Fraud Cannot Be Obfuscated By Nationalism : Hindenburg

The Hindenburg Research on January 30 described as an “attempt to obfuscate by nationalism” the Adani Group’s 413-page rebuttal to its accusations of stock manipulation and use of tax havens in a report that also flagged debt worries.

“The Adani Group has not even attempted to clarify its relationship with a Chinese National (Chang Chung-Ling), despite a plethora of linkages,” the US-based short seller said.

In its latest statement, Hindenburg Research said that the Adani Group did not respond to questions in its original report, pointing out one on the nature of relationship between Vinod Adani, Gautam Adani’s older brother, and Chang Chung-Ling, nor the group’s association with the Chinese national.

It alleged that its report had shown in one example how an entity that had been an Adani-related party made a major investment in one of the suspect offshore holders, “drawing a clear line between the Adani Group and the suspected stock parking entities”, it said.

“We also showed how several of the suspected stock parking entities had been formed with the help of Amicorp, which was involved in one of the most notorious international fraud and money laundering scandals in history, the 1MDB scandal. We also note that the recent Follow On Public Offer (FPO) in Adani Enterprises contains many of the same type of Mauritius funds that we pointed out as likely being in clear violation of SEBI regulations,” the statement alleged.

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