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Hindenburg says Adani has been 'systematically looting' India.

prasad1

Active member
  • Hindenburg Research hit back at Adani Sunday, after the Indian group said the short seller's report was an "attack on India".
  • "India's future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation," the short-seller said.
  • Adani previously said Hindenburg's report on it was "rife with conflict of interest".
Hindenburg Research has fired back at Adani Group, saying that the Indian conglomerate has been "systematically looting the nation" despite claiming to act in the country's best interests.

The short seller released a statement Sunday where it addressed Adani's allegation that it was engaged in an "attack on India" and slammed the Indian energy-to-infrastructure conglomerate's chairman Gautam Adani, the world's seventh-richest person.

"The Adani Group has attempted to conflate its meteoric rise and the wealth of its chairman, Gautam Adani, with the success of India itself," Hindenburg said.

"To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India's future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation."

Hindenburg and Adani are in the middle of a high-profile spat after the short-seller released a report last week that said the Indian group had engaged in a "brazen stock manipulation and accounting fraud scheme over the course of decades."
Adani issued a 413-page response where it said Hindenburg was attacking India and that the report was "rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain".

"Hindenburg has not published this report for any altruistic reasons but purely out of selfish motives and in flagrant breach of applicable securities and foreign exchange laws," the Adani report added.

Hindenburg responded to that by saying that "despite Adani's failure to identify any such laws, this is another serious accusation that we categorically deny."

"In terms of substance, Adani's '413 page' response only included about 30 pages focused on issues related to our report," it added.

"The remainder of the response consisted of 330 pages of court records, along with 53 pages of high-level financials, general information, and details on irrelevant corporate initiatives, such as how it encourages female entrepreneurship and the production of safe vegetables."

 

Adani Defends Itself After Fraud Allegations. But the Real Victim May Be India’s Reputation​


Given the oversized role Adani Group plays in India’s economy, the controversy has political implications for Prime Minister Narendra Modi, who like Gautam Adani hails from India’s western state of Gujarat. The pair are known to be close associates since the 1990s and Modi used an airplane belonging to the Adani Group amid his victorious prime ministerial campaign in 2014. Since that time, Adani’s wealth has risen from an estimated $7 billion to $120 billion, according to the environmental scrutiny group AdaniWatch.

 
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US short seller Hindenburg Research on Monday rejected Adani Group’s charge that its report was an attack on India, saying a “fraud” cannot be obfuscated by nationalism or a bloated response that ignored response to key allegations.

Commenting on the 413-page response Adani Group released late on Sunday evening in response to its report, Hindenburg said it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was Adani Group that was holding it back through “systematic loot”.

Even the Twitterati called out the Adani Group for equating the conglomerate to India. Hindenburg stood by its last week’s report that said its two-year investigation found Adani Group “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.

“We disagree. To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India’s future is being held back by Adani Group, which has draped itself in the Indian flag while systematically looting the nation.”

Tweet talk​

Advaid, Historian@Advaidism

A small reminder to Mr Gautam Adani; Adani is not India and India is not Adani. The Hindenberg report pointed fingers at Adani Group, not India. A great man once said “Patriotism is the Last Refuge of the Scoundrel”.

 

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