US examined allegations before giving loan to Adani group

The US government extended a $553 million loan to Gautam Adani’s conglomerate for a container terminal in Sri Lanka despite allegations of corporate fraud by Hindenburg Research. The International Development Finance Corp (DFC) conducted a due diligence investigation and concluded that the accusations in the short-seller’s report were not applicable to Adani Ports & Special Economic Zone Ltd, the subsidiary leading the Sri Lankan project. The DFC will continue to monitor Adani Group to prevent unintentional support of financial misconduct.