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Adani’s Global Woes Escalate: After Kenya and Bangladesh, Sri Lanka Now in the Spotlight

The global troubles for the Adani Group continue to mount, with the latest setback coming from Sri Lanka. After facing backlash in Kenya, where a multi-million-dollar airport deal was canceled, and in Bangladesh, which is reevaluating its power contracts, the conglomerate now faces scrutiny in Sri Lanka. The U.S. International Development Finance Corporation (DFC) is reassessing its $553 million loan commitment for a port terminal project in the country.

Navin Upadhyay by Navin Upadhyay
25 November 2024
in Business, Crime, Law, National, News, World
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The ongoing legal and reputational issues have placed the Adani Group under increasing pressure on the global stage, with stakeholders in various countries reconsidering their dealings with the conglomerate​

 

By PC Bureau

The U.S. International Development Finance Corporation’s (DFC) decision to reassess its $553 million loan commitment for the Adani Group-backed port terminal project in Sri Lanka is another blow to the conglomerate, which is already reeling from legal and financial troubles. This review comes in the wake of U.S. Department of Justice bribery charges against the group’s founder, Gautam Adani, and several top executives.

The ongoing bribery allegations have caused significant financial repercussions, including a sharp fall in Adani’s stock prices. On the international front, Adani Green Energy Limited was forced to delay its $600 million bond issuance, while Kenya canceled a multi-million dollar airport deal with the conglomerate. Bangladesh, too, is reconsidering its power contracts with Adani Group.

The DFC’s decision marks a pivotal moment in the broader crisis facing Gautam Adani, highlighting the mounting reputational damage and escalating financial setbacks that the conglomerate is experiencing across global market

The loan, which was initially agreed upon in November 2023, is yet to be disbursed, as the agency continues its due diligence process.

A DFC official confirmed to Bloomberg News that the agency is actively assessing the situation, including the recent allegations against the Adani Group, in light of new developments from the U.S. Department of Justice (DOJ). “We continue to conduct due diligence to ensure that all aspects of the project meet our rigorous standards before any loan disbursements are made,” the official said in an email.

The Adani Group, which owns a significant stake in the port development project in Colombo, Sri Lanka, has denied the bribery allegations. U.S. authorities have charged Adani and seven others with bribery for securing lucrative contracts and attempting to develop India’s largest solar power project. The Adani Group has dismissed the charges as “baseless” and said it will pursue legal action.

The DFC emphasized its commitment to upholding the highest standards of integrity and compliance in its projects. As of now, no funds have been disbursed under the loan commitment for the port project. The DFC’s thorough review continues to ensure that the project aligns with its values and requirements.

The Adani Group did not immediately respond to inquiries outside of regular business hours on Sunday.

The U.S. government has recently affirmed that the allegations made by Hindenburg Research against the Adani Group, accusing the conglomerate of corporate fraud and market manipulation, are not relevant to the specific Adani projects in Sri Lanka. This includes the $553 million loan from the U.S. International Development Finance Corporation (DFC) for a port project. A senior DFC official confirmed that after conducting thorough due diligence, the agency found no evidence supporting the claims made in Hindenburg’s report concerning Adani’s operations related to this particular project​

This decision comes despite the significant impact Hindenburg’s allegations had earlier in the year, which wiped out substantial market value from Adani Group’s listed companies. The allegations, described by Hindenburg as “the largest con in corporate history,” specifically target the group’s business practices but have not been found to affect the Adani Ports & Special Economic Zone Ltd., which is managing the Sri Lankan initiative​

Moreover, the U.S. government’s engagement with Adani Group in this case is also framed within broader geopolitical concerns. The DFC’s investment in Sri Lanka’s port infrastructure aligns with efforts to counter China’s influence in the region, notably China’s Belt and Road Initiative. This investment is seen as strategically important as the U.S. seeks to bolster its partnerships in Asia​

 

 

 

Tags: AdaniSri LankaUSA
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