George Soros: Reports suggest that approximately seven months following the release of a high-impact report by US-based short seller Hindenburg Research concerning the Adani Group, the Organised Crime and Corruption Reporting Project (OCCRP), an entity supported by prominent individuals such as George Soros and the Rockefeller Brothers Fund, is gearing up for another investigative disclosure focused on specific corporate entities within India.
Planning to expose Indian firms
OCCRP, a worldwide consortium of investigative journalists, functions to “uncover crime and corruption, enabling the public to hold those in power accountable,” as stated in its website description. The organization is contemplating the potential publication of either a report or a series of articles focused on specific corporate entities within India.
Furthermore, the disclosure could potentially cover foreign investments channeled into the shares of these corporate entities. While the specific companies remain undisclosed at this point, monitoring of the capital market is said to be underway by relevant agencies.
On its official website, OCCRP enumerates Open Society Foundations, a charitable institution founded by George Soros, among the “institutional donors that make our work possible.” Additional contributors encompass the Ford Foundation, the Rockefeller Brothers Fund, and the Oak Foundation.
Adani-Hindenberg tussle
Released in January, the Hindenberg report levied allegations against Adani group companies for engaging in stock manipulation and accounting misconduct. Following the report’s release, the Adani Group’s stock prices plummeted, leading to the displacement of Gautam Adani from his position as the wealthiest Indian globally. This distinction was assumed by Mukesh Ambani, the Chairman and Managing Director of Reliance Industries.
Following the substantial controversy ignited by Hindenburg’s allegations against the Adani Group, George Soros commented that Prime Minister Narendra Modi would be required to address inquiries from foreign investors and Parliament concerning the accusations levied against the conglomerate. These statements drew strong criticism from the ruling Bharatiya Janata Party (BJP), which contended that George Soros had not only taken aim at PM Modi but had also directed his critique towards the democratic framework of India.
The accusations directed at the Adani group are presently under investigation by the Securities and Exchange Board of India (Sebi). Allegedly, SEBI has concluded its comprehensive review of the case and is expected to present its conclusive report to the Supreme Court. However, on August 14, the deadline established by the apex court, SEBI appealed for a 15-day extension to furnish its report. The forthcoming Supreme Court session addressing this matter is slated for August 29.
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