Hindenburg recently released a 2 years research-based 106 pages report with 32000 words. The reports revealed the truth of various businesses of Gautam Adani. Adani soon replied to the report calling it ‘unresearched’. The billionaire provided a 413 pages report in reply to the accusations.
Adani’s Reply to Hindenburg Report
Hindenburg reveals that the reply contains only 30 pages that are actually related to their concerns. Other than that, 330 pages were just related to court records and the other remaining pages concluded high financial reports and general information. The reply also consisted of the ethical value of the company including the production of safe vegetables and encouragement to female entrepreneurship.
Hindenburg vs Adani
The report only replied to 62 of 88 questions that Hindenburg asked. Hindenburg revealed that Adani indulged in suspicious dealings with his brother Vinod Adani. The dealings were highly confidential and included conversion billions dollars.
Gautam Adani’s defense: He said that his brother Vinod is not related to any of his parties and neither is he related to any of the opaque transactions.
The report wanted to enclose that how did the transactions ended up through Vinod Adani-Associated Offshore Shell Entities Through The Adani Group. In its defense, Adani replied that “We are neither aware nor required to be aware of the “Source of Funds”.
Also Read: Adani’s 7 Major Firms Down After Hindenburg Report!! See What the Report Reveals…
Conclusion
The response from the billionaire seems flawed and based on the judgments, it can be said that the Hindenburg report was right at last. Adani’s defense report has also ignored major key questions making it even more suspicious.
A politician shared data that shows Gautam Adani has slipped down to 9th position in the World’s richest list.
#Adani further slips down to 9th position. The bubble is getting burst! pic.twitter.com/d9VUKtYQUl
— YSR (@ysathishreddy) January 30, 2023