From Israel to Egypt, how Adani Group's downfall could reverberate in Middle East
The Indian tycoon's crumbling empire had made investments in Israel and Egypt, but relations between India and the region may chill if deals go bad.
On Jan. 24, Hindenburg Research, a small investment firm in New York, accused Gautam Adani, an Indian business conglomerate, of “brazen accounting fraud, stock manipulation and money laundering.”
In a detailed report, the US firm claimed the conglomerate's founder, was pulling off the “largest con in corporate history."
Calling it “not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India”, the Indian consortium rejected the allegations and threatened legal action. But Hindenburg does not seem perturbed and has stood to profit as Adani shares fall.
The Adani Group has rejected the allegations and threatened legal action, but now, Adani has now lost more than $100 billion along with his business credibility.
