Adani, Hindenburg trade barbs

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Editor's note: Hindenburg Research is not satisfied with the detailed response published by the Adani Group in response to the US-based short seller’s allegations of fraud and misgovernance at the Indian conglomerate. In a statement issued on Monday morning in India, Hindenburg says that the Adani Group failed to respond to 62 out of the 88 questions and only provided generalized deflections to allegations.From Hindenburg’s response: Our report detailed a vast labyrinth of offshore shell entities directed by or associated with Vinod Adani, the older brother of Chairman Gautam Adani. These entities included 38 entities in Mauritius, along with others in the UAE, Cyprus, Singapore, and various Caribbean islands.We presented extensive evidence that these entities have been used for (1) stock parking / stock manipulation (2) or engineering Adani’s accounting. We presented extensive evidence that these entities have been used for (1) stock parking / stock manipulation (2) or engineering Adani’s accounting. Many of our questions were focused on both the nature of these transactions and the lack of disclosure around the clear conflicts of interest involved. In its response, Adani did not …