Adani says empire emerges stronger from US corruption case

Adani  says empire emerges stronger from US  corruption case.
The headquarters of the Adani Group in Ahmedabad, India, Friday, Nov. 22, 2024. Most  of Adani  Group's shares have recovered, including in the green energy  sector, after  corruption charges  brought by U.S. prosecutors against founder Gautam Adani  wiped $27 billion  off the market value  of the conglomerate's shares on Thursday.  
(Bloomberg)  — Indian billionaire Gautam Adani struck a belligerent tone in his first public statements since U.S. prosecutors indicted him in an alleged $250 million bribery scheme, saying "every attack" makes his conglomerate stronger.
In his first appearance since the indictment became public on November 22, Indian billionaire Gautam Adani struck a combative tone in his first public  statements since US prosecutors indicted him  in an alleged $250 million bribery scheme, saying  that "every attack" makes his conglomerate  stronger. 21,  Asia's second-richest man said  he was working  on the legal process  "to reaffirm our absolute commitment to  global regulatory  compliance."

"This is not the first time we have faced such  challenges," Adani said in prepared remarks  at a jewelry  awards ceremony in Jaipur, India, on Saturday. "What I can tell you is that every attack makes us stronger and every  setback becomes a  step towards a more resilient Adani  group."
The indictment  sent Adani's shares plummeting, prompted Adani Green to  drop a $600 million bond and  set off an investigation by India's  securities regulator.  U.S. prosecutors  say Adani and  its associates lied to  American investors about their  anti-corruption practices while promising more than $250 million in bribes to Indian officials to win  solar power contracts.
Adani executives are charged with three  counts of fraud. The other defendants are  accused of violating the Foreign Corrupt Practices Act, which  prohibits U.S.-linked entities from bribing foreign  officials. On Saturday, Adani accused "too many invested journalists" of spreading "negativity" about the nature of the US  allegations. Adani Group has denied allegations of misconduct by its executives and said it would defend itself in court. 
It also cited a "short-selling attack initiated from abroad"  – a reference to a January 2023  Hindenburg Inquiry report – that alleged  widespread corporate fraud,  which was driving the actions of its  companies. Adani Group  has denied any  wrongdoing.
The challenges "have made us tougher," Adani said in prepared remarks.  The Indian government has distanced itself from the controversy and said the two countries  have not  discussed the  issue. "We  consider this  to be a legal matter involving private  companies and  individuals, as well as the US Department of Justice,"  Indian Foreign Ministry spokesman Randhir Jaiswal said  on Friday.
"We  were not informed in advance  about this matter. We have not had any  discussions on this particular  issue with the US government," Jaiswal said, adding that any  request from a foreign government  to serve a subpoena or warrant  is part of mutual legal assistance that  is reviewed on  a case-by-case basis. . on its merits "We have not received any request on this  issue from the  US."
FCPA investigations can typically take  years. Adani Green  announced on Wednesday  that it  is facing yet-to-be-determined financial penalties  in a civil  case. The group  also said it  has suffered an erosion of nearly $55 billion in  the market value  of the shares of its 11 listed companies  following the US indictment.