Adani Group chairperson and Asia’s richest man Gautam Adani is out of the top 10 global billionaires list as he has lost around $8 billion in net worth. Adani’s net worth stands at $84.4 billion at the time of writing this story and he was ranking at the 11th spot on the Bloomberg Billionaires’ Index.
Gautam Adani’s fortunes and Adani Group stocks have been hit by the scathing report by the US-based activist short-seller firm Hindenburg Research. The report accused the Adani Group of indulging in practices such as blatant stock manipulation, money laundering, and accounting fraud over decades.
As per this report, the stock price of seven listed companies of the group went up by an average of 819 per cent over a period of three years.
The Hindenburg report stated: “We have uncovered evidence of brazen accounting fraud, stock manipulation, and money laundering at Adani, taking place over the course of decades. Adani has pulled off this gargantuan feat with the help of enablers in government and a cottage industry of international companies that facilitate these activities.”
The US-based short seller also said that Vinod Adani- the elder brother of Gautam Adani– ran a labyrinth of shell companies through his close associates. Hindenburg identified 38 Mauritius shell entities run by Adani’s elder brother Vinod Adani. Besides this, it also identified entities in Cyprus, Singapore, the UAE, and several Caribbean Islands discreetly controlled by Vinod Adani.
Meanwhile, Adani Group Chief Financial Officer (CFO) Jugeshinder Singh claimed in an exclusive conversation with Business Today TV’s Siddharth Zarabi that Hindenburg copy-pasted information from their company disclosures and did not do proper research. Singh further mentioned that 68 out of the 88 questions posed by Hindenburg are “bogus and misrepresenting.”
He said, “All 88 questions have been answered. Even if we did not answer all the 88 questions- they used our disclosures and they did not do any research. 68 of these questions are bogus and misrepresenting. They did not do any research- they cut, copy, pasted and the report was a hit job on the FPO. It could be worse too- they did the research and deliberately misled the public. You should ask them. Ask them why they misrepresented the 68 questions.”
Forbes’ Real-Time Billionaires Index also showed that Adani lost over $11 billion and his net worth hit $85.4 billion. But, as per this index, Adani is at the eighth spot on the top 10 list of global billionaires.
Also read: 'Hindenburg copy-pasted our disclosures, did no research,' says Adani Group CFO Jugeshinder Singh
Also watch: Rajesh Adani, Vinod Adani: The Adani Family Members In The Eye Of Hindenburg Storm
Also read: ‘Adani Group draped itself in Indian flag while systematically looting nation,’ says Hindenburg
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today