Adani Hindenburg Case: Hindenburg Research drops a new bomb of accusation on Adani Group
Adani Hindenburg Case: The dispute between Adani Group and Hindenburg Research will not be coming to an finish. The American quick vendor firm has claimed, citing media studies, that Swiss authorities have seized greater than $310 million in Swiss financial institution accounts underneath allegations of cash laundering within the Adani Group. Nonetheless, Adani Group has utterly rejected this allegation of Hindenburg, calling it baseless.
Cash laundering and securities fraud in Switzerland
Hindenburg Research, citing Swiss legal information printed in a Swiss media firm on social media platform X (previously Twitter), stated Swiss authorities have seized greater than $310 million in Swiss financial institution accounts as a part of an investigation into cash laundering and securities fraud associated to Adani. This investigation happened in 2021. Hindenburg Research, citing a media report, stated prosecutors detailed how a key Adani particular person invested in opaque BVI, Mauritius and Bermuda funds. Most of this was Adani's shares.
Adani Group rejected Hindenburg's allegations
In the meantime, Adani Group termed these allegations baseless and stated that it has no reference to any court docket proceedings in Switzerland. A press release issued by Adani Group stated that we categorically reject these baseless allegations. Adani Group has no reference to any Swiss court docket proceedings nor has any account of our firm been seized by any authority.
Adani Group firm not named in court docket order
In accordance with the assertion issued by the Adani Group, neither has the Swiss court docket talked about our group firms within the alleged order nor have we acquired any request for clarification or data from any such authority or regulatory physique. We reiterate that our international holding construction is clear and all related legal guidelines have been complied with.
Try to wreck repute and market worth: Adani Group
Adani Group stated that the allegations are clearly baseless, irrational and absurd. Now we have no hesitation in saying that that is one other well-planned try by the identical folks working in unison to trigger irreparable harm to the repute and market worth of our group. The assertion stated that Adani Group is totally dedicated to transparency and compliance with all authorized and regulatory necessities.
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FCC was investigating earlier than Hindenburg's allegation: media report
Switzerland's media firm 'Gotham Metropolis' stated in its report {that a} resolution by the Federal Felony Court docket (FCC) exhibits that the Geneva Public Prosecutor's Workplace was investigating the alleged irregularities of the Indian group Adani a lot earlier than the sooner allegations made by Hindenburg Research. Earlier, Hindenburg had accused the Adani Group of inventory market manipulation and fraud in January final yr. The Adani Group rejected all of the allegations made by Hindenburg in January 2023, calling them baseless.
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