Adani Group featured in TIME’s prestigious World’s Best Companies of 2024 list, prepared in collaboration with Statista, a leading global industry ranking and statistics portal.
This is despite ongoing controversies surrounding the freezing of $310 million (Ksh 40.036 billion) across multiple bank accounts allegedly linked to the Indian conglomerate by Swiss authorities.
The group in a statement shared on Friday said they were honoured to be part of the global list, reaffirming their commitment to innovation, sustainability, and people.
“We are absolutely delighted to share that Adani Group is featured on TIME’s World’s Best Companies 2024! This recognition celebrates our commitment to employee satisfaction, strong revenue growth, and leadership in ESG,” read the statement in part.
Adani Companies Among Those Evaluated
Surveys conducted in over 50 countries with around 170,000 participants assessed companies based on direct and indirect recommendations, work conditions, salary, equality, and overall company image.
Companies with revenues exceeding US$100 million (Ksh 12,850,000,000) in 2023 and demonstrated growth from 2021 to 2023 were evaluated.
Also, Companies were assessed based on standardized ESG KPIs from Statista’s ESG Database and targeted research.
Eight out of eleven listed Adani portfolio companies were considered in this evaluation which include Adani Enterprises, Adani Ports and Special Economic Zone, and Adani Green Energy.
Others were Adani Energy Solutions, Adani Total Gas, Ambuja Cements, Adani Power and Adani Wilmar Ltd.
Swiss freeze Ksh 40bn linked to Adani
This comes after a US short-seller Hindenburg Research, a longtime critic of the Indian conglomerate on Thursday, September 12, cited court records reported on by Swiss media outlet Gotham City in making the claim.
“Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021,” Hindenburg said.
Additionally, the firm said that prosecutors in the case had established that “Adani frontman” channeled funds through the British Virgin Islands, Mauritius and Bermuda – nations known as popular intermediaries for opaque financial transactions — to invest in Adani stocks.
Also Read: CS Chirchir Explains why AG Oduor’s Office Should be Fully Involved in JKIA-Adani Deal
At the same time, Swiss prosecutors suspect the alleged frontman is “not the actual beneficial owner” of the company holding the sequestered Ksh 40 billion.
Prosecutors instead suspect that substantial sums were entrusted to him by the Adani group, which were then invested in Adani’s listed companies in violation of stock market rules to artificially inflate their value, according to the ruling.
That group, in turn, is suspected by prosecutors to have engaged in illicit activities, including embezzlement and the use of shell companies to breach Indian securities laws.
Indian Firm Denies money laundering claims
However, Adani denied the claims stating that it had not received any requests for information or clarification from the Swiss authorities and that its “overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws”.
It added that it has no involvement in any Swiss court proceedings, nor have any of their company accounts been subject to sequestration by any authority.
“We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws. These allegations are clearly preposterous, irrational, and absurd,” the group said in a statement.
“We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group’s reputation and market value.”
Also Read: Nelson Amenya: Meet Kenyan Whistleblower Behind JKIA-Adani Deal
JKIA -Adani Deal
The Indian conglomerate is bidding to take over operations of Jomo Kenyatta International Airport (JKIA), as fraud claims against the company resurface.
Adani intends to upgrade the airport, including the construction of a second runway and a new passenger terminal under a 30-year-build-operate-transfer (BOT) contract.
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