New Delhi: In relief to the Adani group, the news has come from Mauritius, with Mauritius Finance Minister Mahen Kumar Sirutton telling the parliament of his nation of Mauritius that Hindenburg Research’s allegations of the presence of ‘shell’ companies of the Adani group in our country. false and baseless’ and that Mauritius was complying with tax rules mandated by the OECD. US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used Mauritius-based shell companies to manipulate the share prices of his Indian-listed companies.
A shell company is a defunct firm used as a vehicle for various financial manipulations. A Member of Parliament (MP) raised a question through a written notice regarding Hindenburg’s allegations of money laundering and stock price manipulation for the Adani group to which the minister replied that the law of the land does not allow such operations. Allegations of presence of shell companies in Mauritius are false and baseless,” he said. “According to the law, shell companies are not allowed in Mauritius.”
All global trading companies licensed by the Financial Services Commission have to meet the necessary requirements on an ongoing basis and are strictly monitored by the commission, “So far, there have been no breaches,” he said. He said the Financial Services Commission has taken note of the Hindenburg report but the regulator is bound by the confidentiality clause of the law and cannot disclose details. “The Financial Services Commission can neither deny nor confirm whether an investigation has been conducted or an investigation is being conducted. As such, disclosing information about global trading companies would be a violation of Section 83 of the Financial Services Act and could adversely affect the reputation of our jurisdiction. “
“Regarding the allegation that Mauritius is a tax haven, I would like to inform the House that Mauritius strictly adheres to international best practices and has been aligned with OECD standards on economic cooperation and development,” the Mauritian minister said.