In the span of a few hours on Monday, Gautam Adani, Asia¡¯s richest person, neared a resounding victory halfway around the world that had been months in the making.
In Brooklyn, New York, the U.S. Justice Department sought to drop criminal charges against the Indian billionaire, just after an announcement that the U.S. Treasury Department was resolving a sanctions-related probe involving the Adani Group¡¯s flagship company. Last week, the U.S. Securities and Exchange Commission (SEC) moved to settle a fraud case against him.
The moves by American authorities to end legal actions against Adani and his companies are a major boon for the conglomerate and signal a potential dramatic U.S. comeback for the tycoon. They¡¯re also a stark reversal by U.S. officials on two high-profile cases brought at the end of the Biden administration.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.