Hindenburg: Fraud can’t be obfuscated by nationalism
US short seller Hindenburg Research intensified its fight against the Adani Group on Monday by highlighting how the ports-to-power conglomerate’s 413-page response to its critical report ignored key questions, especially the ones tied to suspect transactions with offshore entities.
The Adani Group failed to specifically answer 62 of its 88 questions and tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, the US group pointed out.
“To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation,” Hindenburg said in the statement titled ‘Fraud Cannot Be Obfuscated By Nationalism’.
