Hindenburg Research is a firm that specializes in forensic monetary research that concentrates on cases like accounting irregularities, undisclosed related-party transactions, illegal or unethical business or financial reporting practices, and also undisclosed regulatory or financial issues among other things.
The firm has been founded by Nathan Anderson who, is a Chartered Financial Analyst (CFA) by qualification and has also completed a Chartered Alternative Investment Analyst (CAIA) course.
- The report is based on the findings of a two-year investigation. It said that the empire has “engaged in nervy stock manipulation and accounting fraud schemes over the course of decades”. It said that they spoke to dozens of people, including former and senior executives of the Adani Group, reviewed thousands of documents, and conducted diligence site visits in almost half a dozen countries.
- “We have uncovered evidence of impudent accounting fraud, stock manipulation, and money laundering at Adani, taking place over the course of decades. Adani has pulled off this gargantuan feat with the help of enablers in government and a cottage industry of international companies that facilitate these activities,” said the Hindenburg report.
Retort from Adani
In the interview following the 413-page report released to investors on Saturday, Adani Group answered all the 88 questions put forth by Hindenburg Research, said Singh in the interview. “All 88 questions have been answered. Even if we did not answer all 88 questions – they used our exposures and did not do any research. Sixty-eight of these questions are bogus and misrepresenting. They did not do any research – they cut, copied, and pasted and the report was a hit job on the FPO. It could be worse too – they did the research and deliberately misled the public. You should ask them. Ask them why they misrepresented the 68 questions,” said Singh.