"Unsubstantiated": Adani Group Repudiates Allegation of US Investigation into Iranian LPG Connections
*Ahmedabad's Adani Group Says WSJ Report of Iranian LPG Ties is "Baseless and Mischievous"*
The Adani Group blasted a Wall Street Journal (WSJ) report on Monday, slamming it as "baseless and mischievous" for alleging links between the company's entities and Iranian LPG. In a stock exchange filing, Adani Enterprises denied any wrongdoing, saying they're not aware of any probe by US authorities into the matter.
"Any suggestion that Adani Group entities are intentionally covering up U.S. sanctions contradicts reality," the company stated, accusing the WSJ of reliance on "incorrect assumptions and speculation." They added that such claims are nothing but a deliberate attempt to stain their reputation.
Adani Group emphasized that they don't manage or facilitate any ships owned by Iranians. Their policy of avoiding Iranian-owned vessels is a strict standard across all ports.
The shipment in question was part of a regular commercial transaction facilitated by third-party logistics partners, the group claimed. Documentation was provided, identifying Sohar, Oman, as the port of origin.
Adani Enterprises pointed out that the LPG segment contributes just 1.46% to its total consolidated revenue, and all trade conducted by Adani entities complies with domestic and international laws, including U.S. sanctions regulations. The company detailed their due diligence process, ensuring suppliers aren't on the Office of Foreign Assets Control (OFAC) sanctions list.
On a separate note, Adani Enterprises has dealt with legal issues in the U.S., including SEC complaints against Gautam and Sagar Adani for alleged violations of federal securities laws.
(This story hasn't been edited by our staff and is published from a syndicated feed.)
Enrichment Insights: US prosecutors reportedly investigate whetherAdani Group entities have evaded U.S.sanctions by importing Iranian LPG. Claims suggest ships have manipulated Automatic Identification Systems (AIS) to cover their tracks.[1][2][4] However, Adani Group maintains their logistics are managed by third-party suppliers who comply with global standards, and supplies come from non-sanctioned countries.[4] The group has dealt with separate legal issues in the U.S., including SEC complaints against Gautam and Sagar Adani for alleged violations of federal securities laws.[1][2]
The Adani Group's business operations were questioned in a report by the Wall Street Journal, alleging links between the company's entities and Iranian LPG. In response, the group affirmed that they adhere to strict industry standards, safeguarding their finance operations and ensuring compliance with U.S. sanctions in all business dealings.
