Pandora Paper probe confirms Adani group links with shell companies used for investment in Adani stocks: Report
Adani stocks are indeed linked to the Indian conglomerate, reported Indian Express citing inputs from the records accessed under its Pandora Papers investigation. Adani news LIVE Updates In its report, Financial Times mentioned two offshore shell companies registered in British Virgin Islands (BVI) as the main tool to invest in Adani stocks. According to IE report, the two shell firms are linked with Adani group.
Also Read: LIC loses more than ₹1,400 crore in six Adani stocks in just a day; details here The English daily had accessed the records of offshore corporate service provider Trident Trust under the investigation with the International Consortium of Investigative Journalists. Also Read: After Adani, OCCRP targets Vedanta, says company lobbied to weaken environmental laws during COVID-19 pandemic Two individuals involved in the offshore funding, ie United Arab Emirates national Nasser Ali Shaban Ahli and Taiwan national Chang Chung-Ling , were associates of Adani Group chairperson Gautam Adani's brother Vinod Adani, claimed OCCRP report. The international organisation of investigative journalists claimed that Adani Group used ‘opaque’ Mauritius funds to invest in its own stocks.
After the report was first published by The Guardian and Financial Times on Thursday, it was dragged down the market value of the 10 Adani group stocks by ₹35,210 crore. The report claimed that the Ali and Chang are the two associates of Vinod Adani, the elder brother of Adani Group, and founder Gautam Adani. The two business leaders are alleged to have created a comples web of structures within a foreign fund based in Bermuda to trade in Adani stocks.
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