The US Treasury Department on Monday announced it has reached a $275 million settlement with India’s Adani Enterprises over apparent violations of sanctions against Iran.
The announcement was the latest case that the Trump administration has resolved with Indian billionaire Gautam Adani, who founded Adani Enterprises.
The US Securities and Exchange Commission last week said Mr Adani and his nephew had agreed to pay $18 million as part of a settlement following allegations they made false statements in connection with Indian solar contracts.
The Treasury Department’s Office of Foreign Assets Control (Ofac) said in a statement that Adani Enterprises had purchased shipments of liquefied petroleum gas from a Dubai trader purporting to have been from Oman and Iraq that actually originated from Iran.
The Treasury alleged the company had “acted recklessly” and ignored warnings that it may have been importing liquefied petroleum gas from Iran. The “apparent violations were egregious and not voluntarily self-disclosed”, Ofac said in a statement.
As part of the settlement, Adani Enterprises said it would “implement any additional necessary measures to reduce the risk of recurrence of apparent violations in the future”. Adani Enterprises did not admit fault as part of the settlement.