{"id":6867,"date":"2023-09-05T09:57:09","date_gmt":"2023-09-05T09:57:09","guid":{"rendered":"https:\/\/prosfunds.com\/business\/adani-blasts-soros-funded-interests-after-media-raise-new-questions-about-business-empire\/"},"modified":"2023-09-05T09:57:09","modified_gmt":"2023-09-05T09:57:09","slug":"adani-blasts-soros-funded-interests-after-media-raise-new-questions-about-business-empire","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=6867","title":{"rendered":"Adani blasts \u2018Soros-funded interests\u2019 after media raise new questions about business empire"},"content":{"rendered":"
\n

\n Indian billionaire Gautam Adani\u2019s conglomerate has slammed what it described as \u201cSoros-funded interests\u201d after media outlets claimed the Adani Group had used complex and secretive offshore operations to boost its market value, citing documents obtained by a network of investigative journalists.\n <\/p>\n

\n The documents were unearthed by the non-profit <\/strong>Organized Crime and Corruption Reporting Project (OCCRP), which counts billionaire George Soros\u2019 Open Society Foundations among its financial backers, and its research was shared with media <\/strong>including The Guardian and the Financial Times. CNN has not reviewed the documents.\n <\/p>\n

\n OCCRP says the Soros foundations account for 4% of its funding. It is also backed by the US State Department, the UK Foreign Office and the Ford Foundation.\n <\/p>\n

\n Reporting on the OCCRP investigation, the Financial Times said it shone a spotlight on relations between Adani and Indian Prime Minister Narendra Modi and exposed <\/strong>\u201cbespoke investment structures\u201d at a firm in Bermuda used exclusively by Adani associates to trade the group\u2019s stocks.\n <\/p>\n

\n The Financial Times said people familiar with the structures had claimed \u201cparallel sets of books and a Russian doll of companies and funds\u201d at the investment firm were used to mask the trades.\n <\/p>\n

\n The Guardian reported that associates of the Adani family may have spent years discreetly acquiring stock in Adani Group companies via an undisclosed and complex operation in Mauritius during its rise to become one of the most powerful businesses in India.\n <\/p>\n

\n The reports come seven months after Hindenburg Research \u2014 a company that makes money by betting against stocks it believes are overinflated or fraudulent \u2014 released a report accusing Adani of pulling off \u201cthe largest con in corporate history\u201d and \u201cbrazen stock manipulation\u201d that had massively boosted the value of the ports-to-energy conglomerate.\n <\/p>\n

\n The Adani Group described the Hindenburg report as \u201cnothing but a lie\u201d and \u201ca calculated attack on India.\u201d But its value collapsed in the days following publication, wiping out about half of its founder\u2019s wealth within weeks.\n <\/p>\n

\n The company hit out equally forcefully at this week\u2019s new reporting.\n <\/p>\n

\n \u201cWe categorically reject these recycled allegations,\u201d it said in a statement sent to CNN Thursday. \u201cThese news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report.\u201d\n <\/p>\n

\n In a statement sent to CNN, the Open Society Foundations said they \u201care proud to be amongst a number of organizations providing general support to the OCCRP which acts entirely independently regarding the issues it chooses to investigate. What we are seeing now in India is a bogus attempt to discredit OCCRP\u2019s work without engaging with its findings.\u201d\n <\/p>\n

\n The OCCRP has more than 40 donors, all of which have signed agreements giving total editorial control to the network, co-founder Drew Sullivan said this week in a post on X, formerly known as Twitter.\n <\/p>\n

\n When Hindenburg published its report in late January, it pitched 88 questions to Adani that cast doubt on his conglomerate\u2019s financial health. Those ranged from requests for details on the group\u2019s offshore entities to why it has \u201csuch a convoluted, interlinked corporate structure.\u201d\n <\/p>\n

\n A 400-page rebuttal by the conglomerate failed to reassure investors, and the Securities and Exchange Board of India (SEBI) \u2014 India\u2019s market regulator \u2014 launched an investigation into \u201cthe allegations made in the Hindenburg report as well as the market activity immediately preceding and post the publication of the report.\u201d\n <\/p>\n

\n Reuters reported Monday that SEBI had told India\u2019s Supreme Court last Friday that its investigation was nearly complete.\n <\/p>\n

\n Adani referenced the SEBI investigation in its statement Thursday, saying it was \u201cvital to respect the ongoing regulatory process.\u201d\n <\/p>\n

\n \u201cWe have complete faith in the due process of the law and remain confident of the quality of our disclosures and corporate governance standards,\u201d it added. \u201cIn light of these facts, the timing of these news reports is suspicious, mischievous and malicious \u2014 and we reject these reports in their entirety.\u201d\n <\/p>\n

\n Adani hails from the same state \u2014 Gujurat \u2014 as Modi, and has long been viewed as one of the prime minister\u2019s closest allies in business. Modi used Adani\u2019s private aircraft while he was campaigning to become prime minister in 2014. Over the years, both the ruling party and the industrialist have denied any suggestion of favoritism.\n <\/p>\n

\n The Guardian \u2014 citing a document provided by the OCCRP \u2014 said government regulators, including SEBI, were aware of stock market activity using Adani offshore funds as far back as 2014.\n <\/p>\n

\n Speaking to reporters in Mumbai on Thursday, Rahul Gandhi, a prominent lawmaker from India\u2019s main opposition Congress party, urged Modi to investigate the allegations put forward by the Financial Times and The Guardian and criticized his silence on the matter.\n <\/p>\n

\n \u201cThese are newspapers that affect the perception of our country in the world,\u201d Gandhi said. \u201cWe are trying to show the world that we are a transparent economy\u2026 that India has a level playing field.\u201d\n <\/p>\n

\n \u201cWhy is this one gentleman who is close to the prime minister of India allowed to move a billion dollars to pump up his share price; to use that money to capture Indian assets [such as] airports [and] ports?\u2026 I don\u2019t understand why the prime minister is not forcing an investigation. Why is he quiet?\u201d\n <\/p>\n

\n \u2014 Michelle Toh and Rhea Mogul contributed to this article.<\/em>\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Indian billionaire Gautam Adani\u2019s conglomerate has slammed what it described as \u201cSoros-funded interests\u201d after media outlets claimed the Adani Group had used complex and secretive offshore operations to boost its market value, citing documents obtained by a network of investigative journalists. The documents were unearthed by the non-profit Organized Crime and Corruption Reporting Project (OCCRP), […]<\/p>\n","protected":false},"author":1,"featured_media":6868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-6867","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nAdani blasts \u2018Soros-funded interests\u2019 after media raise new questions about business empire | Prosfunds<\/title>\n<meta name=\"description\" content=\"Indian billionaire Gautam Adani\u2019s conglomerate has slammed what it described as \u201cSoros-funded interests\u201d after media outlets claimed the Adani Group had\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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