Latest news with #Iranian-origin
Scroll.in
3 days ago
- Business
- Scroll.in
US investigating Adani Group for suspected LPG imports from Iran: Report
Prosecutors in the United States are investigating whether Adani Group entities had imported Iranian liquefied petroleum gas into India, The Wall Street Journal reported on Monday. The prosecutors were reviewing the activities of several LPG tanker ships used to transport cargoes to Adani Enterprises, the newspaper quoted unidentified officials as saying. The US has imposed sanctions on Iran for its nuclear programme and alleged support for militant groups such as Hamas. The conglomerate rejected the allegations on Monday. 'Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG,' a company spokesperson said. 'Further, we are not aware of any investigation by US authorities on this subject.' An investigation by The Wall Street Journal into a group of LPG tankers travelling between the conglomerate's Mundra port in Gujarat and the Persian Gulf since early 2024 found that they showed signs, which ship trackers say are usually proof of vessels trying to hide their activities, the newspaper reported on Monday. In response to the report by The Wall Street Journal, Adani Enterprises said in a stock exchange filing on Monday that the 'story appears to be based entirely on incorrect assumptions and speculation'. 'Any suggestion that Adani Group entities are knowingly in contravention of US sanctions on Iran is strongly denied,' the company said. 'Any assertion to the contrary would not only be slanderous but also deemed to be an intentional act to injure the reputation and interests of the Adani Group. The company said that as a matter of policy, the Adani Group does not handle cargo from Iran at any of its ports. 'This includes any shipments originating from Iran or any vessels operating under the Iranian flag,' it added. 'Additionally, the Adani Group does not manage or facilitate any ships whose owners are Iranian. This policy is strictly adhered to across all our ports.' This comes at a time when US President Donald Trump has targeted entities buying Iranian energy products. Trump has threatened to introduce secondary sanctions on such entities. The Trump administration is making fresh efforts to build pressure on Iran to cut its oil exports and prevent it from getting a nuclear weapon. Tehran has said that its nuclear programme is for civil purposes. In April, the US had sanctioned an Indian citizen based in the United Arab Emirates and two India-based entities for allegedly operating vessels as part of Iran's 'shadow fleet' and shipping Iranian oil.
India Gazette
3 days ago
- Business
- India Gazette
US launches new probe into India's Adani over Iran trade
The DOJ is investigating the conglomerate for allegedly buying petrochemical products from the sanctioned country The US Department of Justice has launched a new investigation into Indian billionaire Gautam Adani, alleging potential violations of US sanctions on Iran, the Wall Street Journal reported on Monday. The probe focuses on alleged imports of Iranian liquefied petroleum gas (LPG) into India through Adani's Mundra port, located in the western state of Gujarat. An investigation by the WSJ found that tankers traveling between Mundra and the Persian Gulf often exhibited behavior commonly associated with ships attempting to evade sanctions, prompting further scrutiny into Adani's business dealings. Adani Group said it was not aware of any investigations conducted by the US, calling the report "baseless and mischievous." "Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG. Further, we are not aware of any investigation by US authorities on this subject," the company said. In May, US President Donald Trump announced that all purchases of Iranian oil and petrochemical products must cease, warning that any country or individual found to be buying these products would be immediately subject to secondary sanctions. The new US probe into one of India's largest conglomerates comes amid intense pressure which Adani has faced over the last two years. It began in 2023, when US investment firm Hindenburg Research released a report alleging that the Adani Group was involved in stock market manipulation. Later that year, similar allegations were raised by the Organized Crime and Corruption Reporting Project, an international platform known for its work on the Panama Papers and Pandora Papers. Hindenburg's report led to a $150 billion loss in Adani's market value and sparked a political storm in India, with opposition parties calling for an investigation into Adani's alleged ties to Indian Prime Minister Narendra Modi. Last year, Hindenburg extended its criticism of the Adani Group to Indian officials, alleging that the head of the country's stock exchange regulator was involved in trading the group's shares, thereby preventing a proper investigation into supposed financial irregularities. Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India, has denied the claims. READ MORE: India's Adani comments on US bribery allegation In November 2024, US prosecutors indicted Gautam Adani and several top managers of his group for allegedly paying $250 million in bribes to Indian government officials to secure "lucrative" solar power contracts. Adani Group has denied the allegations, calling them "baseless." The issue of US pressure on Adani was expected to feature in talks between Modi and Trump when the Indian leader visited Washington in February this year. Modi, however, denied that these discussions took place.
