New Delhi: A US agency is re-examining its decision to lend over $550 million to a Sri Lankan port project backed by the Adani Group. This comes after the US Department of Justice alleged that Adani group’s founder, Gautam Adani, and seven others bribed Indian officials with $265 billion to secure lucrative contracts, including a massive solar power plant project expected to yield $2 billion in profits over 20 years.
The US International Development Finance Corp had agreed to provide $553 million in financing for the port terminal project in Colombo, Sri Lanka, last November. The project is partly owned by the Adani Group, Reuters reported.
Also read: Loss of Reputation Is the Real Damage, for Adani and for India
An official from the agency stated that they are “actively assessing the ramifications” of the allegations and are committed to ensuring their projects and partners maintain high standards of integrity and compliance. Notably, no funds have been disbursed under the loan commitment yet.
The Adani Group has denied the allegations, calling them “baseless” and vowing to pursue all possible legal recourse.
Last weeks news surfaced that the US attorney’s office has in its statement said that Adani is accused of personally being involved in the “massive bribery scheme”, that he met with an Indian government official to advance the scheme, which took place between 2020 to 2024. “The defendants frequently met and discussed the bribery scheme, including evidence on several phones,” it said.
