US activist investor Nathan Anderson has accused the Indian conglomerate Adani Group of perpetrating “the biggest con in corporate history”. The accusations have been denied by Adani as ‘baseless’. However, Anderson is daring the group to take legal action against him and his firm Hindenburg Research. He believes that such a move will reveal accounting fraud within the company.
Anderson’s allegations come after he released a report on Monday accusing Adani Enterprises of using ‘questionable’ accounting practices to inflate its profits over recent years. This includes allegedly inflating its revenues from coal mining operations by up to $1 billion per year since 2017, as well as claiming tax credits for projects it had not yet completed or even started work on at all.
The US activist investor has called upon shareholders and regulators around the world to investigate these claims further, and insists that if his accusations are incorrect then they should be able sue him without any fear of retribution or financial loss due to legal costs incurred during proceedings – something which he says would prove beyond doubt that there is no truth behind his assertions about alleged fraudulent behavior within Adani Enterprises Ltd..
Read more at the Guardian