India Gazette
3 days ago
- Business
- India Gazette
US launches new probe into Indias Adani over Iran trade WSJ
The DOJ is investigating the conglomerate for allegedly buying petrochemical products from the sanctioned country The US Department of Justice has launched a new investigation into Indian billionaire Gautam Adani, alleging potential violations of US sanctions on Iran, the Wall Street Journal reported on Monday. The probe focuses on alleged imports of Iranian liquefied petroleum gas (LPG) into India through Adani's Mundra port, located in the western state of Gujarat. An investigation by the WSJ found that tankers traveling between Mundra and the Persian Gulf often exhibited behavior commonly associated with ships attempting to evade sanctions, prompting further scrutiny into Adani's business dealings. Adani Group said it was not aware of any investigations conducted by the US, calling the report "baseless and mischievous." "Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG. Further, we are not aware of any investigation by US authorities on this subject," the company said. In May, US President Donald Trump announced that all purchases of Iranian oil and petrochemical products must cease, warning that any country or individual found to be buying these products would be immediately subject to secondary sanctions. The new US probe into one of India's largest conglomerates comes amid intense pressure which Adani has faced over the last two years. It began in 2023, when US investment firm Hindenburg Research released a report alleging that the Adani Group was involved in stock market manipulation. Later that year,similar allegationswere raised by the Organized Crime and Corruption Reporting Project, an international platform known for its work on the Panama Papers and Pandora Papers. Hindenburg's report led to a $150 billion loss in Adani's market value and sparked a political storm in India, with opposition parties calling for an investigation into Adani's alleged ties to Indian Prime Minister Narendra Modi. Last year, Hindenburgextendedits criticism of the Adani Group to Indian officials, alleging that the head of the country's stock exchange regulator was involved in trading the group's shares, thereby preventing a proper investigation into supposed financial irregularities. Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India, has denied the claims. In November 2024, US prosecutors indicted Gautam Adani and several top managers of his group for allegedly paying $250 million in bribes to Indian government officials to secure "lucrative" solar power contracts. Adani Group hasdeniedthe allegations, calling them "baseless." The issue of US pressure on Adani was expected to feature in talks between Modi and Trump when the Indian leader visited Washington in February this year. Modi, however, denied that these discussions took place. (
India Today
3 days ago
- Business
- India Today
Adani Ports, Adani Enterprises: Why are Adani Group shares in focus today?
Adani Group said it has no links to the vessels mentioned in the report. Adani denies report linking it to Iranian LPG shipments Shares of Adani Ports and Adani Enterprises fall Other group company stocks also decline marginally Shares of Adani Enterprises Ltd (AEL), Adani Ports and Special Economic Zone (APSEZ), and other companies within the Adani Group came under pressure on Tuesday after a Wall Street Journal (WSJ) article alleged links between Adani entities and Iranian liquefied petroleum gas (LPG) shipments. The Adani Group has firmly rejected the report, calling it "baseless and mischievous", and stated it has "no knowledge of any investigation by US authorities." As of 9:41 am, both Adani Ports and Adani Enterprises were the top losers on the NSE Nifty50, down 1.5% each. Other companies in the Adani portfolio also saw marginal declines in early trade. In a detailed statement, the conglomerate refuted the claims made by the WSJ. 'Adani categorically denies any deliberate involvement in sanctions evasion or trade of Iranian-origin LPG,' the group said, adding that any suggestion of the group knowingly breaching US sanctions is 'false, defamatory, and intended to damage the Adani Group's reputation.' Adani Group further clarified that none of its ports handle Iranian cargo, be it from Iran, under the Iranian flag, or managed by Iranian entities. The company also emphasised that its LPG-related operations are minor within its business portfolio. For FY2025, the LPG segment contributed $171.2 million, or just 1.46%, of AEL's total consolidated revenue of $11.73 billion. 'All LPG transactions by Adani entities comply fully with domestic and international laws, including U.S. sanctions,' the group said, highlighting that its LPG is sourced only from reputable suppliers after rigorous due diligence and KYC procedures. These checks ensure none of the suppliers are listed by the US Office of Foreign Assets Control (OFAC). AEL also noted that it does not manage LPG shipments directly. 'The logistics of LPG trade are managed by well-established third-party international suppliers and logistics firms, which manage shipping in accordance with global compliance standards. The supplies are under valid contracts with the supplier having specific clauses that the product should be from non-sanctioned countries,' said Adani Group. To ensure compliance, the group said it monitors all vessel activity via S&P Global's Market Intelligence Network (MINT), which flags any violations. Addressing the specific shipment cited in the WSJ report, Adani clarified that it was 'a regular commercial transaction facilitated by third-party logistics, with Sohar, Oman, listed as the port of origin.' Adani Group said it has no links to the vessels mentioned in the report. 