The Adani Group called a Wall Street Journal article on purported connections between business entities and Iranian LPG “baseless and mischievous” and strongly refuted it on Monday.
Adani Enterprises stated in a stock exchange filing: “Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG, adding that it is not aware of any investigation by the US authorities into this matter.”
“The narrative in the Wall Street Journal seems to be based solely on speculative and inaccurate assumptions. The business stated that it “strongly denies any suggestion that Adani Group entities are knowingly in violation of US sanctions on Iran,” adding that such a claim “would not only be slanderous but also deemed to be an intentional act to injure the reputation and interests of the Adani Group.”
Furthermore, the Adani Group does not oversee or assist any ships owned by Iranians. In all of our ports, this guideline is rigorously followed,” the statement added.
According to the firm, the shipment mentioned in the WSJ piece was handled through a “routine commercial transaction via third-party logistics partners” and was backed up by paperwork proving that Sohar, Oman, was the port of origin.
Adani Enterprises pointed out that the LPG business only made up 1.46 percent of its overall consolidated revenue and that all applicable national and international laws, including those pertaining to US sanctions, are completely complied with by the business operations of Adani businesses.
As an LPG importer, we make sure that the suppliers are not listed on the OFAC sanctions list by conducting the proper due diligence and KYC. In its stock exchange filing, the company stated that reputable third-party international suppliers and logistics companies handle the logistics of the LPG trade and handle shipment in conformance with international compliance standards.
“The supplies are under valid contracts with the supplier having specific clauses that the product should be from non-sanctioned countries,” it stated.
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