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Occrp

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business2 years ago•1 min saved

Adani Group Denies Using 'Opaque' Funds, Stocks Experience Volatility

India's Adani Group has rejected a report by the Organized Crime and Corruption Reporting Project (OCCRP) that alleged the use of 'opaque' funds by business partners to invest in stocks. The conglomerate stated that the report had no substantial impact on its financials and that it remained in compliance with the law. Adani Group highlighted investments by entities such as Qatar Investment Authority and GQG Partners and reaffirmed its commitment to attracting investors. The group's listed companies had previously faced corporate governance concerns, resulting in a significant loss in market value.

via Reuters India|

#adani-group #business #compliance

business2 years ago•4 min saved

Adani Group Faces Accusations of Opaque Offshore Investments

The Adani Group, controlled by billionaire Gautam Adani, has been accused by the Organised Crime and Corruption Reporting Project (OCCRP) of using "opaque" Mauritius funds to obscure involvement of alleged business partners in their publicly traded stocks. The OCCRP report revealed that two individual investors with "longtime business ties" to the Adani family used offshore structures to buy and sell Adani shares. While there is no evidence that their money came directly from the Adani family, there is evidence that their trading was coordinated with the family. The Adani Group has rejected the allegations, stating that they are baseless and unsubstantiated. The report has caused a decline in Adani Group shares and raised concerns about corporate governance. The Securities and Exchange Board of India (SEBI) is conducting an ongoing investigation into the group.

via Al Jazeera English|

#adani-group #business #corporate-governance