Exclusive-India regulator probing ties between Adani Group and Gulf Asia fund, say sources
© Reuters. FILE PHOTO: The new logo of the Securities and Exchange Board of India is seen on the facade of its headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas/File photo
The fund has invested in several listed Adani firms, according to the Organised Crime and Corruption Reporting Project and data that the investigative journalist group has provided to Reuters. The conglomerate has previously said it categorically rejects allegations by OCCRP that there was an"opaque use" of funds by business partners to invest in its listed companies. It has also denied allegations made by Hindenburg, saying all transactions made with entities that qualified as related parties had been fully disclosed.
The non-profit global network of investigative journalists also alleged Gulf Asia used offshore structures to buy and sell Adani shares between 2013 and 2018, citing a review of filings from tax havens and internal company emails. EZY had been incorporated in the British territory in 2006, while Gulf Asia was incorporated there in May 2011.
Adani Enterprises has not listed Gulf Asia as a related party in its annual reports, although EZY Global was listed for the 2006-2011 fiscal years.
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