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In India, an explosive report is shaking the country’s financial centers. Published by an American firm, it reveals that one of the largest groups in the country, Adani, is responsible, among other things, for manipulating its share price and questionable financing. This conglomerate, held by the richest man in Asia, is supported by the government of Narendra Modi, which would allow it to escape the control of the authorities.
With our correspondent in India, Sebastien Farcis
The group Adani is everywhere in India: in ports, airports, solar energy or the media. It is the “Indian Bolloré”, and richer: in the past three years, its seven listed companies have jumped 800%, making its CEO, Gautam Adani, one of the richest men in the world.
However, for the American investment company Hindenburgthis enrichment is partly fraudulent: following two years of investigation, the firm produces an explosive report of 100 pages which details the use of shell companies to finance its companies in a dubious way.
Illegal price inflation
as well as companies offshore, controlled by the Adani family, to reinvest in the group and thus illegally inflate stock prices. Gautam Adani’s closeness to the government would allow him to escape investigations by the Indian authorities.
But the multinational, highly indebted abroad, exposes the world markets and companies like the French TotalEnergies, which has invested heavily in this group. Adani denied these accusations, but his companies lost 5% of their stock market value in 24 hours, the equivalent of eleven billion euros.
►Also read : India: Gautam Adani now second richest person in the world (September 21, 2022)
