{"id":29539,"date":"2023-05-15T08:06:12","date_gmt":"2023-05-15T08:06:12","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations"},"modified":"2023-05-15T08:40:39","modified_gmt":"2023-05-15T08:40:39","slug":"adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations","title":{"rendered":"Adani-Hindenburg row: Mauritian minister rejects shell company allegations"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Mauritian finance minister Mahen Kumar Seeruttun rejected the allegations of Hindenburg Research, which said that the Adani group has a web of shell entities based in Mauritius.<\/p>\n

Seeruttun called the allegations \u201cfalse\u201d and \u201cbaseless\u201d. “At the outset, I wish to inform the House that the allegations of the presence of shell companies in Mauritius are false and baseless.<\/p>\n

According to law, shell companies are not allowed in Mauritius or global business companies licensed by the financial services providers have to meet substance requirements as per Section 21 of the financial service activities,” Seeruttun said.<\/p>\n

He added that according Mauritian laws, an overseas company needs to carry out income generating activities in or from Mauritius, and that it needs to be managed and controlled by the country and be administered by a management company.<\/p>\n

This comes just ahead of the Supreme Court beginning the hearing of pleas in the Adani-Hindenburg row on May 12. In January, Hindenburg Research alleged that the \u201cAdani Group has engaged in billions of US dollars in suspicious dealings with its chairman\u2019s brother, Vinod Adani, and his labyrinth of offshore shell entities.<\/p>\n

\u201d In response, Adani Group had said, \u201cWe are neither aware nor required to be aware of their \u2018source of funds\u2019. \u201d<\/p>\n

In its reaction, Hindenburg Research also outlined two examples of conflict of interest \u2013 the first one of a $253 million loan from a Mauritius entity where Vinod Adani is a director, and the second one of a $692.5 million investment from another Mauritius entity that is controlled by the head of the Adani Group\u2019s private family investment office.<\/p>\n

All in all, the firm said it has identified 38 shell entities based out of Mauritius, controlled by Vinod Adani or other close associates of the Adani Group, in an investigation it conducted over the course of two years. Since the Hindenburg report was released in January, the Adani group\u2019s cumulative market capitalisation has fallen by 49% to \u20b911.2 lakh crore.<\/p>\n

However, news of the group flagship Adani Enterprises looking to raise funds up to $2.5 billion resulted in a positive sentiment in the group stocks on Thursday \u2013 all the 10 group stocks witnessed a rally today, with the combined market capitalisation rising by over \u20b930,000 crore.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Mauritian finance minister Mahen Kumar Seeruttun rejected the allegations of Hindenburg Research, which said that the Adani group has a web of shell entities based in Mauritius. Seeruttun called the allegations \u201cfalse\u201d and \u201cbaseless\u201d. “At the outset, I wish to inform the House that the allegations of the presence of shell companies […]<\/p>\n","protected":false},"author":84,"featured_media":29538,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[2159,233,245,241],"class_list":["post-29539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-adani","tag-africa-press","tag-africa-press-mauritius","tag-mauritius"],"yoast_head":"\nAdani-Hindenburg row: Mauritian minister rejects shell company allegations - Mauritius<\/title>\n<meta name=\"description\" content=\"Mauritian finance minister Mahen Kumar Seeruttun rejected the allegations of Hindenburg Research, which said that the Ad ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adani-Hindenburg row: Mauritian minister rejects shell company allegations\" \/>\n<meta property=\"og:description\" content=\"Mauritian finance minister Mahen Kumar Seeruttun rejected the allegations of Hindenburg Research, which said that the Ad ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-15T08:06:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-15T08:40:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/05\/postQueueImg_1684121951.33.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Adani-Hindenburg row: Mauritian minister rejects shell company allegations\",\"datePublished\":\"2023-05-15T08:06:12+00:00\",\"dateModified\":\"2023-05-15T08:40:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations\"},\"wordCount\":383,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/05\/postQueueImg_1684121951.33.jpg\",\"keywords\":[\"Adani\",\"Africa Press\",\"Africa Press-Mauritius\",\"Mauritius\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations\",\"name\":\"Adani-Hindenburg row: Mauritian minister rejects shell company allegations - 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