Adani Group Denies Allegations of Frozen Swiss Bank Funds
The Adani Group, a major business conglomerate based in India, has strongly denied recent allegations that Swiss authorities have frozen over USD 310 million in their bank accounts. The company stated that it has no involvement in any Swiss court proceedings and that none of its accounts have been subject to sequestration by any authority.
In a statement, the Adani Group described the allegations as preposterous, irrational, and absurd. They emphasized that their overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws. The company believes these claims are part of an orchestrated attempt to damage its reputation and market value.
US-based short seller Hindenburg Research had cited a news report by Swiss media outlet Gotham City, alleging that Swiss authorities had frozen the funds as part of an investigation into the Adani Group. However, the Adani Group reiterated its commitment to transparency and compliance with all legal and regulatory requirements, condemning the allegations as baseless.
Doubts Revealed
Adani Group -: The Adani Group is a large company in India that works in different areas like energy, resources, logistics, and agriculture.
Swiss Bank Funds -: Swiss Bank Funds refer to money kept in banks in Switzerland, which is known for its strong banking system and privacy.
USD 310 million -: USD 310 million means 310 million US dollars, which is a lot of money. In Indian rupees, it would be several thousand crores.
Sequestration -: Sequestration means taking control of someone’s property or money, usually by a court order, until a legal issue is resolved.
Transparency -: Transparency means being open and clear about what you are doing, so that everyone can see and understand your actions.
Compliance with laws -: Compliance with laws means following the rules and regulations set by the government or authorities.