But as we cooperate with legal processes, let me also restate - emphatically - our governance is of global standards, and our compliance frameworks are robust and non-negotiable." Group's businesses - from ports to airports, from renewable energy generation to data centres, defence manufacturing and city gas - have grown over the past couple of years. "History should remember us not for the size of our balance sheet, but for the strength of our backbone. Not just for the markets we entered, but for the storms we handled and emerged stronger. For it is easy to lead in sunshine, but true leadership is forged in the face of crisis," he said. Strength is not just power - it is purpose, clarity and the will to rise. And resilience is not endurance alone - it is reinvention in the face of adversity. "When combined, it helps us do our part for building an India that refuses to bend, refuses to break and never stops believing in its own future," he said. Adani went on to tout record profits of his ports-to-energy companies posted in fiscal year 2024-25. "And while the numbers tell their own compelling story - in a year of record-breaking revenue, unprecedented growth and historic profitability - the deeper truth is that these milestones are reflections of our relentless strength and tenacity. They are proof of a Group that dares to dream beyond constraints, powered by a nation that breathes possibility into every tomorrow ahead of us," he said. Adani Power crossed 100 billion units of power generation, added 2.3 gigawatt (GW) of conventional capacity, funded Rs 12,000 crore in capex mainly through internal accruals, and secured a 1,500 megawatt power supply deal in Maharashtra. It is now well on track to reach 31 GW capacity by 2030. Adani Green reached an operational renewable energy (RE) capacity of over 14 GW and is on target to build the world's largest RE plant of 30 GW at Khavda in Gujarat and a total of 50 GW of renewables capacity by 2030. Also, with over 5,000 MW of pumped hydro storage targeted to be installed by 2030 and a 40-year 1,250 MW energy storage deal with Uttar Pradesh, it is setting global benchmarks in the space of energy transition, he said. Adani Energy Solutions had a huge year, securing Rs 43,990 crore in transmission orders and executing Rs 13,600 crore worth of smart metering projects. It retained its No.1 electricity distribution company rank in India and became the only private player with three national HVDC grid links in its portfolio. Clean energy vertical Adani New Industries has an order book for construction of a 300 MW electrolyser plant and is on track to expanding its solar module manufacturing lines to 10 GW integrated by next financial year. Adani Ports handled an all-time high cargo volume of 450 million tonne and cornered 27 per cent market share in India. The group is building data centres, rapidly expanding city gas and EV charging network and rebuilding Mumbai's Dharavi - Asia's largest slum. "Over 1 million people will move from narrow lanes to sunlit, modern homes," he said on Dharavi redevelopment. "Inspired by Singapore's housing model and co-designed with global experts, the township will feature spacious layouts, dual toilets, open spaces, schools, hospitals, transit hubs and parks." Adani Natural Resources produced a record 47 MT coal and iron ore and is on track to achieve over 30 per cent growth by FY26, he said. Group's copper plant in Kutch, Gujarat has started while the cement business has crossed 100 MTPA capacity and is on track to hit 140 MT by 2027-28, he said. Adani Airports handled a record 94 million passengers across airports it manages, he said adding Navi Mumbai Airport will open later this year with an initial passenger capacity of 20 million of what will eventually become a 90 million passenger airport. Adani Defence is making ammunition and missile capabilities in Kanpur while its surveillance drones and Kamikaze drones aided the recent Operation Sindoor, he said.
The Star
2 days ago
- Business
- The Star
Outrage over Leissner's ‘inadequate' sentence in 1MDB case
PETALING JAYA: Widespread criticism has emerged over the two-year sentence imposed on former Goldman Sachs banker Tim Leissner for his role in the 1MDB scandal, with many arguing it fails to reflect the gravity of the crime. Malaysian Bar president Mohamad Ezri Abdul Wahab described the punishment as inadequate and warned of its broader implications for justice and deterrence. He said while the Bar respects the independence of the US judiciary and acknowledges the court's characterisation of Leissner's actions as 'brazen and audacious,' many Malaysians reasonably view the sentence as insufficient given the scale of the wrongdoing. 'An apology cannot undo the damage. Justice in cases of this magnitude must reflect not only accountability but also deterrence. 'Lenient outcomes risk eroding public confidence and failing to prevent future abuses of financial systems,' he said when contacted yesterday. Leissner, formerly Goldman Sachs' South-East Asia chairman, had pleaded guilty in 2018 to conspiring to violate the US Foreign Corrupt Practices Act and participating in a money laundering scheme. He later cooperated with US prosecutors, becoming a key witness in the conviction of his former colleague Roger Ng. Ng has pleaded not guilty to charges of conspiring to launder money and violate an anti-bribery law. Ng, the former head of investment banking for Goldman in Malaysia, was convicted in Brooklyn and sentenced to 10 years in prison, but had been brought here in 2023 to assist in investigations. Too short: Mohamad Ezri (left) and Johari were among those who expressed their disappointment. US-based journalist Tom Wright, who co-authored Billion Dollar Whale detailing the 1MDB saga, also criticised the sentence. In a post on X, Wright said the outcome 'is no justice' and argued that Leissner's cooperation in Ng's prosecution did not justify such a lenient term. 'That is punching down,' he wrote. In his newsletter Whale Hunting, Wright questioned whether justice had truly been served, especially in relation to Goldman Sachs' role in raising US$6.5bil in bonds for 1MDB, a fund set up by ex- Prime Minister Datuk Seri Najib Razak, with the help of fugitive financier Jho Low. 'Not by a long shot,' Wright remarked. Echoing similar concerns, Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani, who chairs Malaysia's 1MDB asset recovery task force, described the sentence as 'too short.' Speaking to Reuters, he said: 'Considering he is one of the masterminds facilitating the 1MDB scandal, he should be given the maximum jail sentence.' Centre to Combat Corruption and Cronyism (C4) founding director Cynthia Gabriel also weighed in, describing the two-year sentence as 'a light slap on the wrist' that does not match the gravity of the financial crimes committed. Gabriel stressed that the scale of theft and money laundering, involving a leading financial institution like Goldman Sachs must not be taken lightly. The 1MDB scandal, which saw billions siphoned from the Malaysian sovereign wealth fund, triggered investigations across several jurisdictions and remains one of the largest financial scandals in global history.
