India’s Adani Group rejects OCCRP report it used ‘opaque’ funds to invest

Sept 2 (Reuters) – India’s Adani Group on Saturday said its stocks and financials were unaffected days after the Organized Crime and Corruption Reporting Project (OCCRP) said business partners of the family used ‘opaque’ funds to invest in stocks.

Adani Group said the ‘misleading reports’ had no substantial impact on the group’s business performance, and said the group remained in compliance with the law.

The conglomerate highlighted investments by entities, including Qatar Investment Authority and GQG Partners, adding that it was committed to attracting investors as part of its 10-year capital program initiated in 2016.

Nonprofit media organisation OCCRP reported on Thursday that millions of dollars were invested in publicly traded Adani Group stocks through funds in Mauritius, obscuring the involvement of alleged business partners of India’s Adani family.

The Adani Group, which is controlled by billionaire Gautam Adani, said it categorically rejected what it called recycled allegations in the OCCRP report “in their entirety”.

Shares in Adani Group companies dipped on Thursday amid renewed corporate governance concerns. However, leading group stocks closed in the green on Friday, the statement added.

The Adani group’s listed companies lost more than $100 billion in market value earlier this year after U.S.-based Hindenburg Research raised several governance concerns in January and suggested the group had made improper use of tax havens.

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