Adani Group flags ‘renewed’ attempts to ‘financially destabilize’ the group


Adani Group on Monday flagged “renewed” efforts by British newspaper Financial Times to “repeate old and baseless allegations” against the group. Accusing the newspaper of running a sustained campaign against the group of companies owned by Gautam Adani for “advancing vested interests in the guise of public interest”, she claimed that the media house was aiming at “over-invoicing of coal imports” for this purpose. “Was planning a story. Financially destabilizing one of India’s largest companies.

Gautam Adani(AFP)
Gautam Adani(AFP)

“After failing earlier, the FT is making another attempt to financially destabilize the Adani Group by raising the old, baseless allegation of over-invoicing of coal imports,” the Adani Group wrote in a media statement.

“There is a fresh attempt by the Financial Times and its associates to rehash old and baseless allegations to malign the name and reputation of the Adani Group. This is part of their extended campaign to advance vested interests in the guise of public interest. Is part of.” Added.

Adani Group described the proposed story as “the next attack” presented by Financial Times journalist Dan McCrum, “who, in collaboration with OCCRP, published a false story against Adani Group on 31 August 2023.”

McCrum and John Reed reported on the same date that two people allegedly linked to Gautam Adani’s brother Vinod Adani were using Bermuda’s Global Opportunities Fund “to acquire and trade large positions in Adani Group shares”. Were. They identified the two men as Nasser Ali Shaban Ahli of the United Arab Emirates and Chang Chung-ling of Taiwan. He alleged that his investments were overseen by an employee of Vinod Adani, “raising the question of whether he was a front man who was used to circumvent rules for Indian companies that allow share price manipulation.” used to stop”.

Also read: Financial Times cites secret paper trail that reveals hidden Adani investors

Adani Group today accused Macram of collaborating with OCCRP for the August 31 story. It states, “OCCRP is funded by George Soros, who has openly declared his hostility against the Adani Group.”

OCCRP – according to information on its website – is “an investigative reporting platform formed by 24 non-profit investigative centers”, spanning Europe, Africa, Asia and Latin America.

Also read: George Soros says Adani crisis will spark democratic revival in India

Adani Group today said the newspaper is making another attempt to destabilize the group financially by regurgitating old allegations.

“FT’s proposed story is based on DRI’s General Alert Circular No. 11/2016/CI dated March 30, 2016. FT’s shameless agenda is exposed by the fact that they have singled out Adani Group even though DRI’s circular is the reason for In the full story, around 40 importers, including Adani Group companies, are mentioned. The list includes not only some of India’s leading private power generators like Reliance Infra, JSW Steels and Essar, but also Karnataka’s state power generating companies. Gujarat, Haryana, Tamil Nadu, etc. and NTPC and MSTC,” it added.

“It is noteworthy that, in the case of Knowledge Infrastructure, one of the 40 importers mentioned in the General Alert Circular, the show cause notice of DRI alleging overvaluation in coal imports was quashed by the Appellate Tribunal (CESTAT) . Furthermore. DRI’s appeal was withdrawn by the Hon’ble Supreme Court of India on 24 January 2023, dismissing it with the observation that “We appreciate the stance taken by the Government in not entering into frivolous litigation “Clearly, the issue of overvaluation of coal imports was decided decisively by the Supreme Court of India.”

Also read: Report heats up Adani controversy again, focus on role of regulator

Adani Group today called the FT’s proposed story a “clever recycling and selective misrepresentation of publicly available facts”. It alleged that the said story involved suppression of judicial decisions, showing little respect for India’s regulatory and judicial processes and authorities. A “foregone conclusion”.

US short-seller Hindenburg published a report in January accusing Adani Group of account fraud and stock manipulation. Even though he dismissed the report as “crude” and “maliciously mischievous”, Adani Group shares took a hit as a result. Within a month of the report’s publication, Adani, then the third richest man on Earth, lost $80.6 billion in his wealth.

Before the Hindenburg report, Gautam Adani’s wealth was $120 billion. His personal wealth had fallen to $40 billion. American investor and short-seller George Soros said at the time that the ongoing turmoil in Adani’s business empire could open the door to a “democratic revival” in the country.

Over the past few months, Adani has regained some of its lost wealth as Indian-American investor Rajeev Jain pumped money into Adani Group shares.

According to the Forbes Billionaire Index, Adani is currently the 24th richest person on the planet with a net worth of $54.6 billion.

With inputs from PTI, ANI

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