Latest news with #SagarAdani
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.'
Free Malaysia Today
4 days ago
- Business
- Free Malaysia Today
Indian billionaire Adani under new scrutiny from US prosecutors
Gautam Adani has categorically denied any deliberate engagement in sanctions evasion. (EPA Images pic) NEW YORK : US 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 today. A WSJ investigation found tankers travelling 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 US 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 US authorities on this subject.' Adani, the US department of justice and the US attorney's office in Brooklyn did not immediately respond to Reuters request for comment. US 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 US authorities indicted Adani and his nephew, Sagar Adani, alleging they paid bribes to secure power supply contracts, and misled US investors during fund-raising in the US. Adani Group has called the accusations 'baseless' and vowed to seek 'all possible legal recourse'.
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Business Standard
4 days ago
- Business
- Business Standard
Adani Group comes under US scanner for importing Iranian oil: Report
Adani Group companies are under inquiry by US prosecutors into whether they have been involved in importing Iranian petrochemical products, according to a WSJ report. The US authorities are probing whether Adani's firms brought Iranian liquefied petroleum gas (LPG) into India via the Mundra port, which his company operates. Certain tankers regularly traveling between Mundra and the Persian Gulf displayed behaviors typical of ships aiming to circumvent sanctions, the report stated. Bribery charges Previously, US prosecutors had accused executives from the Adani Group, which has business interests ranging from ports to renewable energy, of involvement in bribery. Authorities claimed that Adani, along with seven other individuals, including his nephew Sagar Adani, agreed to pay approximately $265 million in bribes to Indian officials. This was allegedly done to secure contracts anticipated to generate $2 billion in profits over two decades and to facilitate the construction of India's largest solar power project. The bribery controversy also sparked concerns over Adani Group's market and public disclosure practices. Prosecutors accused the company of issuing misleading statements earlier this year regarding its awareness of the US investigation. Fundraising plans Recently, Adani Energy Solutions Ltd., has given the green light to raise ₹4,300 crore ($502 million) through a stake sale. According to an exchange filing on Saturday, the company's board approved the plan to secure the funds via Qualified Institutional Placement (QIP) in one or more tranches. The Adani Group is gradually regaining investor trust after the founder's US indictment dampened sentiment. In April, the group raised approximately $750 million for an acquisition, with BlackRock Inc. subscribing to nearly a third of the bond offering. Just last week, its ports arm secured $150 million in a bilateral loan from DBS Group Holdings Ltd.
Time of India
05-05-2025
- Business
- Time of India
Adani stocks jump on reports of plea to drop US charges
NEW DELHI: All listed Adani group stocks ended sharply higher on Monday, amid reports that 's representatives met with US administration officials to seek the dismissal of criminal charges in a . The stock of Adani Total Gas zoomed 11%, jumped 7%, rallied 6.6%, surged 6.3% and Adani Power climbed 5.9% on BSE. Tired of too many ads? go ad free now In Nov last year, US authorities charged Adani, his nephew and ED Sagar Adani and MD Vneet S Jaain for being involved in an alleged scheme to pay bribes to Indian government officials to win solar energy contracts, and concealed the plan as they sought to raise money from US investors.
Time of India
05-05-2025
- Business
- Time of India
Adani Group stocks surge up to 14% on reports of Gautam Adani's representatives meeting Trump officials
Adani Group stocks rally (AI image) Adani Group stocks today: Adani Group stocks on Monday saw significant gains of up to 14% after reports emerged of meetings between Gautam Adani representatives and US President Donald Trump 's administration officials. The discussions centred on seeking dismissal of criminal charges in a bribery investigation, as reported by Bloomberg News. The market response saw Adani Enterprises shares increase by 8.5%, whilst Adani Total Gas recorded a 14% surge. Other group companies, including Adani Ports, Adani Power, Adani Energy Solutions, and Adani Green Energy , witnessed gains ranging from 7% to 10%. Additionally, Ambuja Cements and ACC showed improvements of up to 3%. Bloomberg reported that these discussions, which were initiated earlier this year, have intensified recently. A resolution could potentially be reached in the upcoming month if current progress continues. The Adani team's position suggests that the prosecution does not align with the current administration's priorities. In November, US authorities filed charges against Gautam Adani and his nephew, Sagar Adani, regarding alleged bribery in Indian power supply contracts and misleading US investors during fundraising activities. The SEC summoned both individuals, citing allegations of paying substantial bribes to Indian officials whilst misrepresenting antibribery compliance during Adani Green Energy's $750 million bond offering. Reuters reported that the US Securities and Exchange Commission had sought assistance from India's Ministry of Law and Justice in investigating Gautam Adani and Sagar Adani regarding alleged securities fraud and a $265 million bribery scheme. Federal prosecutors in Brooklyn previously revealed an indictment accusing Adani of official bribery to secure electricity purchases from Adani Green Energy, whilst providing misleading information to US investors about the company's anti-corruption practices. The Adani Group maintains that these allegations are "baseless" and has stated its intention to pursue "all possible legal recourse." The alleged bribes were intended to obtain profitable solar power agreements, expected to generate $2 billion in profits across two decades. The legal notice stated: "Within 21 days after service of this summons on you (not counting the day you received it)... you must serve on the plaintiff (SEC) an answer to the attached complaint or a motion under Rule 12 of the Federal Rules of Civil Procedure." The notice additionally specified that non-response would result in a default judgement, as reported by PTI. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
