“Adani Group Raises Concerns Over New Attempts to Undermine Financial Stability, Cites British Newspaper and George Soros”
The Adani Group has raised concerns about the British newspaper Financial Times, claiming it plans to publish a story on alleged coal import over-invoicing aimed at destabilizing one of India’s largest companies. The conglomerate accuses the newspaper of rehashing old, baseless allegations, and highlights its collaboration with OCCRP and funding from George Soros.
The Adani Group, one of India’s leading conglomerates, has accused the British newspaper Financial Times of launching “renewed” efforts to destabilize the group by planning a story on alleged over-invoicing of coal imports. The conglomerate alleges that the newspaper has been running a relentless campaign against its companies and has called these attempts baseless and motivated by vested interests.
In a statement, the Adani Group claimed that Financial Times, in collaboration with OCCRP, was planning a story to financially destabilize the conglomerate. This follows previous reporting by the newspaper and OCCRP, which alleged that two individuals connected to Gautam Adani’s brother Vinod Adani were using Bermuda’s Global Opportunities Fund to trade shares of Adani Group. The report raised questions about whether these individuals were being used to bypass regulations related to Indian companies’ share price manipulation.
The Adani Group also pointed out that the OCCRP (Organized Crime and Corruption Reporting Project) is funded by George Soros, who has openly expressed hostility toward the Adani Group.
The conglomerate emphasized that Financial Times’ proposed story is based on a General Alert Circular from the Directorate of Revenue Intelligence (DRI) dated March 30, 2016. The circular mentioned 40 importers, including Adani Group companies, in connection with alleged over-valuation in coal imports. However, the Adani Group argued that the issue had been settled in its favor by India’s highest court of law.
The Adani Group further accused Financial Times of selectively misrepresenting publicly available facts and suppressing judicial decisions to arrive at a predetermined conclusion. It described the newspaper’s approach as a “clever recycling” of information.
This development follows a report by American short-seller Hindenburg in January that accused the Adani Group of account fraud and stock manipulation. Although the Adani Group dismissed the report, it led to a significant decline in the group’s stock value, resulting in substantial financial losses for Gautam Adani.
Over the past few months, the Adani Group has seen a partial recovery in its wealth due to investments by Indian-American investor Rajiv Jain. According to Forbes Billionaires Index, Gautam Adani is currently the 24th richest person globally, with a net worth of $54.6 billion.
The ongoing conflict between the Adani Group and Financial Times highlights the challenges and controversies faced by prominent business entities in the global media landscape, particularly when allegations of financial misconduct and market manipulation come into play.
Sources By Agencies
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