Latest news with #MundraPort
Russia Today
3 days ago
- Business
- Russia Today
US launches new probe into India's Adani over Iran trade
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. 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.
Reuters
3 days ago
- Business
- Reuters
India's Adani Group stocks slip on report US probing alleged Iran sanctions evasion
June 3 (Reuters) - Shares of India's Adani Group firms fell between 1% and 2.5% on Tuesday, a day after the Wall Street Journal reported that U.S. prosecutors were probing whether Adani entities had imported Iranian LPG into India through their Mundra port. An Adani spokesperson called the report "baseless and mischievous" in a statement, adding: "We are not aware of any investigation by U.S. authorities on this subject." Shares in the group's flagship firm Adani Enterprises ( opens new tab opened 2.2% lower, while Adani Ports ( opens new tab fell 2.5%. Adani Total Gas ( opens new tab, Adani Power ( opens new tab, Adani Green ( opens new tab and Adani Energy Solutions ( opens new tab were down between 1% and 2%. India's benchmark Nifty 50 index (.NSEI), opens new tab was down 0.4%, with Adani Enterprises and Adani Ports the top percentage losers. 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. Reuters could not independently verify the report and the U.S. Department of Justice and the U.S. Attorney's Office in Brooklyn did not respond to requests for comment. Adani Ports has been the top gainer among Adani Group stocks so far this year, up 16%, while Adani Total has been the top loser, down 11%.
Bloomberg
3 days ago
- Business
- Bloomberg
Adani Faces DOJ Probe Over Iranian LPG Shipments, WSJ Says
Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. US prosecutors are probing billionaire Gautam Adani's conglomerate for importing liquefied petroleum gas from Iran through the Mundra port in India, violating sanctions, according to a report by the Wall Street Journal.
Globe and Mail
4 days ago
- Business
- Globe and Mail
Indian billionaire Adani's companies reportedly under scrutiny from U.S. prosecutors
U.S. prosecutors are investigating whether Indian billionaire Gautam Adani's companies imported Iranian liquefied petroleum gas into India through their Mundra port, the Wall Street Journal reported on Monday. A WSJ investigation found tankers traveling between Mundra in the western Indian state of Gujarat and the Persian Gulf exhibited traits experts say are common for ships evading sanctions, the report said. The U.S. Justice Department is reviewing activities of several LPG tankers used to ship cargoes to Adani Enterprises, the WSJ said, citing people familiar with the matter. Reuters could not immediately confirm the report. 'Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG,' a company spokesman told the WSJ in a statement. 'Further, we are not aware of any investigation by U.S. authorities on this subject.' Adani, the U.S. Department of Justice and the U.S. Attorney's Office in Brooklyn did not immediately respond to Reuters' request for comment. U.S. President Donald Trump said in May that all purchases of Iranian oil or petrochemical products must stop and any country or person buying any from the country would be immediately subject to secondary sanctions. Any inquiry into Adani would come months after U.S. authorities indicted Adani and his nephew, Sagar Adani, alleging they paid bribes to secure power supply contracts, and misled U.S. investors during fundraising in the United States. Adani Group has called the accusations 'baseless' and vowed to seek 'all possible legal recourse.'
Zawya
4 days ago
- Business
- Zawya
India's Adani denies sanctions evasion or Iran LPG trade after WSJ reports US probe
India's Adani Group on Monday denied "any deliberate engagement" in sanctions evasion or trade involving Iranian-origin liquefied petroleum gas, after the Wall Street Journal reported that U.S. prosecutors were probing whether Adani entities had imported Iranian LPG into India through their Mundra port. An Adani spokesperson called the report "baseless and mischievous" in a statement, adding: "We are not aware of any investigation by U.S. 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. It said the U.S. Justice Department was reviewing the activities of several LPG tankers used to ship cargoes to Adani Enterprises, the group's flagship entity, citing people familiar with the matter. Reuters could not immediately confirm the report and the U.S. Department of Justice and the U.S. Attorney's Office in Brooklyn did not immediately respond to requests for comment. Adani said it did not handle any cargo from Iran at its ports, as a matter of policy. It said all its LPG trade, which accounts for 1.46% of Adani Enterprises' total revenue, was fully compliant with domestic and international laws, including U.S. sanctions regulations. A shipment referred to by the WSJ was handled as a "routine commercial transaction" via third-party logistics partners and supported by documentation identifying Sohar, Oman, as the port of origin, Adani said. U.S. President Donald Trump said in May that any party buying Iranian oil or petrochemical products would immediately be subject to secondary sanctions. Last November, U.S. authorities indicted Adani and his nephew, Sagar Adani, on suspicion of paying bribes to secure power supply contracts and misleading U.S. investors during fund-raising in the United States. Adani Group has denied the accusations and vowed to fight them. (Reporting by Nilutpal Timsina, Chris Thomas in Bengaluru; editing by Mrigank Dhaniwala, Mark Heinrich and Kevin Liffey)
