Adani Enterprises' $275 Million Sanction Settlement
The U.S. Treasury settled a $275 million fine with Adani Enterprises for violating Iran sanctions. The purchase of Iranian LPG was masked as Omani and Iraqi supply. Concurrently, a civil lawsuit involving bribery allegations against Gautam Adani awaits court approval, while related criminal charges may be dropped.
The U.S. Department of Treasury has reached a $275 million settlement with India's Adani Enterprises Ltd in relation to potential civil liability for 32 apparent violations of U.S. sanctions on Iran.
Adani Enterprises was involved in buying liquefied petroleum gas from a Dubai-based trader, ostensibly supplying Omani and Iraqi gas, which actually originated in Iran, according to Treasury's Office of Foreign Assets Control.
In parallel, the U.S. Securities and Exchange Commission has resolved a civil lawsuit alleging a bribery scheme involving Indian billionaire Gautam Adani. The Justice Department is considering dropping related criminal fraud charges against Adani, who has pledged a $10 billion investment in the U.S.
(With inputs from agencies.)
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