Hindenburg research Allegations against Gautam Adani: Gautam Adani is one of the Asia’s richest men and at one point last year was second only to Elon Musk in the world. Here’s some background of Adani;
Who is Gautam Adani? What’s his net worth?
Adani was born to a small textile merchant family in 1962 in the western industrial state of Gujarat. He dropped out of university and began his career sorting diamonds for a firm in Mumbai.
How does Adani make money?
Adani Group today comprises 6 major companies with interests ranging from energy to transportation and infrastructure development. It’s India’s largest port operator and manages some of the country’s biggest airports.
What are Adani’s companies?
- Adani Green Energy Ltd. (Renewable power generation)
- Adani Transmission Ltd. (Power transmission)
- Adani Total Gas Ltd. (Gas distribution)
- Adani Power Ltd. (Coal-fired power generation)
Hindenburg’s main allegations against Gautam Adani
Hindenburg Research Report, founded by short-seller Nathan Anderson, issued a 100-page report accusing the Indian richest businessman Adani. Here are some allegation against him as follows;
- Adani Group has previously been the focus of four major government investigations relating to allegations of fraud.
- five of seven key listed Adani companies have reported current ratios, a measure of liquid assets minus near-term liabilities, of below 1 which it said suggested “a heightened short-term liquidity risk”.
Hindenburg said “Adani failed to specifically answer 62 of our 88 questions.”
Hindenburg said it “found Adani’s lack of direct and transparent answers” on the allegations of use of offshore entities “telling”.
