Adani Hindenburg Row: The Adani Group emphatically refuted assertions made by the Organised Crime and Corruption Reporting Project (OCCRP) that it traded its publicly traded stocks using “opaque” Mauritius funds. The conglomerate said that these new claims were “recycled” and were being used to revive the Hindenburg report and harm the company’s reputation. These objectives were said to be supported by a segment of the international media.
Adani Group Addresses Allegations’ Peculiar Timing
The timing of these assertions was considered strange, and the group put out a plausible motivation to manipulate stock prices in order to make money. The Adani Group stated, “We categorically reject these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report.” The conglomerate made a point of emphasising that it anticipated such moves and announced this expectation last week.
OCCRP Accuses Adani Group of ‘Opaque’ Mauritius Funds Use
The OCCRP report accused the Adani Group of using “opaque” Mauritius funds to allegedly route investments into publicly traded companies, along with the alleged covert participation of putative Adani family business partners. The company vehemently denied these allegations, claiming that they were based on cases that the Directorate of Revenue Intelligence (DRI) had carefully examined a decade prior. The group elaborated, “These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over-invoicing, transfer of funds abroad, related party transactions and investments through FPIs. An independent adjudicating authority and an appellate tribunal both confirmed that there was no over-valuation and that the transactions were in accordance with applicable law.”
Regulatory Oversight and International Media Attention
In response to the suspected investors’ involvement, the company noted that the Securities and Exchange Board of India (SEBI) was already looking into these Foreign Portfolio Investors (FPIs). The significance of respecting the ongoing regulatory process was highlighted, along with the fact that the Supreme Court of India and SEBI were in charge of overseeing the issues. International outlets, including as The Guardian and Financial Times, received information from the OCCRP based on documents from various tax havens, bank records, and internal Adani Group correspondence. Two investors were named by the OCCRP, Nasser Ali Shaban Ahli and Chang Chung-Ling, who were accused of working together with the Adani family. The report made assumptions about whether or not their activities may violate insider ownership laws. The Adani Group said, “As the Hon’ble Supreme Court and Sebi are overseeing these matters, it is vital to respect the ongoing regulatory process.” A global network of investigative journalists dedicated to uncovering wrongdoing, according to the OCCRP. Funders of it include the Rockefeller Brothers Fund and Soros’ Open Society Foundation (OSF). In the past, George Soros supported the Hindenburg report, which raised concerns about PM Narendra Modi’s connections to Gautam Adani.