September 13, 2024
New Delhi, India
The Adani Group has “unequivocally” rejected allegations made by U.S.-based short-seller Hindenburg Research that over $310 million linked to the group has been frozen by Swiss authorities in multiple bank accounts.
Key Highlights:
- Hindenburg Allegations:
- Claim Details: Hindenburg Research cited a Swiss media outlet, Gotham City, which reported that more than $310 million belonging to an alleged frontman for Adani was sequestered in six Swiss banks as part of a money laundering and securities forgery investigation dating back to 2021.
- Hindenburg’s Statement: In a post on X, Hindenburg stated, “Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani.”
- Adani Group’s Response:
- Denial of Allegations: The Adani Group strongly refuted these claims, stating that they have “no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority.”
- Transparency Assertion: A company spokesperson emphasized that the group’s overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws.
- Rejection of Claims: The Adani Group described the allegations as “preposterous, irrational, and absurd,” accusing the same cohorts of a coordinated attempt to damage the group’s reputation and market value.
- Legal Context:
- Swiss Investigation Claims: According to Hindenburg, the Swiss authorities allegedly froze the funds based on an investigation into money laundering and securities forgery involving the Adani Group. However, Adani stated that no Swiss court documents mention its companies, nor has it received any requests for information from any Swiss authority.
- Background and Rebuttal:
- Hindenburg’s Previous Allegations: Hindenburg Research has previously accused the Adani Group of financial misconduct, prompting multiple responses from Adani denying any wrongdoing.
- Adani’s Clarification: The group reiterated that it is not involved in any legal proceedings in Switzerland, stating, “Even in the alleged order, the Swiss court has neither mentioned our group companies nor have we received any requests for clarification or information from any such authority or regulatory body.”
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