Another big allegation on Adani Group, did this work for loan from Russia's bank
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 the 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 claimed that the promoter's stake in 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.
Vinod Adani is associated with offshore companies
Since the January 24 Hindenburg report, the market value of the seven listed firms of the Adani group has declined by $125 billion. Forbes has claimed in its report that Vinod Adani, who is an overseas Indian. He has been at the center of offshore companies associated with the Adani Group for a long time. Means that mainly related to business. Vinod Adani is living in Dubai and manages business businesses in Singapore and Jakarta as well as there. According to the Hurun India Rich List, he is the richest non-resident Indian in the world.
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Loan agreement with Bank of Russia
Forbes has also claimed in its report that Vinod Adani's indirectly controlled Singapore company Pinnacle Trade and Investment Pte. Lte. In the year 2020, had entered into a loan agreement with VTB Bank of Russia. It was approved by the US last year due to the Ukraine war. As of April 2021, Pinnacle had borrowed $263 million and lent $258 million to an unnamed related party. The report said that later that year, Pinnacle offered two investment funds - Afro Asia Trade & Investments Ltd and Worldwide Emerging Markets Holding Ltd - as guarantors for the loan.
Shareholders of Adani Group
Both Afro Asia Trade and Worldwide are major shareholders of the Adani Group. Both the funds hold $4 billion worth of stock (as on February 16 market value) in Adani Enterprises, Adani Transmission, Adani Ports and Adani Power, all of which the fund accepts as 'promoter' entities. None of the funds have disclosed pledged shares in the Indian financial filings for the four Adani Group companies in which they have invested.
Hindenburg claim
Hindenburg has claimed in his report that the listed seven companies of Adani Group are 85 percent overvalued. The report also claimed 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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