Adani Enterprises Agrees to $275 Million Settlement with US Treasury

MT Newswires Live05-19 11:29

Indian conglomerate Adani Enterprises (NSE:ADANIENT, BOM:512599) has entered into a $275 million settlement with the U.S. Department of the Treasury's Office of Foreign Assets Control over a matter relating to alleged sanction violations, according to a Monday filing to the Indian stock exchanges.

The matter concerned 32 apparent violations involving the import of Iranian liquefied petroleum gas (LPG) through the Mundra Port in Gujarat.

The company bought LPG originating from Iran from a Dubai trader, despite sanctions placed by the U.S. on the purchase of natural gas from Iran. The trader had claimed the supplies came from Oman and Iraq.

Adani has not admitted to any wrongdoing on its part in the disclosure.

"OFAC determined that red flags should have put AEL on notice that the LPG actually originated from Iran, and that the Company did not voluntarily self-disclose the apparent violations of Iran-related sanctions and that the apparent violations constitute an egregious case," Adani Enterprises said in a statement.

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