Swiss lender’s private banking unit assigns zero lending value for notes sold by Indian billionaire’s companies in wake of Hindenburg report, which alleges corporate malfeasance
Credit Suisse Group has stopped accepting bonds of Gautam Adani’s group of companies as collateral for margin loans to its private banking clients, a sign that scrutiny of the Indian tycoon’s finances is growing after allegations of fraud by short-seller Hindenburg Research.
The Swiss lender’s private banking arm has assigned a zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai, according to people familiar with the matter, who asked not to be identified discussing private information. It had previously offered a lending value of about 75% for the Adani Ports notes, one of the people said. ..
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