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Adani In Trouble Again As Deloitte's Agreement to Hindenburg’s Claim Initiates a New Debate

  • Posted on June 1, 2023
  • News
  • By Stiti pragnya padhy
New Trouble For Adani As Deloitte Agrees With Some Of Hindenburg's Claims Against The Conglomerate

Hindenburg, Deloitte:-

Just as the Adani Group was beginning to recover from the impact of Hindenburg Research's report that shook them in the initial quarter of the year, it appears that new troubles have emerged for the conglomerate led by Gautam Adani.

Deloitte, a leading auditing firm that is also responsible for auditing Adani Ports & Special Economic Zone, has warned about the inadequacy in the disclosures regarding the company's transactions with specific entities. This revelation comes in the wake of the concerns raised by short-seller Hindenburg Research against Gautam Adani's business empire.

New Trouble For Adani As Deloitte Agrees With Some Of Hindenburg's Claims Against The Conglomerate
New Trouble For Adani As Deloitte Agrees With Some Of Hindenburg's Claims Against The Conglomerate

According to Deloitte Haskins & Sells LLP, the Adani Group Company has reported transactions involving three entities that the company claims are unrelated parties. However, the accuracy of this claim has not been verified as the company has declined to undertake an independent external examination to support its claims regarding the unrelated status of these entities. As a result, doubts have been raised regarding the independence of these parties, as highlighted in Bloomberg's report. As a result, Deloitte could only provide a "qualified opinion" while signing off on the company's financial statements.

Though Deloitte is yet to confirm whether the company is fully compliant with local laws, it remarked, “The evaluation performed by the group does not constitute sufficient appropriate audit evidence for the purpose of the audit.”

With this, Deloitte becomes the first major auditor to issue a "qualified opinion" on the conglomerate's financial statements. This decision revives the allegations made by Hindenburg Research that had caused a decline of over $100 billion in the Adani group's market value. It will also direct attention toward the information gaps in Adani's financial transactions defeating the company's efforts to move beyond Hindenburg's allegations of extensive corporate fraud. 

Deloitte's concern over Adani Ports deals brings back spotlight on allegations by Hindenburg Research
Deloitte's concern over Adani Ports deals brings back spotlight on allegations by Hindenburg Research

While other auditors have merely only referred to the ongoing investigation conducted by the Securities and Exchange Board of India as the basis for their opinions, Deloitte is alone in raising concerns specifically about the nature of Certain transactions in their "qualified opinion".

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Stiti pragnya padhy

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