Hindenburg Research is taking on the world’s third-richest man.
Gautam Adani, the world’s third-richest man, is “the largest con in corporate history” through his India-based conglomerate Adani Group, according to scathing allegations published this week by influential short seller Hindenburg Research.
Adani, 60, has amassed an estimated fortune of $125.5 billion while overseeing a sprawling network of companies with holdings across several industries, including control of major ports and airports, energy, real estate and cement. The report asserted that Adani, several family members and other company executives oversee a network of offshore shell companies located in tax havens across Mauritius, the United Arab Emirates, and the Caribbean.
Adani Group CFO Jugeshindar Singh said the company was “shocked” by Hindenburg’s allegations and issued a firm denial. “The Vinod-Adani shells seem to serve several functions, including stock parking / stock manipulation and laundering money through Adani’s private companies onto the listed companies’ balance sheets in order to maintain the appearance of financial health and solvency,” Hindenburg said.
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Hindenburg shorts India's Adani Group, cites debt, accounting concernsHindenburg Research said on Wednesday it held short positions in Adani Group, accusing the Indian conglomerate of improper extensive use of entities set up in offshore tax havens and expressing concern about high debt levels.
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