27 January 2023
AdaniWatch Responds to Hindenburg Report: ‘A Perceived Climate of Impunity’
AdaniWatch has scrutinised the activities of the Adani Group and related businesses for over three years.
The revelations contained in the Hindenburg report are consistent with a pattern of corporate misconduct observed over those years. But the report and initial response to it miss a crucial context that should bear on the thinking of businesses, citizens and governments: Adani is not working alone.
Geoff Law, Coordinator of Adani Watch, said: ‘Gautam Adani is in some sense a leading business partner of Indian Prime Minister Narendra Modi. If the allegations are true, they are just another example of what happens when crony capitalism and regime favouritism create a perceived culture of impunity.’
This culture extends well beyond the scope of the Hindenburg report. Both the Adani Group and other regime-allied businesses require far closer scrutiny.
‘India has enjoyed a pass largely on the fact that it’s not as bad as Russia or China. But the world needs to wake up to the plight of Indian democracy and governance before it’s too late to reverse dangerous trends,’ Mr Law added.
Adani Watch intends to continue monitoring and exposing the harmful effects of the Adani Group on people and the planet. Adani, the richest man in Asia, multiplied his wealth from an estimated 7 billion USD to an estimated 120 billion after Modi became India’s Prime Minister in 2014. (The crash in Adani’s share prices of 27 January is said to have reduced Mr Adani’s ranking to seventh richest and his fortune to USD 93 billion.)
Mr Adani is sometimes called ‘the King of Coal’ and has a colossal agenda for new coal mines and coal-power stations in India, exacerbating climate change and displacing thousands of indigenous people. Adani’s extraordinary closeness to the current Indian government is a matter of global environmental concern.