Adani Group Denies Hindenburg's Allegations, Calls Them "Preposterous and Absurd"

Team FS

13/Sep/2024

What's Covered Under the Article:

Adani Group has categorically denied Hindenburg Research's claims about Swiss bank account funds being frozen.

The conglomerate asserts it has no involvement in any Swiss court proceedings and that the allegations are "preposterous and absurd."

Adani Group reaffirms its commitment to transparency and compliance with all legal and regulatory standards.

The Adani Group has firmly rejected the latest allegations from Hindenburg Research regarding the freezing of funds in Swiss bank accounts. According to Hindenburg Research, citing a report by Swiss media outlet Gotham City, over USD 310 million in funds across various Swiss bank accounts were allegedly frozen as part of an investigation into Adani Group.

In a strong rebuttal posted on X (formerly Twitter), the Adani Group stated that these claims are completely baseless. The company emphasized that it has no involvement in any Swiss court proceedings and that none of its accounts have been subjected to sequestration by any authority. The statement from Adani Group read, “We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority. Furthermore, even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body.”

The conglomerate further dismissed the allegations as "preposterous, irrational, and absurd," asserting that they are part of a coordinated effort to damage the company's reputation and market value. Adani Group reiterated its commitment to transparency and compliance with all legal and regulatory requirements, condemning what it views as attempts to undermine its credibility.

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Adani Group Denies Hindenburg's Allegations, Calls Them "Preposterous and Absurd"

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