Mauritius Financial News

Shares of most Adani group companies fell 2-4% on Thursday as sentiment soured after a report by Organised Crime and Corruption Reporting Project (OCCRP) — a network of investigative reporters backed by billionaire-philanthropist George Soros — alleged that business partners of the Adani family made large investments in its shares through 'opaque' Mauritius funds. The group lost nearly ₹35,200 crore in market capitalisation following the sell-off. Shares of Adani Green Energy fell 4.3%, while Adani Enterprises, Adani Transmission and Ambuja Cements fell nearly 4%.

OCCRP, a global collective of investigative journalists backed by billionaire George Soros and others, on Thursday said it has uncovered a trail of financial transactions to show that Adani Group promoters indulged in share price manipulation of at least four group company stocks via undisclosed related entities. In its report, the Organized Crime and Corruption Reporting Project (OCCRP) alleged that two overseas funds, or foreign portfolio investors (FPIs), that invested extensively in Adani stocks during 2013-18 acted as «fronts» for the group's promoters.Recycled Allegations: Adani OCCRP also said they were managed by individuals who are former associates of Adani Group. «Nasser Ali Shaban Ahli from Taiwan and Chang Chung-Ling from the United Arab Emirates, both with longstanding business ties to the Adani family, who have also served as directors and shareholders in Adani Group companies and related Vinod Adani-associated firms, used the funds to trade large amounts of shares in four Adani companies between 2013 and 2018,» the collective's report said. «In March 2017, the value of these investments in Adani Group stock was $430 million.

Narendra Modi over the recent allegations made against the Adani Group by the Organized Crime and Corruption Reporting Project (OCCRP). The OCCRP alleged that hundreds of millions of dollars were invested in publicly traded Adani stock through opaque investment funds based in Mauritius to fuel the spectacular rise in group stocks from 2013 to 2018.

By Krishn Kaushik, Aditya Kalra and Scott Murdoch

Two people closely linked to India’s Adani Group, one of the country’s largest conglomerates, secretly purchased of millions of dollars of stocks in the group’s companies, possibly violating Indian law, according to a report by a network of investigati...

₹35,000 crore in a day. Data show that the overall mcap of all 10 stocks in the previous session was about ₹10.84 lakh crore in the previous session which dropped to nearly ₹10.49 lakh crore today, eroding about ₹35,000 crore in a single session. Barring the shares of ACC (up 0.47 per cent) all stocks of the group ended in the red, falling up to 4 per cent.

Rahul Gandhi on Thursday while addressing a press conference demanded a thorough investigation after the OCCRP released a report on the Adani Group. He also asked why the prime minister is quite on the matter. «Joint Parliamentary Committee should be allowed and a thorough investigation should take place in Adani matter,» said the Congress MP. After the Hindenburg report, another avalanche of allegations hit business magnate Gautam Adani on Thursday when an OCCRP report claimed that the group’s publicly traded stocks reportedly saw the movement of millions of dollars via ‘opaque’ Mauritius funds that ‘obscured’ the involvement of alleged partners of the Adani family. The Adani Group ‘categorically rejected these recycled allegations’ by the Organised Crime and Corruption Reporting Project (OCCRP). He said «Why is this one gentleman close to the prime minister being allowed to move a billion dollars to pump up his share price.»

special session of Parliament to manage the news cycle that is dominated by fresh allegations against the Adani Group and will focus on the opposition bloc INDIA's meeting on Friday. The demand for a Joint Parliamentary Committee (JPC) probe into the allegations against the Adani Group, however, will continue to resonate inside and outside Parliament, Congress general secretary Jairam Ramesh said in a post on X, formerly Twitter. The government has convened a five-day special session of Parliament from September 18 and 22, Parliamentary Affairs Minister Pralhad Joshi said earlier on Thursday. There was no official word on the agenda of the session which will be held days after the G20 Summit in Delhi on September 9 and 10. Earlier in the day, the Organised Crime and Corruption Reporting Project (OCCRP)alleged hundreds of millions of dollars were invested in publicly traded group stocks of billionaire Gautam Adani's group through Mauritius-based «opaque» investment funds managed by partners of promoter family, charges the conglomerate denied vehemently. Shares of the Adani Group stocks fell after the report of the investigative reporting platform was made public. The fresh allegations by the organisation funded by the likes of billionaire investor George Soros and Rockefeller Brothers Fund come months after a US short seller wiped away close to $150 billion in value of Adani Group stocks with allegations of accounting fraud, stock price manipulation and improper use of tax havens by the ports-to-energy conglomerate. The Adani Group has denied all Hindenburg allegations.

