Ahmedabad, June 2 The Adani Group on Monday vehemently denied a Wall Street Journal report of alleged links between company entities and Iranian LPG, calling it "baseless and mischievous".
In a stock exchange filing, Adani Enterprises said: "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 WSJ’s story appears to be based entirely on incorrect assumptions and speculation. Any suggestion that Adani Group entities are knowingly in contravention of US sanctions on Iran is strongly denied," the company said, adding that such an assertion "would not only be slanderous but also deemed to be an intentional act to injure the reputation and interests of the Adani Group".
“Additionally, the Adani Group does not manage or facilitate any ships whose owners are Iranian. This policy is strictly adhered to across all our ports," the statement further said.
The shipment referred to in the WSJ’s story was handled through a "routine commercial transaction via third-party logistics partners" and was supported by documentation identifying Sohar, Oman, as the port of origin, the group said.
Adani Enterprises highlighted that the LPG segment amounted to barely 1.46 per cent of its total consolidated revenue, and the trade conducted by Adani entities is fully compliant with applicable domestic and international laws, including US sanctions regulations.
"As an importer of LPG, the appropriate due diligence and KYC of the suppliers is undertaken to ensure that the entities/persons are not on the OFAC sanctions list. The logistics of LPG trade are managed by well-established third-party international suppliers and logistics firms, which manage shipping in accordance with global compliance standards," said the company in its stock exchange filing.
"The supplies are under valid contracts with the supplier having specific clauses that the product should be from non-sanctioned countries," it added.
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