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Corporate fraud allegations against Adani not relevant to port deal: US

Corporate fraud allegations against Adani not relevant to port deal: US

New York: A senior US official said that The US government had found Hindenburg Research's allegations against Adani Group not ‘relevant’ before inking a deal with the Indian conglomerate for a container terminal in Sri Lanka, Bloomberg News reported.

The US government extended to Adani Group as much as $553 million for the project.

The US-based Hindenburg Research earlier raised damning allegations of corporate fraud against Adani Group denting its market value by around $100 billion.

The report by the outlet citing the US official said Hindenburg Research’s allegations were ‘front and center’ while the International Development Finance Corp., or DFC diligently probed the group.

The DFC reportedly found the short-sellers charges as not applicable to Adani Ports & Special Economic Zone Ltd, which is involved in the Sri Lankan project.

The official made it clear that the US agency will continue monitor the group to avoid the US government ‘unintentionally’ supporting any ‘financial misconduct’ or other ‘inappropriate behavior’.

The US government and Adani Group set to work in Sri Lanaka on one of the biggest and most important port projects in Asia.

The deal is part of US efforts to counter the growing influence of China in the region, especially from its Belt and Road Initiative to build infrastructure around the globe.

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