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#Thread
1. US-based investment research firm Hindenburg targets Adani group.
Makes wide ranging malicious allegations against Gautam Adani, accusing him of market manipulation and accounting fraud right before a major Adani enterprises FPO, the biggest ever in India.
1. US-based investment research firm Hindenburg targets Adani group.
Makes wide ranging malicious allegations against Gautam Adani, accusing him of market manipulation and accounting fraud right before a major Adani enterprises FPO, the biggest ever in India.
2. What is Hindenburg report?
Gautam Adani, founder & chairman of Adani Group, has gained a net worth of about $120 billion.
$100 billion were added in last 3 years only primarily due to stock price growth in group's seven prime listed companies which grew 819% very quickly.
Gautam Adani, founder & chairman of Adani Group, has gained a net worth of about $120 billion.
$100 billion were added in last 3 years only primarily due to stock price growth in group's seven prime listed companies which grew 819% very quickly.
3. What are the main allegations?
• Hindenburg identified 38 Mauritius shell entities controlled by Adani’s brother Vinod Adani or his close associates.
Hindenburg alleges the offshore shell network is be used for manipulation.
• Hindenburg identified 38 Mauritius shell entities controlled by Adani’s brother Vinod Adani or his close associates.
Hindenburg alleges the offshore shell network is be used for manipulation.
4. Targets past government investigation.
Hindenburg reports says Adani group has previously been focus of 4 major government investigation relating to allegations of fraud.
Hindenburg reports says Adani group has previously been focus of 4 major government investigation relating to allegations of fraud.
5. Audit.
Hindenburg also alleges Adani Enterprises and Adani Total Gas limited are audited by a tiny firm with no website which has only 4 partner and 11 employee.
Report says the auditor “hardly seems capable” of complex audit work.
Hindenburg also alleges Adani Enterprises and Adani Total Gas limited are audited by a tiny firm with no website which has only 4 partner and 11 employee.
Report says the auditor “hardly seems capable” of complex audit work.
6. Hindenburg report then targets Adani family members.
Rajesh Adani : Reports says Rajesh younger brother of Gautam Adani who was arrested twice over allegations of forgery and tax fraud serves as Managing Director of Adani Group.
Rajesh Adani : Reports says Rajesh younger brother of Gautam Adani who was arrested twice over allegations of forgery and tax fraud serves as Managing Director of Adani Group.
7. Hindenburg report goes on attacking Adani family members.
Samir Vora : Gautam Adani’s brother-in-law, who was accused of diamond trading scam and of making false statements to regulators was promoted to Executive Director of Adani Australia division.
Samir Vora : Gautam Adani’s brother-in-law, who was accused of diamond trading scam and of making false statements to regulators was promoted to Executive Director of Adani Australia division.
8. The US firm challenges Adani to answer the 88 questions of Hindenburg?
"If Gautam Adani truly embraces transparency, as he claims, they should be easy questions to answer. We look forward to Adani’s response", Report says.
"If Gautam Adani truly embraces transparency, as he claims, they should be easy questions to answer. We look forward to Adani’s response", Report says.
9. Adani’s have obviously issued statement.
“We are shocked that Hindenburg Research has published a report on 24 January 2023 without making any attempt to contact us or verify the factual matrix."
“We are shocked that Hindenburg Research has published a report on 24 January 2023 without making any attempt to contact us or verify the factual matrix."
10. “The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and REJECT BY INDIAS HIGHEST COURTS."
11. “The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation.
With the principal objective of damaging the upcoming Follow-on Public Offering from Adani Enterprises, the biggest FPO ever in India."
With the principal objective of damaging the upcoming Follow-on Public Offering from Adani Enterprises, the biggest FPO ever in India."
12. Loss for Adani post Hindenburg report.
Shares of Adani Group’s seven listed entities plunged by up to 7% on Indian stock markets at the time of publishing today.
Which amounts to a loss of $7.7 billion in market capitalisation.
Shares of Adani Group’s seven listed entities plunged by up to 7% on Indian stock markets at the time of publishing today.
Which amounts to a loss of $7.7 billion in market capitalisation.
13. Gautam Adani is hailed by westerners as Narendra Modi’s Rockefeller.
Adani is one of India’s biggest private airport operators, largest private ports operator and biggest thermal coal power producer.
“Nation building” is Mr Adani’s motto, they say.
Adani is one of India’s biggest private airport operators, largest private ports operator and biggest thermal coal power producer.
“Nation building” is Mr Adani’s motto, they say.
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