'Unequivocally reject preposterous, irrational allegations': Adani Group on latest allegations raised by Hindenburg Research
The back-and-forth between the Adani Group and Hindenburg Research continues with a new set of claims by the US-based activist short-seller that Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of money laundering allegations into the Indian conglomerate.
Adani Group responds to Hindenburg Research
On Thursday, the Adani Group rejected the allegations of Hindenburg Research and said that the claims were baseless.
"We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," Adani Group said in a statement.
"Even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws," it added.
According to Adani Group, the allegations "are clearly preposterous, irrational, and absurd. We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value."
What Hindenburg Research said?
Earlier, in a social media post, Hindenburg Research, citing Swiss media outlet Gotham City report, said that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021."
"Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks," it said, citing the report.
Swiss media report
Gotham City, in its report, stated that: "A ruling by the Federal Criminal Court (FCC) reveals that the Geneva Public Prosecutor's Office was investigating alleged wrongdoing by the Indian conglomerate Adani well before activist investors from Hindenburg Research made the first accusations."
Adani vs Hindenburg
Hindenburg Research, which was founded by Nathan Anderson in 2017, has been targeting the Adani Group since it released its first report back in January 2023. However, unlike other companies, which Hindenburg successfully exposed, Adani Group has managed to retain its position, even though the short-seller's reports have resulted in temporary drops in the share prices.
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