Key Points
Read Hindenburg's full response to Sebi's show cause noticeWe have been aware that Indian securities regulator SEBI has been grappling with how they are going to respond to us, a U.S.- based research firm with no presence or operations in India, after we presented overwhelming evidence in January 2023 of why we believed Indian conglomerate Adani Group was operating the largest con in corporate history...
On the morning of June 27, 2024, our firm received a bizarre email, ostensibly from SEBI, alerting us that SEBI had flagged its own message to us that we never received as an apparent security risk, and that the regulator had quarantined it for its own safety...
February 13, 2023 A Wire India article found that Gudami International, an entity owned by a close associate of Vinod Adani, Chang Chung Ling, was mentioned in two ED (Enforcement Directorate) chargesheets in 2014 and 2017 in the AgustaWestland scam (one of Indias largest corruption scandals).. 8. February 13, 2023 AMorning Context article elaborated on reasons why investors were concerned with the transaction we flagged between a Vinod Adani entity (Emerging Markets Investment DMCC) and an Adani Power Subsidiary..
February 27, 2023 A Quartz article revealed the role of an Emirati businessman named Nasser Ali Shaban Ahli, with close ties to Vinod Adani, whose name appeared in 2 government investigations into Adani, along with multiple suspected undisclosed related parties of Adani based offshore in China, Dubai, and in tax havens like the British Virgin Islands.. 16 February 28, 2023 A Forbes article outlined how Vinod Adani structured key deals for the Adani Group through a web of entities in Mauritius, the UAE, and the British Virgin Islands, further cementing Vinods role as a key related party..
March 23, 2023 The Financial Review released an investigation revealing hundreds of millions in accounting inconsistencies across Adanis coal projects in Australia, corroborating our findings.. 21. March 24, 2023 The Financial Review released a follow-up article discussing suspicious impairments in Adanis Australian entities including dealings with privately controlled entities of Vinod Adani, further corroborating findings in our report...
