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01-09-2023, 08:08 AM
UPDATED AUG 31, 2023, 5:35 PM SGT
MUMBAI - Adani Group shares and bonds fell after potentially controversial owners of Adani stock were identified in a new investigation, dealing the Indian conglomerate a fresh blow after short-seller Hindenburg Research alleged the group engaged in corporate fraud and stock price manipulation.
All 10 listed Adani stocks retreated in Thursday trading and most of the group’s US dollar bonds also fell. Shares of flagship Adani Enterprises dropped as much as 5.2 per cent before paring losses.
Documents obtained by staff at the Organised Crime and Corruption Reporting Project (OCCRP) show that Mr Nasser Ali Shaban Ahli from the United Arab Emirates and Mr Chang Chung-Ling from Taiwan spent years trading hundreds of millions of dollars’ worth of Adani Group stock
......
the two men have long-time business ties to the Adani family and have served as directors and shareholders in Adani Group companies, along with businesses associated with Mr Vinod Adani, who is the brother of the conglomerate’s founder, billionaire Gautam Adani.
The documents were corroborated by people with direct knowledge of the Adani Group’s businesses and public records from multiple countries ...... show how hundreds of millions of dollars were invested in publicly traded Adani stock through opaque investment funds based in Mauritius.
“The documents show that, through the Mauritius funds, they spent years buying and selling Adani stock through offshore structures that obscured their involvement – and made considerable profits in the process,” the OCCRP found.“They also show that the management company in charge of their investments paid a Vinod Adani company to advise them in their investments.”
https://www.straitstimes.com/business/pa...ft-reports
MUMBAI - Adani Group shares and bonds fell after potentially controversial owners of Adani stock were identified in a new investigation, dealing the Indian conglomerate a fresh blow after short-seller Hindenburg Research alleged the group engaged in corporate fraud and stock price manipulation.
All 10 listed Adani stocks retreated in Thursday trading and most of the group’s US dollar bonds also fell. Shares of flagship Adani Enterprises dropped as much as 5.2 per cent before paring losses.
Documents obtained by staff at the Organised Crime and Corruption Reporting Project (OCCRP) show that Mr Nasser Ali Shaban Ahli from the United Arab Emirates and Mr Chang Chung-Ling from Taiwan spent years trading hundreds of millions of dollars’ worth of Adani Group stock
......
the two men have long-time business ties to the Adani family and have served as directors and shareholders in Adani Group companies, along with businesses associated with Mr Vinod Adani, who is the brother of the conglomerate’s founder, billionaire Gautam Adani.
The documents were corroborated by people with direct knowledge of the Adani Group’s businesses and public records from multiple countries ...... show how hundreds of millions of dollars were invested in publicly traded Adani stock through opaque investment funds based in Mauritius.
“The documents show that, through the Mauritius funds, they spent years buying and selling Adani stock through offshore structures that obscured their involvement – and made considerable profits in the process,” the OCCRP found.“They also show that the management company in charge of their investments paid a Vinod Adani company to advise them in their investments.”
https://www.straitstimes.com/business/pa...ft-reports
