Hindenburg Research accuses the Adani Group, owned by Asia's richest man Gautam Adani, of improper use of tax havens. It also flags concerns about the conglomerate's debt levels.
Here are some of the points raised by the report, and the Adani Group’s responses.Gautam Adani, from Gujarat in western India, built his empire from scratch after starting out as a commodities trader. India’s Prime Minister Narendra Modi is from the same state and their relationship has long come under scrutiny by Modi’s opponents.
Founded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyzes equity, credit, and derivatives. It has a track record of finding corporate wrongdoings and placing bets against the companies.Hindenburg disclosed that it holds short positions in Adani companies through US-traded bonds and non-Indian-traded derivative instruments.
Reuters reported the regulator will continue this scrutiny and draw on any fresh information in the Hindenburg report.The short-seller has said that listed Adani companies have seen a number of changes in chief financial officers and that auditors used by the group are relatively unknown.
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