What is at stake as Hindenburg Research picks a fight with India’s mightiest tycoon?
beginnings in the 1980s, Gautam Adani has emerged as India’s richest citizen. Now, in just a few days, the foundations of his sprawling empire have been shaken. On January 24th a small New York investment firm, Hindenburg Research,calling the Adani Group “the largest con in corporate history”.
In targeting Mr Adani, Hindenburg could not have selected a bigger whale. After dropping out of school at the age of 16, the entrepreneur moved through a succession of jobs, trading first in diamonds, then in metals and cereals, before entering the infrastructure business. Today his firms run some of India’s biggest ports, warehouse 30% of its grain, operate a fifth of its power-transmission lines, accommodate a quarter of its commercial air traffic, and produce perhaps a fifth of its cement.
Mr Adani is widely regarded as a master operator, with a genius for navigating the complicated legal and political landscape of Indian capitalism. Some investors have, though, occasionally expressed concerns about his group’s governance and opaque finances. That is the focus of Hindenburg’s report. It describes a complex network of funds and shell companies, some based in Mauritius, which interact with 578 subsidiaries spread through the seven publicly listed firms.
As a consequence, Hindenburg wrote, valuations for the companies were overstated by as much as 85% and financial holes were temporarily papered over, despite severe shortages of liquid assets in five of the public firms. The group’s “obvious accounting irregularities and sketchy dealings” were enabled by “virtually non-existent financial controls”.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Hindenburg’s critique of the Adani empireA small investment firm picks a fight with India’s richest tycoon
Lire la suite »
Research evaluates neonatal outcomes of pregnancies complicated by maternal obesityResearch evaluates neonatal outcomes of pregnancies complicated by maternal obesity Neonatology Obesity Pregnancy neonatal morbidity BMI mortality AJOG_thegray ajogmfm
Lire la suite »
Belfast experimental cancer centre to get £1.7m research fundingA man who was diagnosed with cancer in 2012 has said he 'owes his life' to advances in treatments made by a cancer centre in Belfast
Lire la suite »
Inside DARPA's plan to speed research-to-reality pipelineHow to shave years off the journey from military lab to real-world use
Lire la suite »
Gleneagles named Scotland's top wintry hotel hotspot in new researchNew research has revealed the top wintry hotel hotspots across the UK according to video sharing platform TikTok, and the Gleneagles Hotel in Perthshire topped the list for Scotland.
Lire la suite »
Running For Our Lives: Taking on 56 miles in aid of Cancer Research UKBoth of his parents battled cancer. One won, one lost. Now DMorris_Star is getting his trainers on and doing his bit for the fight. CancerResearch
Lire la suite »