via “opaque” Mauritius funds that “obscured” involvement of alleged business partners of the Adani family, the Organised Crime and Corruption Reporting Project says.
Adani Group has called Hindenburg’s claims misleading and without evidence and said it always complied with laws.Days following the January report, though, Adani group stocks lost $US150 billion in market value. They remain down around $US100 billion following a recovery after it repaid some debt and regained some investor confidence.
The Hindenburg report significantly hit Gautam Adani, the billionaire who leads the ports-to-energy conglomerate and was until January the world’s third-richest person. The crisis forced him to shelve a $US2.5 billion share sale and convince banks about his business credentials.India’s Supreme Court later appointed a panel to oversee a market regulator probe based on the Hindenburg report.
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