Adani Group rejects allegations of 'Hidden Foreign Investors' amidst controversy
By Team Newsable | First Published Aug 31, 2023, 10:13 AM ISTThe group clarified that these allegations are based on cases from a decade ago when the Directorate of Revenue Intelligence (DRI) had probed accusations related to over invoicing, overseas fund transfers, related party transactions, and investments through Foreign Portfolio Investors (FPIs).
Amidst recent allegations raised by the George Soros-owned Organised Crime and Corruption Reporting Project, the Adani Group has firmly rejected any claims of concealed foreign investors. Dismissing these allegations, the group asserted that they perceive the reports as an orchestrated attempt to revive the baseless Hindenburg report, backed by Soros-funded interests and a portion of the foreign media.
The Adani Group's statement highlighted that these claims are not novel, as they were anticipated and reported by the media last week.
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The group clarified that these allegations are based on cases from a decade ago when the Directorate of Revenue Intelligence (DRI) had probed accusations related to over invoicing, overseas fund transfers, related party transactions, and investments through Foreign Portfolio Investors (FPIs).
The Adani Group's statement further revealed that an independent adjudicating authority and an appellate tribunal had both ruled that there was no over-valuation and that the transactions adhered to applicable legal norms.
The case reached its conclusion in March 2023 when the Supreme Court of India ruled in favor of the group. In light of this ruling, the group emphasized that since there was no over-valuation, the allegations pertaining to fund transfers lack relevance and a solid foundation.
The Organized Crime and Corruption Reporting Project (OCCRP) shared its investigation findings with prominent international publications, namely The Guardian and Financial Times. These publications have released news reports based on a compilation of files from various tax havens, bank records, and internal emails of the Adani Group.
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The OCCRP report specifically identified Nasser Ali Shaban Ahli and Chang Chung-Ling as the two individual investors involved in the alleged investments. These individuals were described by OCCRP as "longtime business partners" of the Adani family.
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