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Hundreds of millions of dollars were invested in publicly traded Adani stock through Mauritius-based opaque investment funds that had direct links with to the Group’s promoters, the Organized Crime and Corruption Reporting Project (OCCRP) has alleged, relying on exclusive documents obtained by it.
“In at least two cases — representing Adani stock holdings that at one point reached $430 million — the mysterious investors turn out to have widely reported ties to the Group’s majority shareholders, the Adani family. The two men, Nasser Ali Shaban Ahli and Chang Chung-Ling, have 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,” OCCRP said in a report.
Recycled, says Adani
The Adani Group denied the allegations. “We categorically reject these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report,” said a statement from the Adani Group.
One of the funds named in the report, Mauritius-based 360 ONE Asset Management (Mauritius), also denied the allegations. In an exchange filing 360 ONE WAM Ltd, which is listed on the Indian bourses, said, “360 ONE Asset Management (Mauritius) Ltd is the investment manager for Emerging India Focus Fund and EM Resurgent Fund both of which are fully compliant broad-based funds registered with the Financial Services Commission, Mauritius.”
The Adani Group also said that these reports were attempts to generate profits by driving down the stock prices of the Adani Group companies “and these short-sellers are under investigations by various authorities.”
Shares slump
Shares of Adani companies cracked 1-4 per cent on Thursday. Flagship Adani Enterprises ended 3.5 per cent down at ₹2,425 apiece on the NSE. The stock has shed 2.3 per cent in the past month but is up 55 per cent in the past six months. Adani Ports and Special Economic Zone dipped 3.2 per cent to end at ₹792.7. The stock has climbed 32 per cent in the past six months.
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