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Report says close associates of India's Adani Group secretly purchased large numbers of shares
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FILE- Adani Group Chairman Gautam Adani attends the "Invest Karnataka 2016 - Global Investors Meet" in Bangalore, India, Feb. 3, 2016. Associates with alleged links to the conglomerate, used offshore entities to invest millions into publicly traded company stocks, a report from a network of investigative journalists Organized Crime and Corruption Reporting Project claimed on Thursday, Aug. 31, 2023. It identified two investors as Nasser Ali Shaban Ahli and Chang Chung-Ling, and said they have longtime business ties to the Adani family and have served as directors and shareholders in the group’s companies. - photo by AP Photo/Rajanish Kakade, File
NEW DELHI (AP) — Two people closely linked to India's Adani Group, one of the country's largest conglomerates, secretly purchased millions of dollars of stocks in the group's companies, possibly violating Indian law, according to a report Thursday by a network of investigative journalists. Market rules require that at least 25% of a company's shares be available for public purchase. The report by the Organized Crime and Corruption Reporting Project said the two men used “opaque investment funds based in the island nation of Mauritius" to obscure their involvement in controlling up to nearly 14% of the public shares.