The difficulties of Adani Group do not seem to end. After Hindenburg, Forbes in one of its reports has made a big allegation against Gautam Adani’s brother Vinod Adani. The report claimed that the promoter’s stake in the group was pledged for the loan.
After the report of the American short-selling company Hindenburg Research, the difficulties are not ending for the Adani Group. Regarding Adani Group, Forbes has now made a big claim in its report about Gautam Adani’s elder brother Vinod Adani. Hindenburg also tweeted the Forbes report, which made the claim. That the promoter’s stake of Adani Group has been pledged for the loan.According to the report, the Singapore unit of a private company controlled by Vinod Adani has pledged Adani’s promoter’s stake worth $240 million for a loan from a Russian bank.
The market value of the seven listed firms of the Adani group has declined by $125 billion since Hindenburg’s January 24 report.Forbes claimed in its report that Vinod Adani, who is an overseas Indian. He has been at the center of offshore companies linked to the Adani Group for a long time. Means that mainly related to business.Vinod Adani is living in Dubai and manages business ventures there as well as in Singapore and Jakarta. According to the Hurun India Rich List, he is the richest non-resident Indian in the world.
The Forbes report claimed that Pinnacle Trade and Investment Pte., a Singapore company indirectly controlled by Vinod Adani. Lte. In the year 2020, had entered into a loan agreement with VTB Bank of Russia. As of April 2021, Pinnacle borrowed $263 million and lent $258 million to an unnamed party.
Pinnacle represented Afro Asia Trade & Investments and Worldwide Emerging Markets Holding Limited as guarantors for the loan. Both of them are major shareholders of Adani Group. Both have $4 billion worth of stock in Adani Group companies. According to experts, the allegations of wrongdoing on the Adani Group become more serious with this report. The Forbes report vindicates Hindenburg’s allegations against the company.
Hindenburg has claimed in its report that the listed seven companies of Adani Group are 85 percent overvalued. The report also claims that the Adani group has been engaged in stock manipulation and money laundering for decades. Since this report, the shares of Adani Group have fallen drastically and the market capitalization of the companies has come down to half.
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