The Organised Crime and Corruption Reporting Project’s (OCCRP) accusations have been referred to by the Adani Group as “recycled allegations.”
The OCCRP claimed that hundreds of millions of dollars were invested in publicly listed group equities via Mauritius-based ‘opaque’ investment vehicles controlled by associates of the promoter family months after Hindenburg’s report.
Adani Group denied the accusations and characterized the timing of these news pieces as odd, cunning, and nasty.
“We vehemently deny these old accusations. These news stories seem to be part of yet another coordinated attempt to resurrect the unreliable Hindenburg report by Soros-funded interests who are backed by a segment of the international media. In fact, this was expected, as the media noted last week, according to Adani Group.
The charges are based on instances that were closed over ten years ago after the Directorate of Revenue Intelligence (DRI) looked into claims of excessive billing, international money transfers, related party transactions, and investments made via FPIs.
Nasser Ali Shaban Ahli and Chang Chung-Ling, who have longstanding business ties to the Adani family and have held directorships and shareholderships in Group companies and businesses connected to Vinod Adani, the elder brother of Gautam Adani, were accused by the OCCRP of having “spent years buying and selling Adani stock through offshore structures that obscured their involvement – and made considerable profits in the process.”
It said that the records showed the management firm in charge of their money had paid a Vinod Adani business to provide them with financial advice.
It should be emphasized that the OCCRP report is released just before the Supreme Court will hear arguments over the accusations included in the Hindenburg report.
Just before Adani Enterprises’ FPO, short-seller Hindenburg’s report, which included similar accusations, was released.
“We continue to be confident in the caliber of our disclosures and corporate governance standards. We have great trust in the due process of law. Given these details, the timing of these news stories is strange, cunning, and spiteful, and we reject them entirely, according to a statement from Adani.
