India & Adani
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The rise and fall of Gautam Adani
The Saturday Paper
Tim Buckley: “I’ve spent a lot of time looking at the Wirecard fraud in Germany. That was a financial services operator, worth about $24 billion, so much smaller than Adani, and in that case the auditors were asleep at the wheel, and politicians and regulators endorsed their business model, and that’s precisely what Hindenburg is alleging here.”
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OP ED | Adani: Are we witnessing a corporate Hindenburg?
Renew Economy
Tim Buckley’s op ed on the Adani crisis precipitated by the 24 January report from research firm and short seller Hindenburg. What’s the background to these assertions, how credible are they, and what are the implications?
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Only5mins! – Australia’s key minerals will make it a green energy superpower
PV Magazine
In this 5 minute explainer, Tim Buckley speaks to pv magazine about the crisis threatening Adani Group, the “positive outlook” for Australian renewables, and the nation’s potential to become a clean energy superpower, including supplying the value added critical minerals the world needs for the energy transition.
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CEF’s Buckley on the Adani crisis
Bloomberg
Tim Buckley discusses his outlook on the crisis grappling billionaire Gautam Adani in an extended interview on Bloomberg Markets Asia, identifying a core issue: the Indian regulators have been asleep at the wheel, meaning Adani Group, which owns major strategic assets including ports and airports, has been above the law, with investigations into its activities unresolved.
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Adani Group: Can embattled India tycoon recover from $100bn loss?
BBC
In this interview with the BBC, Tim Buckley observes that “most of Adani’s ambitious projects will have to be heavily scaled back in ambition and timetable, because they will have next to no capacity to raise funds right now,” given the accusations of systemic fraud in the Hindenburg report.
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Adani’s Crisis Points to the Big Risk in India’s Net Zero Plan
Bloomberg
Tim Buckley: “Will [the Hindenburg report] damage Adani? Categorically. It should have already. You’ll find a lot of Western capital will now avoid the Adani group. It is going to put Adani’s ability to access global western capital, and in particular green capital and ESG capital at risk.”
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Adani crashes and burns, accused of ‘biggest con in corporate history’
Crikey
Tim Buckley: “India would be a lot more effective in delivering on decarbonisation of its economy and powering its future with sustainable energy if it wasn’t for the pervasive corrupting influence of coal permeating through all government decisions there, like it is here in Australia. Let Adani’s downfall be a warning to Australian companies greenwashing their climate transgressions behind clever accounting magic.”
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Adani stock crash after explosive Hindenburg report
ABC TV News Channel
Tim Buckley on ABC TV News Breakfast on the crisis gripping Adani after accusations of fraud by research firm Hindenburg, noting the risk of contagion in the financial system in India is very serious. With Wall St now closed to the Adani Group, there will also need to be a massive refinancing effort of half of their borrowings.
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Adani empire loses more than $100 bn after fraud claims
Economic Times/Energy World
An AFP story quotes Tim Buckley noting that the scandal engulfing Adani raises the question of whether the company may be forced to sell off its crown jewels to strategic investors.
Syndicated in India’s preeminent economics and finance news outlet, Economic Times, in Barron’s and elsewhere.
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Fears Adani’s losses will impact India’s economy
ABC Radio National AM
Tim Buckley notes the Hindenburg accusations against Adani are staggering and unprecedented, and regulators in India have turned a blind eye and failed to evaluate the longstanding allegations of fraud, observing that the crisis may have broader implications for the Indian economy.
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Adani Enterprises Calls Off Rs 20,000 Crore FPO, To Return Investors’ Money
The Wire
As the troubled Adani Group, reeling after allegations of systemic fraud, calls off its share offer, Tim Buckley notes that “The only way Adani can actually resolve this issue is to illustrate who did buy all of the shares. It would be my speculation that there were insiders.”
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Adani Group abandons share offer as crisis triggered by fraud claims escalates
The Guardian
Tim Buckley comments that Adani’s avenues to raise money are severely curtailed given the serious allegations and subsequent share selldown.
“Capital markets in Europe and the US have effectively closed to Adani. It could sell a major asset to an ally and try and dress it up so it doesn’t look like a fire sale.”
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