Adani Group refutes 'stock manipulation' allegations, cites stringent regulatory clearance

Adani-Hindenburg row: Adani group representative refuted the latest report and has said that the allegations are not only baseless and unsubstantiated but are rehashed from Hindenburg’s allegations.

The Adani Group has dismissed the Organized Crime and Corruption Reporting Project (OCCRP)'s 'stock manipulation' allegations, asserting its firm rejection of what it deems "recycled allegations."

The Group said that the allegations appear to be part of an orchestrated effort by interests funded by George Soros and supported by sections of foreign media, aimed at reviving unsubstantiated claims from the Hindenburg report.

This move had been anticipated, the ports-to-power conglomerate said in a statement on August 31, adding that the Mauritius funds investigated by reporters had already been named in the Hindenburg report and the "allegations are not only baseless and unsubstantiated but are rehashed from Hindenburg’s allegations."

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According to the report, Nasser Ali Shaban Ahli and Chang Chung-Ling, are "longtime business ties to the family and have also served as directors and shareholders in Adani Group companies and companies associated with one of the family’s senior members, Vinod Adani".

The report alleges that documents reveal that "considerable profits were made" by buying and selling Adani stock through this offshore agreement that obscured their involvement.

The management company in charge of the "partners" investments also paid a Vinod Adani company to advise them in their investments, the report alleged.

An Adani group representative refuted the claims, "these allegations are not only baseless and unsubstantiated but are rehashed from Hindenburg’s allegations. Further, it is categorically stated that all the Adani Group’s publicly listed entities are in compliance with all applicable laws including the regulation relating to public share holdings."