"Adani Group counteracts claims": Adani Group refutes allegations of an ongoing US investigation concerning potential Iranian LPG connections
🤘 Straight-Up Denial 🤘
On a Monday, the Adani Group vociferously dismissed a Wall Street Journal story implying ties between their companies and Iranian LPG, declaring it as "unfounded and deceitful." The group, in a stock exchange filing, stated: "Adani categorically denies any intention to side-step US sanctions or trade in Iranian-origin LPG. We are not privy to any probe by US authorities into this matter."
"The WSJ's claims appear to be based solely on guesswork and conjecture. Any insinuation that Adani Group entities intentionally flout US sanctions on Iran is strongly contested," the company said, adding that this kind of assertion "would not only be defamatory but also an intentional move to harm Adani Group's reputation and business interests." "Moreover, Adani Group does not manage or dispatch any ships whose owners are Iranian. This policy is religiously upheld across all our ports," the statement further added.
The shipment at the center of the WSJ's story transpired through a "routine commercial transaction via third-party logistics partners" and was supported by documentation identifying Sohar, Oman, as the port of origin, the group mentioned. Adani Enterprises underscored that the LPG segment accounted for a mere 1.46% of its total consolidated revenue, and the trade executed by Adani entities is in sync with applicable domestic and international laws, including US sanctions regulations.
ON THE RADAR NOW
"As an importer of LPG, we undertake the necessary due diligence and KYC of the suppliers to ensure they aren't on the OFAC sanctions list. The logistics of LPG trade are managed by established third-party international suppliers and logistics firms, which oversee shipping in accordance with global compliance standards," said the company in its stock exchange filing. "The transactions are under valid contracts with the supplier, specifying that the product must originate from non-sanctioned countries," it added.
(Except for the headline, this story has not been edited by DNA staff and is published from IANS)
Fast Facts- Adani Group accused of Iranian-origin LPG imports- US authorities investigating possible links with Adani Group entities- Adani Group denies any sanctions evasion or trade with Iranian LPG- US sanctions on Iran strict and have worldwide impact- Adani Group has a strict policy against handling cargo from Iran- Tankers transporting LPG between Persian Gulf & Mundra Port under investigation
👋 Bye-Bye Censorship! 👋
[1] Business Standard - "Adani Group Under Probe by US Prosecutors for Iran Ties"[2] CNN - "Adani Group Dismisses Allegations of Iran Ties in LPG Imports"[3] Reuters - "Investigators Probe Adani Group's Potential Trade with Iran"[4] Economic Times - "Adani Group Vigorously Denies US Sanctions Evasion Allegations"[5] NDTV - "US Authorities Investigating Adani Group for Iran Links in LPG Imports"
- The Adani Group, known for its expansive business operations in India, has denied any intention of evading US sanctions or trading in Iranian LPG, stating that they undertake necessary due diligence to ensure their suppliers aren't on the OFAC sanctions list.
- Amidst allegations of Iranian-origin LPG imports, the Adani Group has asserted that their LPG trade complies with all domestic and international laws, including US sanctions regulations, and is managed by established third-party international suppliers and logistics firms.
- As the investigations into potential links between Adani Group entities and Iran continue, the group is actively involved in a variety of other sectors, including finance and investing, where they have significantly contributed to India's economic history and the growth of Bollywood, reflecting their broad business interests.
