New Delhi: After the report of Hindenburg, an American short-selling company that was making waves all over the world, the condition of the company worsened. Still it seems that Adani Group’s troubles are not ending. Talking about the Adani group, now Forbes has made a big claim in the report about Gautam Adani’s elder brother Vinod Adani. Hidenburg also tweeted a Forbes report claiming that the promoter’s stake in the Adani group has been pledged for the loan. According to a report published in Forbes, the Singapore unit of Vinod Adani pledged a large share of 240 million dollars to the promoters of Adani to obtain a loan from the Russian Bank for private companies controlled by him.
Vinod Adani is associated with an offshare company of the Adani Group
As soon as the Hindenburg report was released on January 24, share prices of the Adani Group and seven Listed companies fell in the stock market. Adani conglomerate took a hit of $152 billion and the situation worsened. Now, according to Forbes, Vinod Adani, who is an overseas Indian, has been associated with the group for a long time. And their off share companies are also linked in the center. Which is at the center of the companies. It net means that they are mainly related to business. Vinod Adani lives in Dubai. and manages business ventures there in Singapore and Jakarta. According to the Hurun India Rich List, he is the richest non-resident Indian in the world.
Two loan agreements were signed with the Bank of Russia
According to reports, according to a loan agreement from a Russian bank, Forbes claimed that Finacle Trade and Investment Pvt Ltd, a Singaporean company indirectly controlled by Vinod Adani, entered into loan agreements with the Russian government’s VTB Bank in the year 2020. Which was allowed by America last year because of Ukraine. As of April 2021, Finacle had borrowed $263 million and another related party also borrowed $258 million, the report revealed. The report also claims that later that year Finacle offered two investment funds, Akro Asia Trend & Investments Limited and Worldwide Emerging Markets Holding Limited, as guarantors for the loan.
Adani Group share holders
Shareholders of Adani Group Both Afro Asia Trade and Worldwide are major shareholders of Adani Group. Both the funds hold $4 billion worth of stock (Feb 16 market value) in Adani Enterprises, Adani Transmission, Adani Ports and Adani Power, all of which the funds accept as promoter entities. None of the funds disclosed pledged shares in Indian financial filings for the four Adani Group companies in which they have invested.
The Hindenburg claim
In its report released on January 24, Hindenburg claimed that the seven listed companies of the 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. After this report, Adani Group’s shares fell sharply and the company’s market value has halved.