Two people closely linked to India's Adani Group, one of the country's largest conglomerates, secretly purchased millions of dollars of stocks in the group's companies, possibly violating Indian law, according to a report Thursday by a network of investigative journalists.
Market rules require that at least 25% of a company's shares be available for public purchase. The report by the Organized Crime and Corruption Reporting Project said the two men used "opaque investment funds based in the island nation of Mauritius" to obscure their involvement in controlling up to nearly 14% of the public shares.
The findings by the non-profit project were reported by The Guardian and The Financial Times. The project said they were based on files from multiple tax havens, bank records and internal Adani Group emails.
It identified the two investors as Nasser Ali Shaban Ahli and Chang Chung-Ling, and said they have longtime business ties to the Adani family and have served as directors and shareholders in the group's companies.
The two investors traded large amounts of shares in four Adani companies between 2013 and 2018, the report said.
The Adani Group rejected the report, saying all of its publicly listed entities were in compliance with the law.
Stocks in all 10 of the Adani Group's listed companies fell by up to 4% in trading Thursday afternoon.
The AP has not independently verified the allegations.
The report said that through the Mauritius funds, the two men bought and sold Adani stock and "made considerable profits in the process."
"The question of whether this arrangement is a violation of the law rests on whether Ahli and Chang should be considered to be acting on behalf of Adani promoters," it said. "If so, their stake in the Adani Group would mean that insiders altogether owned more than 75% allowed by law."
In January, the U.S.-based short-selling Hindenburg Research firm accused the Adani Group and its head, Gautam Adani, of "brazen stock manipulation" and "accounting fraud."
Following those accusations, which the Adani Group denied, Gautam Adani's net worth, which once made him Asia's richest man, shrank by over $30 billion, according to Bloomberg's Billionaire Index. At an estimated net worth of $64 billion today, Adani now occupies the 20th spot on the list.
Adani, 61, is perceived as having close ties to Prime Minister Narendra Modi. His critics say much of his success stems from his proximity to the government and to Modi, who at times has campaigned using an Adani jet. The tycoon has denied receiving preferential treatment from the government.
His companies, including infrastructure, coal, renewable energy and media, lost tens of billions in market value as investors dumped Adani stocks after the Hindenburg claims.
In March, India's top court directed the country's market regulator, the Securities and Exchange Board of India, to investigate whether there had been a violation of rules or manipulation of stock prices by the Adani Group.
The board told the Supreme Court last week that its investigation was nearly complete and included an examination of offshore deals, without outlining its findings, local media reported.
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A judge in a rural Kentucky county was shot and killed in his courthouse chambers Thursday, and the local sheriff was charged with murder, police said.
A 22-year-old woman who became an abortion rights advocate after she was raped by her stepfather as a child tells her story in a new campaign ad for Democratic presidential nominee Kamala Harris.
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Prime Minister Justin Trudeau tapped Treasury Board President Anita Anand to take on additional duties as Canada's minister of transport on Thursday.
Conservative Leader Pierre Poilievre and NDP Leader Jagmeet Singh got into a heated exchange in the House of Commons on Thursday, just minutes after Singh announced his party would not be supporting the Conservatives' first non-confidence motion against Prime Minister Justin Trudeau's government.
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Ontario’s Minister of Sport, Neil Lumsden, will donate his brain to research.
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British actress Florence Pugh has revealed that shaving her head for her latest movie role was a 'really bizarre' experience that sent her body 'into a bit of trauma.'
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Nike Inc. said Thursday it has named Elliott Hill as its president and CEO, replacing John Donahoe, who will retire next month.
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Ontario Provincial Police executed a search warrant in Walkerton.
Standing up, speaking out, and showing solidarity — survivors and supporters gathered in the core to take back the night in Windsor. The city is just one of a growing list of communities that have declared intimate partner violence (IPV) an epidemic.
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SERVEONE Canada, a global procurement solution company, has begun Canadian operations in Tecumseh.
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A Lethbridge couple got a good reminder as to why you should keep your vehicle doors locked at all times.
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Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
Jim Lester’s farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
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