Deloitte Haskins & Sells LLP raised concerns on Tuesday over Adani Ports & Special Economic Zone's transactions with three entities, which the company said were unrelated parties. Moneyweb
Adani Ports & Special Economic Zone’s auditor said insufficient disclosures over certain transactions means it can only issue a qualified opinion on the company’s accounts, returning the spotlight to allegations made by short seller Hindenburg Research on Gautam Adani’s empire. But the auditor said it could not confirm that the parties were indeed unrelated, and that the firm has refused to get an independent external examination that would help prove so.
It’s the first time that a top auditor has issued a qualified opinion on part of the empire’s books citing allegations from the US short seller report that has wiped more than $100 billion off the group’s market value. The move will renew concerns that information gaps persist in the port-to-power conglomerate’s financial dealings, and risks hampering its attempts to move past Hindenburg’s allegations of extensive corporate fraud. The Adani Group has denied Hindenburg’s allegations.
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