Gautam Adani’s conglomerate has said it will no longer tap $500mn in US development financing for a Sri Lankan port project after the group’s billionaire chair was accused of orchestrating a multimillion-dollar bribery scheme.
Backing from the US International Development Finance Corporation for the project was announced in November 2023, months after Adani Group had been accused of “brazen” corporate fraud and stock price manipulation by short seller Hindenburg Research.
At the time, the conglomerate described the funding for the Colombo West International Terminal, the DFC’s largest infrastructure investment in Asia, as “a ringing endorsement” of the company. Karan Adani, the billionaire’s son who heads the ports business, said the loan was “a reaffirmation by the international community of our vision, our capabilities and our governance”.