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US Declares Hindenburg Charges Against Adani Company “Irrelevant”

The report stated that DFC was satisfied that Adani Ports & Special Economic Zone Ltd., the subsidiary leading the Sri Lankan project, was not subject to the charges made in the Hindenburg Report Adani.

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US Declares Hindenburg Charges Against Adani Company “Irrelevant”

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  1. US Declares Hindenburg Charges Against Adani Company “Irrelevant”

  2. According to a senior US official, the US government recently stated that short-seller Hindenburg Report Adani accusations of corporate fraud against billionaire and chairman of the Adani Group Gautam Adani were irrelevant and had no bearing on the US decision to provide up to $553 million for a Sri Lankan terminal. According to a report in Bloomberg News, the International Development Finance Corp., or DFC, focused heavily on claims made by US-based Hindenburg Research during its due diligence investigation of the conglomerate.

  3. Conglomerate Not Subjected to Hindenburg Report Adani Allegations The report stated that DFC was satisfied that Adani Ports & Special Economic Zone Ltd., the subsidiary leading the Sri Lankan project, was not subject to the charges made in the Hindenburg Report Adani. The DFC official declined to be named in order to discuss the specifics of the negotiations, but expressed satisfaction that the charges made in the short-seller’s report—which claimed Adani was pulling off “the largest con in corporate history”—did not apply to Adani Ports & Special Economic Zone Ltd., the subsidiary leading the Sri Lankan project.

  4. Signing of a $700 Million Agreement Adani Ports and the Sri Lankan conglomerate John Keells Holdings signed a $700 million agreement in September 2021 to jointly develop the terminal. Adani’s port agreement in Sri Lanka represents one of the largest and most well-known infrastructure projects in Asia supported by the US government. It follows years of American efforts to fend off China’s expanding influence in the area as a result of President Xi Jinping’s Belt and Road Initiative to build infrastructure around the globe. Since January 2023, the Adani Group has been caught in controversy over allegations of corporate misgovernance made by US-based Hindenburg Research, among other things. Adani Ports, which at the time had reserves of Rs. 86 billion, was the only listed company in the Group, according to Hindenburg Report Adani.

  5. What is the Sri Lanka Port Deal? US government-backed port agreement in Sri Lanka is one of the largest infrastructure projects in Asia. This action is in line with US efforts to thwart China’s growing influence in the area, especially in light of President Xi Jinping’s Belt and Road Initiative. During the deal announcement in Colombo, Adani Ports CEO and Whole Time Director Karan Adani described it as a reaffirmation by the international community of the conglomerate’s vision, capabilities, and governance. “We interpret this as a confirmation from the global community of our goals, our capacities, and our leadership,” Karan Adani told reporters in Colombo following the announcement of the deal.

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