“It turns out the Hindenburg wasn’t that smart,
His blackmail plan fell through,
So now he is remembered, not for his threats,
But for falling into a fiery mess…”
It turns out the Hindenburg wasn’t all that smart.
His blackmail plan fell through,
So now he is remembered, not for his threats,
But for falling into a fiery mess…– Vijay Kedia (@VijayKedia1) August 12, 2024
Kedia’s tweet reflects his view that Hindenburg Research’s efforts were ultimately unsuccessful, characterizing its actions as a failed strategy. Earlier on Saturday evening, Hindenburg published a report on its website claiming that the Buchs had stakes in offshore funds based in Bermuda and Mauritius used by Gautama AdaniBuchs’ brother, Vinod Adani, “accumulated and traded large amounts of Adani Group shares.” The Hindenburg report, citing documents from the whistleblowers, claims the Buchs appear to have opened their account at IPE Plus Fund 1 on June 5, 2015 in Singapore. The Mauritius offshore fund is said to have been set up by an Adani director through IIFL and is registered in the tax haven of Mauritius. Hindenburg Research dismissed the allegations made by him as “baseless,” Head of Sebi Madhabi Puri Buch and her husband Dhaval Buch said the US-based short-seller is resorting to character assassination in response to a show-cause notice issued by the regulator in the Adani controversy.
“In the context of the accusations made against us in the Hindenburg Report of 10 August 2024, we would like to state that we categorically deny the unfounded accusations and insinuations made in the report. They are completely devoid of any veracity. Our life and finances are an open book,” the Buchses said in the statement.
In addition to this, the market regulator’s chairperson Madhabi Puri Buch and her husband Dhaval Buch issued a detailed statement denying all the allegations made by Hindenburg, which may be Read here.
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