News Mania Desk/ Piyal Chatterjee / 13th September 2024
In a media statement on September 12, the Indian corporate group Adani Group vehemently denied allegations that cash in Swiss bank accounts had been frozen. The group insisted that no company accounts had been confiscated by authorities and angrily rejected any involvement in Swiss legal proceedings.
The US-based short seller Hindenburg Research made claims on social media site X that sparked the dispute. Hindenburg asserted that as part of an inquiry into the Adani Group, Swiss authorities had frozen around $310 million across several Swiss bank accounts, citing a story from the Swiss media outlet Gotham City.
An Adani Group spokesperson said, “We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority. Furthermore, even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body.”
“We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws. These allegations are clearly preposterous, irrational, and absurd. We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group’s reputation and market value,” the statement continued.
The Adani Group concluded by reaffirming its commitment to transparency and compliance with all legal and regulatory requirements, while condemning what it views as baseless allegations against the company.
