Adani Group News: A Chinese connection has come to the fore in the report of US firm Hindenburg Research and Adani Group . This connection has been brought to the fore by Hindenburg Research itself. In bringing up this angle, Hindenburg has rejected the allegation that his report on Adani Group's wrongdoing was a "planned attack" on India. After getting the reply of Adani Group, he had said that a 'fraud' cannot be covered by nationalism. Let us tell you that Hindenburg in his report has made many serious allegations related to corporate on Adani Group. On which Adani Group had filed a reply of 413 pages on Monday.
According to a Live Mint report, Hindenburg said that the Adani Group has made no effort to clarify its relationship with Chinese national Chang Chung-ling. Hindenburg had asked what kind of relationship he had with Chang Chung-Ling and whether Vinod Adani also had a relationship with him. According to Hindenburg's reply, Gudami International, run by Chang Chung Ling alias Lingo Chang, was said to be part of India's AgustaWestland scandal. Chang Chung Ling's son was the prime contractor for Adani Group's PMC projects.
Hindenburg said in his report that, in 2002, Adani Exports (later renamed Adani Enterprises) disclosed that Gudami International was a related party, likely the entity sharing directors and shareholders with Adani Global.
Name of Chinese partner in DRI investigation
According to Hindenburg, Chang Chung-ling's name also figures in a 2014 Directorate of Revenue Intelligence (DRI) report detailing a scheme that alleged the Adani Group siphoned off cash from its listed companies. Of. According to the DRI's investigative report, Gautam Adani worked as a director in Electrogen Infra Holding Private Limited Limited. This company was part of a complex scheme to extract funds from Adani Enterprises and Adani Power. Later Vinod Adani took charge of this company after resigning from the company.
Chang Chung-Ling is a director in many of Adani's companies
Goodami director/shareholder Chang Chung-ling has been named by DRI as director of Adani group companies in several criminal investigations. Chang Chung-Ling has a deep connection and association with the Adani Group. According to Adani Enterprises, Chang Chung-Ling is also the director of Singapore-based Adani Global Limited along with Vinod Adani. According to Taiwanese media reports, Chang Chung-Ling is Adani's shareholder as well as a close business partner. According to corporate records around 2005, the residential of Chang Chung-Ling and Vinod Adani was found to be the same.
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