'We do not own, operate, or track the vessels cited in the report, such as SMS Bros or Neel, and cannot comment on their operations," said the company. 'We have met all obligations expected of a bona fide importer,' the statement concluded. Shares of Adani Enterprises Ltd (AEL), Adani Ports and Special Economic Zone (APSEZ), and other companies within the Adani Group came under pressure on Tuesday after a Wall Street Journal (WSJ) article alleged links between Adani entities and Iranian liquefied petroleum gas (LPG) shipments. The Adani Group has firmly rejected the report, calling it "baseless and mischievous", and stated it has "no knowledge of any investigation by US authorities." As of 9:41 am, both Adani Ports and Adani Enterprises were the top losers on the NSE Nifty50, down 1.5% each. Other companies in the Adani portfolio also saw marginal declines in early trade. In a detailed statement, the conglomerate refuted the claims made by the WSJ. 'Adani categorically denies any deliberate involvement in sanctions evasion or trade of Iranian-origin LPG,' the group said, adding that any suggestion of the group knowingly breaching US sanctions is 'false, defamatory, and intended to damage the Adani Group's reputation.' Adani Group further clarified that none of its ports handle Iranian cargo, be it from Iran, under the Iranian flag, or managed by Iranian entities. The company also emphasised that its LPG-related operations are minor within its business portfolio. For FY2025, the LPG segment contributed $171.2 million, or just 1.46%, of AEL's total consolidated revenue of $11.73 billion. 'All LPG transactions by Adani entities comply fully with domestic and international laws, including U.S. sanctions,' the group said, highlighting that its LPG is sourced only from reputable suppliers after rigorous due diligence and KYC procedures. These checks ensure none of the suppliers are listed by the US Office of Foreign Assets Control (OFAC). AEL also noted that it does not manage LPG shipments directly. 'The logistics of LPG trade are managed by well-established third-party international suppliers and logistics firms, which manage shipping in accordance with global compliance standards. The supplies are under valid contracts with the supplier having specific clauses that the product should be from non-sanctioned countries,' said Adani Group. To ensure compliance, the group said it monitors all vessel activity via S&P Global's Market Intelligence Network (MINT), which flags any violations. Addressing the specific shipment cited in the WSJ report, Adani clarified that it was 'a regular commercial transaction facilitated by third-party logistics, with Sohar, Oman, listed as the port of origin.' Adani Group said it has no links to the vessels mentioned in the report. 'We do not own, operate, or track the vessels cited in the report, such as SMS Bros or Neel, and cannot comment on their operations," said the company. 'We have met all obligations expected of a bona fide importer,' the statement concluded. Join our WhatsApp Channel
Mint
3 days ago
- Business
- Mint
Adani Group stocks fall on reports of Iranian LPG import from Mundra port; Adani Enterprises denies allegations
Adani Group stocks, including Adani Enterprises, Adani Ports & SEZ and Adani Power, declined between 1% and 2.5% on Tuesday, a day after the Wall Street Journal reported that US prosecutors were probing whether Adani entities had imported Iranian LPG into India through their Mundra port. Adani Enterprises share price dropped as much as 2.63%, while Adani Ports share price fell 2.72%. Adani Total Gas, Adani Green Energy, Adani Energy Solutions and Adani Power shares were down between 1% and 2%. However, Adani group has strongly refuted the Wall Street Journal report terming it as 'baseless and mischievous' and said that it was 'not aware of any investigation by US authorities on this subject.' The WSJ said it had found tankers travelling between the Gulf and billionaire Gautam Adani's Mundra port in western India exhibiting traits that experts say are common for ships evading sanctions. 'Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG. Further, we are not aware of any investigation by US authorities on this subject,' Adani Enterprises said in a regulatory filing on June 2. 'The WSJ's story appears to be based entirely on incorrect assumptions and speculation. Any suggestion that Adani Group entities are knowingly in contravention of US sanctions on Iran is strongly denied. Any assertion to the contrary would not only be slanderous but also deemed to be an intentional act to injure the reputation and interests of the Adani Group,' it added. By policy, the Adani Group said, it does not handle any cargo from Iran at any of its ports. 'This includes any shipments originating from Iran or any vessels operating under the Iranian flag. Additionally, the Adani Group does not manage or facilitate any ships whose owners are Iranian. This policy is strictly adhered to across all our ports,' the company statement said. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
