Mahesh Jethmalani Claims US Businessman Hired Hindenburg to Target Adani Group
New Delhi, India – July 5, 2024: Mahesh Jethmalani, a senior lawyer and BJP leader, has made serious allegations against a US-based businessman with Chinese connections. He claims that Mark Kingdon, who runs Kingdon Capital Management LLC, hired Hindenburg Research to create a report that caused a significant drop in Adani Group’s share prices in early 2023.
Jethmalani stated on social media that Mark Kingdon and his wife, Anla Cheng, who he described as a ‘spy,’ used Kotak Mahindra Investments Limited (KMIL) to set up a trading account for short-selling Adani shares. This allegedly allowed them to make millions in profits at the expense of Indian retail investors.
He further alleged that Anla Cheng is a Chinese-American lobbyist who has worked for Chinese interests in the US. She was previously the CEO of SupChina, a media company accused of promoting Chinese interests, which later became The China Project.
Jethmalani also claimed that Kotak Mahindra International Limited (KMIL) helped set up an offshore fund called Kotak India Opportunity Fund (KIOF) to trade in Adani shares. He said that Kingdon’s Master Fund provided $40 million for these trades, leading to significant losses for Adani Group and Indian investors.
According to Jethmalani, these actions were aimed at undermining Adani Group’s global projects, including those in Israel and Sri Lanka, where they outbid Chinese competitors.
In another post, Jethmalani raised three questions about the Adani-Hindenburg saga:
- Who introduced the Kingdons to KMIL, and what due diligence was conducted?
- Did Indian actors who helped Hindenburg know about the short-selling motives and benefit financially?
- Were KMIL and these Indian actors aware of the Chinese connection behind Hindenburg?
Jethmalani tagged the Indian market regulator SEBI in his posts, seeking answers to these questions. Kotak Mahindra International Ltd has denied that Hindenburg was a client of their K-India Opportunities Fund (KIOF) or KMIL.