Barnama
2 days ago
- Business
- Barnama
Ex-Goldman Banker Leissner Sentenced to Two Years in Prison In 1MDB Case
NEW YORK, May 29 (Reuters) -- Former Goldman Sachs GS.N banker Tim Leissner was sentenced to two years in prison by a judge in a New York court on Thursday after playing a key role in a multi-billion dollar scandal involving Malaysia's sovereign fund 1Malaysia Development Berhad (1MDB). Malaysian and United States (US) authorities estimated US$4.5 billion was stolen from 1MDB in an elaborate scheme that spanned the globe and implicated high-level officials in the fund, former Malaysian Prime Minister Najib Razak, Goldman executives and others. Leissner, a former Southeast Asia chairman for Goldman, pleaded guilty in 2018 to a conspiracy to violate the Foreign Corrupt Practices Act and participating in a money laundering conspiracy, all tied to his role in the 1MDB scandal. bootstrap slideshow Leissner's conduct was "brazen and audacious," judge Margo Brodie said during sentencing. While his cooperation with the government was taken into account, it did not make up for the harm caused by the corruption at the highest levels in several countries, the judge said. "First and foremost, I offer my sincere apology to the people of Malaysia," Leissner, 55, told the hearing, his voice breaking as he read a statement. "I deeply regret my actions." Goldman helped sell US$6.5 billion of bonds for 1MDB, which former Malaysian Prime Minister Najib set up with the help of Low to promote economic development. Some of the funds were diverted to offshore bank accounts and shell companies linked to Malaysian financier Jho Low, who is now a fugitive. Leissner became a US government witness in the case after his arrest in 2018. He was allowed to remain free after he agreed to help the government in the investigation and testified against former banking colleague Roger Ng. Ng has pleaded not guilty to charges of conspiring to launder money and violate an anti-bribery law. The former head of investment banking for Goldman in Malaysia was convicted in Brooklyn and sentenced to 10 years in prison, but transported to Malaysia in 2023 to assist probes there.
TimesLIVE
2 days ago
- Business
- TimesLIVE
Ex-Goldman banker Leissner sentenced to two years in prison in 1MDB case
Former Goldman Sachs banker Tim Leissner was sentenced to two years in prison by a judge in a New York court on Thursday after playing a key role in a multi-billion dollar scandal involving Malaysia's sovereign fund 1MDB. Malaysian and US authorities estimated $4.5bn (R80.38bn) was stolen from 1MDB in an elaborate scheme that spanned the globe and implicated high-level officials in the fund, former Malaysian prime minister Najib Razak, Goldman executives and others. Leissner, a former Southeast Asia chair for Goldman, pleaded guilty in 2018 to a conspiracy to violate the Foreign Corrupt Practices Act and participating in a money laundering conspiracy, all tied to his role in the 1MDB scandal. Leissner's conduct was 'brazen and audacious', judge Margo Brodie said during sentencing. While his co-operation with the government was taken into account, it did not make up for the harm caused by the corruption at the highest levels in several countries, the judge said. 'First and foremost, I offer my sincere apology to the people of Malaysia,' Leissner, 55, told the hearing, his voice breaking when he read a statement. 'I deeply regret my actions.' Goldman helped sell $6.5bn (R116bn) of bonds for 1MDB, which Najib set up with the help of Malaysian financier Jho Low to promote economic development. Some funds were diverted to offshore bank accounts and shell companies linked to Low, who is now a fugitive.
