OCCRP

News, The Morning Context

Swiss court ruling an indictment of SEBI, Indian courts in Adani affair

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A Swiss Federal Criminal Court ruling is seen as an indictment of SEBI and Indian courts in the Adani affair. The verdict is based on an appeal to unfreeze an entity’s bank accounts, which indirectly weighed on allegations that the Adani group’s promoters had sold/bought more shares than legally permissible, to inflate share prices. The alleged proxy is Sanilion, linked to Chang Chung-Ling. The court documents reference money laundering and embezzlement suspicions.

Adani Watch, News

Judicial rulings stymie probe into Adani over-invoicing allegations

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Adani Group companies have been accused of over-invoicing coal and power equipment by an Indian government agency and by the Hindenburg report. Over-invoicing is a practice in which the prices of imported goods are jacked up by an intermediary owned by the buyer. The inflated price is passed on to consumers or is subsidised by government, with the buyer able to pocket the difference. A blizzard of litigation has occurred over these allegations in India’s courts. In early 2024, rulings by the Supreme Court and the Delhi High Court appear to have shunted any effective investigation of these allegations off into the never-never.

News, The Morning Context

Adani group has clear links to Howe, misled investors and Deloitte

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But with Howe identified, the denial of any relationship between it and the Adani group flew in the face of publicly available information, and was possibly a key reason for Deloitte resigning as APSEZ’s auditor a few months later. Howe Engineering Projects’ parent firms are described as Adani group entities on an affiliate’s website, and there are multiple trails of evidence linking Howe to the conglomerate owned by Gautam Adani’s brother Vinod Adani and associate Chang Chien-Ting.

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