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Adani Group faces fresh allegations on offshore funds
Mint Mumbai
|September 01, 2023
The Adani Group faced fresh allegations of opaque financial dealings after a global network of investigative journalists published a report alleging that the company invested millions of dollars in its own companies through secret offshore structures.
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The Organized Crime and Corruption Reporting Project’s (OCCRP’s) investigations, published by The Guardian and Financial Times, dragged down the market value of the 10 Adani group stocks by ₹35,210 crore.
Two associates of Vinod Adani, the elder brother of Adani Group founder Gautam Adani and a member of the promoter group, are alleged to have created a complex web of structures within a foreign fund based in Bermuda to trade in Adani stocks. The two individuals, Nasser Ali Shaban Ahli of the United Arab Emirates and Chang Chung-Ling of Taiwan, are said to have used the Global Opportunities Fund to trade in Adani stocks without disclosing their business ties with the Adani family.
Dit verhaal komt uit de September 01, 2023-editie van Mint Mumbai.
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