Sunday, October 13, 2024

Adani Group Stocks, Adani Enterprises, Adani Power, Adani Green Energy Share Price Updates 13 Sep 2024: Adani Group stocks in focus as company rejects Hindenburg’s Swiss allegations, Adani Power, Adani Green Energy, Adani Enterprises’ stocks close in red

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US based short seller Hindenburg Research claimed that Swiss authorities have frozen more than USD 310 million in funds across multiple Swiss bank accounts as part of money laundering allegations into Adani Group, a charge the conglomerate vehemently denied.

In a post on X, Hindenburg cited “newly released Swiss criminal records reported by Swiss media outlet” to state that “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, dating back as early as 2021.” “Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks,” it said citing the report.

Adani group rejected the allegations as baseless saying it had no involvement in any Swiss court proceedings.

“We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority,” it said.

It went on to state that “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. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws.” The allegations, it said, “are clearly preposterous, irrational, and absurd. We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group’s reputation and market value.” “The Adani Group remains steadfastly committed to transparency and compliance with all legal and regulatory requirements,” it added.

PTI





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