Frozen Accounts
Adani Group rejects fresh Hindenburg allegation on seized Swiss accounts
This story was originally published at 10:02 IST on 13 September 2024
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MUMBAI – Adani Group has dismissed US-based short seller Hindenburg Research's latest allegations of a group-linked entity's Swiss bank accounts having around $310 mln being frozen. In a statement issued immediately after the US activist short seller firm posted on X, late Thursday night, the Adani Group said it had no involvement in any Swiss court proceedings, and that none of its companies' bank accounts have been subject to "sequestration by any authority."
The corporate group further said none of its companies have been mentioned in the alleged Swiss court order referred to in Hindenburg's post. The Adani Group has not received any requests "for clarification or information from any such authority or regulatory body," according to the statement. The group said its overseas holding structure was transparent, fully disclosed, and compliant.
The Adani Group further said that Hindenburg's allegations "are clearly preposterous, irrational, and absurd… (and) yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value."
US-based short seller Hindenburg Research had in its late Thursday post on X alleged money laundering by Adani Group entities through offshore funds which invested in listed companies of the group in India and violated the minimum public shareholding rules and distorted their share prices. It based its fresh allegation on a news report in a financial crime newsletter published by Gotham City which reported on Wednesday that Switzerland's Federal Criminal Court had passed an order last month which showed that in an ongoing investigation, the Swiss prosecuting authorities had seized, till further orders, five bank accounts of the alleged front entity between Dec 28, 2021, and Nov 17, 2023, having aggregate funds of around $311 mln.
On Thursday, shares of Adani Enterprises Ltd, Adani Group's flagship listed entity, ended at 2,991 rupees, up 1.8% over previous close, on the National Stock Exchange. End
US$1 = 83.91 rupees
Reported by Rajesh Gajra
Edited by Manisha Baxla
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