The Sri Lankan port deal involving Adani marks one of the biggest and most prominent US government-backed infrastructure projects in Asia. Read more: Adani Plots Expansion of Overseas Port Empire After US Funding The US agency will also continue to monitor the Indian firm to ensure the US government doesn’t unintentionally support financial misconduct or other inappropriate behavior, the official said, noting that it’s critical that the US approaches infrastructure projects differently than China. The DFC was satisfied that the accusations in the short-seller’s report, which said Adani was pulling off “the largest con in corporate history,” weren’t applicable to Adani Ports & Special Economic Zone Ltd., the subsidiary spearheading the Sri Lankan project, the DFC official said, declining to be named to detail the negotiations. (Bloomberg) - The US government concluded that short-seller Hindenburg Research’s allegations of corporate fraud against Indian billionaire Gautam Adani weren’t applicable to his conglomerate’s ports subsidiary before extending his firm as much as $553 million for a container terminal in Sri Lanka, a senior US official said.Īllegations in a scathing report by US-based Hindenburg Research, which erased around $100 billion from the Adani Group’s market value earlier this year, were front and center as the International Development Finance Corp., or DFC, conducted a due diligence investigation of the conglomerate, the official, from the US agency, told Bloomberg.
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