A new report by Forbes has revealed that Vinod Adani, the older brother of Gautam Adani, has played a significant role in the massive deals conducted by the Adani Group. The report also found that Vinod Adani is “nearly five times richer than previously known.” This comes after two previous reports by Bloomberg and Forbes alleging that Vinod Adani has a powerful position in the group despite having no formal managerial positions and managing a vast labyrinth of offshore shell entities.
The latest report by Forbes focuses on French oil giant Total’s purchase of a 20% stake in Adani Green Energy for $2 billion in 2021. The shares that TotalEnergies bought were priced at $4.1 billion on the Indian stock exchange, making the purchase a bargain for the French company. TotalEnergies did not directly buy the shares but instead acquired two Mauritius-incorporated funds that held the stock from a third Mauritius entity, Dome Trade and Investment Limited. Dome Trade is owned by Vinod Adani, albeit indirectly through a web of entities in Mauritius, the UAE, and the British Virgin Islands.
Forbes calls this “unconventional structuring” and says that Vinod Adani has been instrumental in facilitating such deals. The report notes that Vinod Adani’s role in the Adani Group is significant, despite the company’s claim that he has no formal position in its daily affairs.
This report comes after a report released by US short-seller Hindenburg Research, which accused the Adani Group of stock manipulation and fraud, putting Vinod Adani under the spotlight. The Adani Group, which has lost billions in the aftermath of the report, denied the accusations and claimed that Vinod does not have a role in the daily affairs of the group’s businesses.
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