Adani’s dollar bonds and stocks declined, with Adani Enterprises Ltd. shares falling 5.2% before reducing losses. The Organised Crime and Corruption Reporting Project (OCCRP) claims that Nasser Ali Shaban Ahli and Chang Chung-Ling traded Adani Group stock for several years, with long-standing financial ties to the Adani family. The OCCRP found that Ahli and Chung-Ling had positions as directors and shareholders in Adani Group companies and businesses connected to Vinod Adani, the brother of billionaire founder Gautam Adani.
The OCCRP concluded that Ahli and Chung-Ling had years of trading Adani stock through offshore entities, making material profits, and receiving investment advice from Vinod Adani. Adani Group dismissed the allegations, stating they centered on cases resolved ten years ago. The claims have no relevance or basis.
Shares of the Adani Group declined following OCCRP allegations regarding offshore owners
The OCCRP claims that the paperwork shows how unidentified investment funds with Mauritius-based headquarters helped hundreds of millions of dollars vanish in traded Adani stock.
Adani Group caught up in a new investigation
Following allegations of business fraud and stock price tampering made by short-seller Hindenburg Research in January, Adani Group shares and bonds fell after potentially contentious owners of its stock emerged in a new investigation.
10 of Adani’s listed stocks declined
Most of the group’s dollar bonds and all 10 of Adani’s listed stocks declined on Thursday. Before cutting losses, shares of the company’s flagship, Adani Enterprises Ltd., fell as much as 5.2%.
The Organised Crime and Corruption Reporting Project
The Organised Crime and Corruption Reporting Project, a worldwide organization of investigative reporters, claimed in an intensely anticipated report that Nasser Ali Shaban Ahli from the United Arab Emirates and Chang Chung-Ling from Taiwan traded hundreds of millions of dollars value of Adani Group stock for several years. Records collected by the organization’s staff show this to be the case.
The two men have long-standing financial ties to the Adani family
The OCCRP stated on its website that the two men have long-standing financial connections to the Adani family as they held positions as directors and shareholders in Adani Group companies, as well as in businesses connected to Vinod Adani, the brother of the conglomerate’s billionaire founder, Gautam Adani.
What OCCRP Remarked
According to the OCCRP, the documents demonstrate how hundreds of millions of dollars fell in traded Adani stock through mysterious investment funds based in Mauritius. The documents received support from people with firsthand knowledge of the Adani Group’s operations and public information from multiple countries.
The OCCRP concluded that the records “indicate that these individuals endured years of purchasing and selling Adani stock via offshore entities that concealed their connection through the Mauritius funds and made material profits in the procedure.” Additionally, they demonstrate that the leadership firm in control of their financial affairs gave a Vinod Adani firm to provide them with investment advice.
Adani Group’s Response
In a statement released on Thursday, Adani Group stated that it dismissed “these reused allegations,” incorporating that they centered on cases previously resolved ten years before. These accusations regarding the transfer of funds have no relevance or basis.”
After receiving the documents from the OCCRP earlier, The Financial Times and The Guardian released articles about them.