The Adani Group is now in the news for all wrong reasons, this time, with reports coming in that the US Department of Justice is preparing to initiate a probe against alleged bribery in some of the operations of this group. Companies like Adani Enterprises Ltd. and Adani Ports and Special Economic Zone Ltd. scotched all speculation, stating that they haven’t received any query from the US authorities in this regard. Salient questions the investigation, quoting Bloomberg News, is intended to answer, include whether an Adani company made a bribe and what in that case was done under instructions from the founder of the conglomerate, Gautam Adani. Before any charges level up against him from the DOJ, so far, neither has Gautam Adani nor any of his firms been indicted. Mind you, not all criminal investigations result in prosecution, and the DOJ can continue proceeding with its independent investigations without informing the aggrieved parties.
With the U.S. Department of Justice stepping in on these companies from the Adani Group, including Azure Power Global Ltd., the situation is looking as if the financial markets are already cascading. The dollar bonds offered by the Adani Group tumbled, and a majority of its shares dropped to reflect investor concern over the probe. It’s what’s now animating Adani’s corporation, with lots of concern over business interests and future.
Although more vigilant eyes are being increasingly turned on them, the Adani Group is standing fast on its commitment to dealing in good governance and compliance around the globe with anti-corruption and anti-bribery measures. The company saw fit to inform Bloomberg News that their high threshold of ethical standard is adopted after the concerns. “We are not aware of any investigation against our chairman,” the Adani Group said, pointing out their corporate transparency.
The Adani Group takes every allegation into transparency, accountability, and truthfulness. Adherents will take into account the statement made by the group that may affect its business outlook and corporate reputation internationally. Despite the concerns built up, the Adani Group stands firm towards transparency and truth, an example of conferring corporate governance and ethical value.
Let the Adani Group remain in a position where they will have to plead and feel that they will be able to survive without any formal allegation or proof. The unsure investigation will better concentrate more attention towards taking extra care along with proactive initiatives in compliance and governance. Such accusations with continued investigations which continue to remain open-ended will have a bearing on business and reputation for the Adani Group in future.
This is a case that far reflects the shadow of how international corporations are in a tussle with tough regulations. Adani Group has rejected the charge, but the probe by the US throws questions on its financing and the way it has won its reputation. This, the event underscores, is but a reminder for stringent compliance procedures and the need to have the best ethical governance framework in the world to preserve corporate integrity.