The latest report by the Organised Crime and Corruption Reporting Project (OCCRP) against Adani Group has erupted a new political and economic storm in India. The report has alleged Gautam Adani's family of investing millions of dollars in its own companies via “opaque" Mauritius funds. The report mentions two of company associates, Chang Chung-Ling and Nasser Ali Shaban Ahli, and alleges them of investing heavily in Adani group's companies shares since 2013.

Catch all Adani News LIVE Updates “Finally, the loop is closed. The Financial Times and OCCRP report that offshore funds owning at least 13% of the free float in multiple Adani stocks were secretly controlled by associates of Vinod Adani, masking the relationship with 2 sets of books," tweeted Hindenburg Research in response to the OCCRP report. Notably, Hindenburg has highlighted the stock manipulation by the Adani Group.

We categorically reject these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report. In fact, this was anticipated, as was reported by the media last week. These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs. An independent adjudicating authority and an appellate tribunal had both confirmed that there was no over-valuation and that the transactions were in accordance with applicable law. The matter attained finality in March 2023 when the Hon'ble Supreme Court of India ruled in our favour. Clearly, since there was no over-valuation, there is no relevance or foundation for these allegations on transfer of funds. Notably, these FPIs are already part of the investigation by the Securities and Exchange Board of India (SEBI). As per the Expert Committee appointed by the Hon’ble Supreme Court, there is no evidence of any breach of the Minimum Public Shareholding (MPS) requirements or manipulation of stock prices. It is unfortunate that these publications, which sent us queries, chose not to carry our response in full. These attempts are aimed at, inter alia, generating profits by driving down our stock prices and these short sellers are under investigation by various authorities. As the Hon’ble Supreme Court and SEBI are overseeing these matters, it is vital to respect the ongoing regulatory process. We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate

India's billionaire businessman Gautam Adani's family secretly invested millions of dollars in its own companies via “opaque" Mauritius funds, reported the Organised Crime and Corruption Reporting Project (OCCR) in its latest article. These funds “obscured" the involvement of alleged business partners of the Adani family.

Adani Group via «opaque» Mauritius funds that «obscured» involvement of alleged business partners of the Adani family, the Organised Crime and Corruption Reporting Project (OCCRP) said in an article on Thursday. Citing review of files from multiple tax havens and internal Adani Group emails, nonprofit media organization OCCRP said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures. The OCCRP article comes after U.S.-based short-seller Hindenburg Research in January accused Adani Group of improper business dealings, including the use of offshore entities in tax havens such as Mauritius from where it said certain offshore funds «surreptitiously» owned stock in Adani's listed firms. Adani Group has called Hindenburg's claims misleading and without evidence and said it always complied with laws. Days following the January report though, Adani group stocks lost $150 billion in market value and remain down around $100 billion following a recovery in recent months after it repaid some debt and regained some investor confidence. In a statement to OCCRP, Adani Group said the Mauritius funds investigated by reporters had already been named in the Hindenburg report and the «allegations are not only baseless and unsubstantiated but are rehashed from Hindenburg's allegations.» «It is categorically stated that all the Adani Group's publicly listed entities are in compliance with all applicable laws including the regulation relating to public share holdings,» it told the OCCRP, according to the news article. Reuters has not independently verified OCCRP's assertions. Adani Group did not immediately respond to a Reuters request for comment on the OCCRP report.HINDEN

