So China had raised the Hindenburg storm to take ‘revenge’ from Adani Group! BJP MP made a big claim

New Delhi : BJP leader and senior lawyer Mahesh Jethmalani has claimed that China was behind the Hindenburg Research report against the Adani Group. he/she has claimed that China had lost many development projects to the Adani Group, so it hatched the Hindenburg conspiracy to take ‘revenge’. Jethmalani has demanded from the central government that this matter should be thoroughly investigated. Along with this, the relations of those political voices with China should also be investigated who were trying to target the Adani Group after the Hindenburg report. Mahesh Jethmalani has appealed to the government to investigate the relations of those political voices with China who tried to target the Adani Group after the Hindenburg report. Recently, he/she had said that China was behind the report of American short seller Hindenburg which targeted the Indian group. In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a sharp drop in the company’s share price. The group rejected these claims at the time.

China lost to Adani in several strategic bids including Haifa port
Senior advocate Jethmalani alleged that the attack on the Adani Group was China’s revenge for losing infrastructure projects like the Haifa port. Jethmalani said, ‘Now that China has been found to be behind the attack on the Adani Group by Hindenburg, the Indian government should investigate the links between the loudest political voices who criticised the government for its alleged crony capitalism before and after the publication of the Hindenburg report. The attack on the Adani Group was China’s revenge for losing bids for strategic mining and infrastructure projects, one of the most important of which was the bid for the Israeli port Haifa.’

he/she further said on his/her social media site X, ‘Surprisingly, some Indian politicians seemed very unhappy with the success of Adani’s Haifa port… This deliberate support for a hostile nation’s debt trap initiative at the expense of the IMEC initiative leads to a strong inference that a section of our political class is hell-bent on aligning itself with Chinese strategic interests. Add to this the massive losses suffered by retail investors by an influential and wealthy Chinese American embroiled in a spying controversy for the Chinese state in the US and the scrutiny of China’s flag carriers in India is serious.’

‘Political voices raised in support of China should be investigated’
Earlier this month, Jethmalani had alleged that a Chinese lobbyist made huge profits from short selling Adani shares. In a post on ‘X’ on July 9, Jethmalani had said, ‘There is no doubt that The China Project and its founder Anla Cheng were CCCP lobbyists, as former employee Shannon Von Sant testified before the US Congress. In November 2023, The China Project shut down on the grounds that ‘a source of funding it was counting on’ did not come through and allegations about ‘its nefarious intentions’ were widespread both in China and the US, making it unviable for it to survive on subscriptions alone. While the project was undoubtedly mired in espionage allegations in the US, the anticipated source of funding was not disclosed and remains shrouded in mystery.’

he/she further said in the post, ‘However, what is now in the public domain is that Cheng and his/her family made a fortune by short selling Adani shares in Jan/Feb 2023 (at least around $25 million). A fraction of this could have easily funded the project. Was the USD 40 million they invested in Adani’s short sale and the profits from it not theirs? Then who did it belong to? The Chinese state or a private player? Was it the expected money that the project was denied a share of Adani’s short sale profits? So were they just a front? Had Kingdon, Cheng and family short traded the Indian markets before? And why Adani stock?’

‘Chinese lobbyist’s Hindenburg connection’
On July 5, Jethmalani had said that Anla Cheng along with her husband Mark Kingdon had hired Hindenburg for a research report on Adani. he/she also posted Shannon von Sant’s detailed statement to the US Congress and raised the question of who had benefited from the short selling of the stock. his/her post on X on July 5 read, ‘Who caused such a massive loss of Adani market cap, never mind that there are many Indian retail investors whom he/she destroyed financially through his/her nefarious designs of promoting Chinese strategic interests, by destroying an Indian corporate competitor that had won multiple bids over the Chinese in several international projects of strategic importance.’ Jethmalani had further alleged in his/her post that the Indie Alliance, under the guise of attacking alleged crony capitalism, strongly promoted Chinese interests within India and helped it.

Earlier on July 15, the Supreme Court had dismissed a review petition against its earlier verdict refusing to set up a Special Investigation Team (SIT) for a court-monitored probe into the Adani-Hindenburg case over allegations of stock price manipulation by the Indian corporate giant. “After a reading of the review petition, no error is apparent on the face of the record… therefore, the review petition is dismissed,” a bench headed by CJI DY Chandrachud said.

The January 24 Hindenburg report alleged stock manipulation and fraud by the Adani Group. The case relates to allegations (part of a report by short-seller Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, the share value of various Adani Group companies fell sharply, reportedly causing a loss of $100 billion. The Adani Group dismissed the allegations as false, saying it complies with all laws and disclosure requirements.

(Input- ANI)