Adani Enterprises reaches $275 million settlement with treasury

(Bloomberg) -- Adani Enterprises agreed to pay $275 million over a probe by the Office of Foreign Assets Control, according to the Treasury Department.

The Treasury Department said on Monday the action related to purchases that the company made of shipments of liquefied petroleum gas from a Dubai-based trader. “Red flags should have put AEL on notice that the LPG actually originated from Iran,” Treasury said in a statement.

Adani Enterprises said earlier this year that it received a request for information from the US Office of Foreign Assets Control related to transactions that may have involved Iran. That came after the Wall Street Journal reported that Adani companies were being probed by US prosecutors about imports of Iranian liquefied petroleum gas through a port in Mundra.

--With assistance from Tom Schoenberg.

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