India's Adani Group, run by Asia's richest man, has hit back at a report from U.S.-based short-seller Hindenburg Research, calling it 'malicious,' 'baseless' and full of 'selective misinformation.' Shares in the conglomerate have suffered massive losses since Hindenburg issued its report alleging fraud and other malfeasance.
Dried branches of a tree stand outside Adani Corporate House in Ahmedabad, India, Friday, Jan. 27, 2023. India's Adani Group, run by Asia's richest man, has hit back at a report from U.S.-based short-seller Hindenburg Research, calling it "malicious," "baseless" and full of "selective misinformation."
"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," Adani's statement said. Gautam Adani and his family have built a vast fortune mining coal to fuel energy-hungry India's fast-growing economy. Businesses in the conglomerate include infrastructure, ports, data transmission, media, renewable energy, defence manufacturing and agriculture. Adani's own net worth has skyrocketed nearly 2,000% in recent years.
Hindenburg said its report, "Adani Group: How the World's 3rd Richest Man is Pulling the Largest Con in Corporate History," followed a two-year investigation. It listed 88 questions it invited the company to answer. Most of the allegations involved concerns about the group's debt levels, activities of its top executives, use of offshore shell companies and past investigations into fraud.
In its response to Hindenburg, the Adani Group said none of the 88 questions was "based on independent or journalistic fact finding." It rejected numerous questions as baseless, misleading or biased. In response to other questions, the group attached documents and tables of data and said it had followed local laws.
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