US short seller Hindenburg Research fired another salvo at Adani Group and it involves Vinod Adani, the elder brother of Gautam Adani. “Forbes is out with a major article evidencing hidden Adani promoter pledges: A private Vinod Adani-controlled Singaporean entity pledged Adani promoter stakes for $240m in loans from a Russian bank. Zero disclosure of these pledges to Indian exchanges,” tweeted Hindenburg on Friday.
Seven listed firms of the Adani Group have shed some $125 billion in market value since Hindenburg’s January report, which accused the ports-to-power conglomerate of improper use of tax havens and stock manipulation, which Adani Group denied.
“Vinod Adani, the longtime Indian expat, is at the heart of a global web of offshore companies with ties to the Adani Group. Just don’t call him a related party,” said the Forbes article. Vinod Adani is based in Dubai and manages trading businesses there, as well as in Singapore and Jakarta. He is the richest non-resident Indian in the world, according to the Hurun India Rich List….
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