Hindenburg Research report 'hit job' by China: BJP leader
Senior lawyer and Bharatiya Janata Party (BJP) leader, Mahesh Jethmalani, has alleged that the Hindenburg Research report against Gautam Adani's conglomerate was a "hit job" by China. Jethmalani claimed the report was an act of "vengeance for losing out on strategic mining and infrastructure project bids, one of the most crucial of which was the bid for..Israeli port of Haifa." Taking all these into consideration, he urged the central government to investigate potential links between political voices and China.
Hindenburg report causes Adani Group's stock plunge
The Hindenburg Research report, published in January last year, accused the Adani Group of financial irregularities and stock market manipulation. This accusation led to a significant drop in the company's stock price. Consequently, Adani's net worth plunged $24.9 billion to $97.5 billion in a single day. The Adani Group had issued a 413-page rebuttal denying all allegations.
Jethmalani alleges Chinese revenge over lost contracts
Jethmalani stated, "Now that there's an established Chinese hand behind the Hindenburg hatchet job on the Adani group it behoves the GOI to probe the linkages between the loudest political voices that pre and post the publication of the Hindenburg report savaged the government for its 'crony capitalism.'" He further expressed concern over some Indian politicians seemingly aggrieved by Adani's success with the Haifa port, claiming that they are "bent upon aligning themselves with Chinese strategic interests."
Jethmalani expresses concern over political alignment with China
The BJP leader also highlighted the significant loss to retail investors caused by an influential Chinese American involved in an espionage controversy for the Chinese State in the United States. "Add to this the colossal loss to retail investors by an influential and wealthy Chinese American mired in espionage controversy for the Chinese State in the US and the case for an investigation into Chinas flag bearers in India is compelling," he wrote on X.
Jethmalani calls for investigation into China's influence in India
Earlier this month, Jethmalani alleged that a China lobbyist made substantial gains by short selling Adani stock. He alleged that Anla Cheng, founder of The China Project, and her family made a fortune short selling Adani stock in January/February 2023. He also claimed that Cheng and her husband Mark Kingdon hired Hindenburg for a research report on the Adani Group.