NEW DELHI : India on Wednesday permitted exports of limited quantities of non-basmati white rice to Bhutan, Mauritius and Singapore, according to a notification by Directorate General of Foreign Trade. Bhutan will get 79,000 tonnes, Mauritius 14,000 tonnes and Singapore 50,000 tonnes, even as the export ban imposed on 20 July remains in place. The export will be done through National Cooperative Exports Ltd, a government export body which was set up under the Multi-State Cooperative Societies (MSCS) Act, 2002 to export agriculture produce and allied items.

white rice to Bhutan, Mauritius and Singapore, and allocated export quotas for the kitchen staple. The Directorate General of Foreign Trade, in a notification, said that exports of 79,000 metric tons of non-basmati white rice would be allowed to Bhutan, 50,000 tons to Singapore and 14,000 tons to Mauritius. “Export of non-Basmati white rice…to Bhutan, Mauritius and Singapore is notified,” the DGFT said in a notification. Last month, India prohibited the export of non-basmati white rice but said that exports will be allowed on the basis of permission granted by the government to other countries to meet their food security needs and based on the request of their governments. The exports have been permitted through National Cooperative Exports Limited. India exported $2.2 billion of non-Basmati white rice in FY23 of which $87 million worth of the staple was shipped to Nepal and $38 million to Singapore.

Analysing the FDI Flow India's thriving economy has also attracted $46 billion in FDI during FY2023, registering a remarkable growth of 89% since FY2014. This warrants scrutiny of the jurisdictions contributing to this inflow.

Foreign direct investment (FDI) into India declined 34% year-on-year to $10.94 billion during April-June this fiscal. FDI inflows were $16.59 billion during April-June 2022-23, data released by the Department for Promotion of Industry and Internal Trade (DPIIT) showed. Total FDI inflows, including fresh FDI equity inflows, reinvested earnings and other capital, were $17.56 billion against $22.34 billion a year ago. Singapore was the top source of FDI with inflows of almost $3 billion, followed by the Netherlands, at $1.5 billion.

Foreign direct investment (FDI) into India declined 34% on-year to $10.94 billion during April-June period this fiscal. FDI inflows were $16.59 billion during April-June 2022-23, data released by the Department for Promotion of Industry and Internal Trade (DPIIT) showed. Total FDI inflows- including fresh FDI equity inflows, reinvested earnings and other capital- were $17.56 billion as against $22.34 billion a year ago.Singapore was the top source of FDI with inflows of almost $3 billion, followed by The Netherlands at $1.5 billion. FDI from Mauritius, Singapore, the US and the UAE declined in the first quarter of FY24. Inflows dipped in segments including computer hardware and software, trading, automobile and pharma.

Small-cap stock below ₹200: Global investment firms Nexpact Limited and AG Dynamic Fund Limited have made investment in Nexpact Limited and AG Dynamic Fund Limited — a small-cap stock that has delivered multibagger return to its long term positional shareholders in year-to-date (YTD) time. These Mauritius-based foreign institutional investors (FIIs) bought stake in the company through preferential issue offered by the small-cap company Sprayking Agro Equipment Ltd.

G20 summit in New Delhi next month. Trudeau assured Zelenskyy of continued support and stated they would strongly advocate for Ukraine. The summit invited Netherlands, Singapore, Spain, UAE, Oman, Bangladesh, Egypt, Mauritius, and Nigeria as "guest countries." Ukraine was similarly invited to previous G7 and NATO summits to show support amid its conflict with G20 member Russia.

NEW DELHI : India will supply 14,000 tonnes of non-basmati rice this year to Mauritius and 79,000 tonnes to Bhutan under humanitarian operations, making an exception for two key diplomatic partners. The decision has been taken after India received requests from both the nations to exempt the export prohibition on non-basmati rice, two government officials aware of the matter said. Mint on 20 August reported that after the UN World Food Programme, and three nations—Singapore, Indonesia and the Philippines—had appealed to New Delhi to resume rice exports to their nations following India’s decision to suspend non-basmati white rice shipments to check prices effective from 20 July.