Adani Group, India’s largest corporation and an aspiring media empire builder, has been accused by a U.S. investment firm of “pulling the largest con in corporate history.” Hindenburg Research, a f…
’s largest corporation and an aspiring media empire builder, has been accused by a U.S. investment firm of “pulling the largest con in corporate history.”
Adani Group denied the accusations. “The group has always been in compliance with all laws,” said chief financial officer, Jugeshinder Singh, in a statement on Wednesday., who is a close ally of Indian Prime Minister Narendra Modi, is calculated to be the richest person in Asia and the third or fourth richest person in the world, with a personal fortune of some $120 billion.
Adani Group’s media interests are new and small in comparison with the rest of the conglomerate. In May last year, it bought a small digital publishing company. In August, Adani’s AMG Media Networks Limited mounted a hostile bid for New Delhi Television , one of India’s most trusted news sources, and. The media businesses are not accused by Hindenburg of any misdeeds.
Among the specifics, Hindenburg accuses the group of: inflating revenue and profit figures; close family-control despite the size of the group; use of offshore companies in to disguise true ownership; and using Adani-controlled overseas funds to make the stock market listed entities appear more creditworthy than they really are.
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