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🚨 OCCRP rehashes debunked 2023 claims — pure recycled propaganda
This is NOT new. It’s the same old Hindenburg 2.0 narrative about two long-time legitimate global investors (UAE’s Nasser Ali Shaban Ahli & Taiwan’s Chang Chung-Ling), who were business associates of Adani Group with past director roles in affiliated entities. They invested ~$3 billion in listed Adani stocks through fully regulated hedge funds in 2023.
📌 Important context on regulatory findings, disclosures, and funding sources
Indian law does not require listed companies to track/disclose sources of funds for public shareholders beyond mandatory rules; listed firms have no control over independent trades or visibility into such investments. Adani spokesperson: "Any suggestion that promoter shareholding has been misstated or concealed is incorrect." (From OCCRP article itself)
SEBI investigated core Hindenburg allegations (incl. related-party/manipulation claims involving similar entities/transactions). In Sept 2025 final orders on two flagged sets: allegations "not established," no violations found (transactions not related-party under then-applicable rules; no manipulation). Stocks rose post-orders.
- SEBI order (Adicorp): sebi.gov.in/sebi_data/atta…
- SEBI order (Milestone/Rehvar): sebi.gov.in/sebi_data/atta…
- Reuters (Sep 19, 2025): SEBI dismissed manipulation claims, no breaches; stocks climbed. reuters.com/sustainability…
Supreme Court (Jan 2024) upheld SEBI's probe, noting confidence in process; rejected transfer requests.
Swiss probe into Chang (money laundering/forgery suspicions, assets frozen ~$311M) ongoing since 2021; no charges as of report (Aug 2024 court ruling rejected unfreeze appeal). Adani denies involvement.
US cases (2024 indictment/SEC complaint on bribery) ongoing; Adani calls baseless.
OCCRP receives significant funding from US government (USAID/State Dept, historically ~50% of budget pre-2025) and Open Society Foundations (George Soros). Critics, including India's ruling BJP, accuse it of pushing anti-India narratives targeting PM Modi and Adani Group (e.g., via reports amplified by opposition). OCCRP states donors have no editorial control.
- Mediapart (Dec 2024): mediapart.fr/en/journal/int…
- OCCRP funding: occrp.org/en/about-us/an…
- Reuters/The Hindu (Dec 2024): thehindu.com/news/national/…
Report recycles prior elements (e.g., ties from dismissed 2007/2014 DRI cases). Adani maintains full compliance; investments by public shareholders via regulated funds.
Adds regulatory outcomes, legal status, Indian disclosure rules, and funding context for balanced view.

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