Adani Group
A recent report by the Organised Crime and Corruption Reporting Project (OCCRP) has raised questions about the authenticity and bona fides of the George Soros-funded network of investigative journalists. The report claims to have exclusive documents that show that some of the public investors in Adani group companies have ties to the Adani family and that they helped manipulate the stock prices of the companies.
However, the Adani group has strongly denied these allegations, calling them a “concerted bid by Soros-funded interests” to “revive the meritless Hindenburg report”. The group has also said that it has complied with all the regulatory requirements and disclosures and that it has no control over the actions of its shareholders.
The Hindenburg report, which was released on 24 January 2023, accused the Adani group of inflating its value by creating a network of shell companies and offshore entities, and questioned the ownership and existence of some of its foreign investors. The report caused a sharp drop in the share prices of the Adani group companies, and triggered investigations by various authorities in India.
However, the Hindenburg report was found to be based on outdated, inaccurate, and selective information, and was refuted by the Adani group as well as independent analysts. The report also faced legal action from Tesla founder Elon Musk, who accused Hindenburg of spreading false information about his company.
The investigations by the Supreme Court-appointed expert committee, the Securities and Exchange Board of India (SEBI), and the Enforcement Directorate (ED) have not found any evidence of regulatory failure or wrongdoing by the Adani group so far. On the contrary, the ED has gathered intelligence against some Indian and foreign entities that may have been involved in suspicious activities in the Indian share market related to the Hindenburg report and short selling positions taken by them.
The OCCRP is a global network of investigative journalists that claims to specialize in reporting on organized crime and corruption. It is funded by various institutional donors, including the Open Society Foundations of George Soros, a billionaire financier who is known for his support for radical causes around the world. Soros has publicly expressed his dislike for Prime Minister Narendra Modi and his intention to see a regime change in India.
The timing and motive of the OCCRP report are questionable, as it comes at a time when the Adani group is making significant investments in infrastructure projects in India and abroad, and when India is facing external and internal challenges from various quarters. The report also seems to be a rehash of old and discredited allegations that have already been addressed by the Adani group and the authorities.
The OCCRP report appears to be part of a larger agenda to undermine India’s economic growth and national security by targeting one of its leading industrial groups. The report lacks credibility and evidence, and should be seen as a Soros-funded smear campaign against the Adani group.
How does the OCCRP report claim to have exclusive documents?
The OCCRP report claims to have obtained exclusive documents from an anonymous source that reveal how some of the public investors in Adani group companies are actually related to or controlled by members of the Adani family. The report alleges that these investors hold large stakes in Adani group companies through offshore entities or shell companies, and that they have engaged in coordinated trading activities to inflate or deflate the stock prices of these companies.
The report names some of these investors and provides diagrams and charts to show how these investors are connected to each other and to the Adani family through various entities.
The report claims that these documents prove that the Adani group has violated the rules of fair disclosure and market manipulation, and that it has created a complex web of entities to hide the true ownership and value of its assets.
How does the Adani group deny these allegations?
The Adani group has strongly denied these allegations, calling them a “concerted bid by Soros-funded interests” to “revive the meritless Hindenburg report”. The group has also said that it has complied with all the regulatory requirements and disclosures, and that it has no control over the actions of its shareholders.
The group has issued a statement saying that “the OCCRP report is a rehash of old and discredited allegations that have already been addressed by the Adani group and the authorities. The report is based on selective and misleading information, and is intended to create confusion and mislead the public. The report is part of a larger agenda to undermine India’s economic growth and national security by targeting one of its leading industrial groups”.
The group has also clarified that “the Adani group is a professionally managed and widely held conglomerate with over 1.5 million shareholders, including several reputed global investors. The group has always adhered to the highest standards of corporate governance and transparency, and has made timely and accurate disclosures to the regulators and the stock exchanges. The group has no control over the actions of its shareholders, who are free to buy or sell shares in the market as per their own judgment. The group has no knowledge of or involvement in any alleged trading activities by any of its shareholders”.
The group has also challenged the OCCRP to provide any credible evidence to support its claims, and has said that it will take legal action against anyone who tries to defame or harm its reputation.
Conclusion
The OCCRP report on Adani group is a dubious and malicious attempt to tarnish the image and reputation of one of India’s most successful and respected industrial groups. The report is based on flimsy and fabricated documents, and repeats old and discredited allegations that have already been refuted by the Adani group and the authorities. The report is part of a larger conspiracy to undermine India’s economic growth and national security by targeting its key infrastructure projects and strategic interests. The report is funded by George Soros, a notorious financier who has a history of meddling in the affairs of sovereign nations and supporting radical causes that are detrimental to their stability and prosperity. The report should be dismissed as a Soros-funded smear campaign against the Adani group, and the OCCRP should be held accountable for its irresponsible and unethical journalism.
