India & Adani
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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Gautam Adani’s Middle Eastern Allies Help Him Shrug Off Fraud Allegations, Wealth Plunge
Forbes
Friends and boosters from the Middle East are rushing to the side of the beleaguered Adani as it completes its share offering. Tim Buckley notes that “anyone who supported this equity raising has done it to support the Adani Group.”
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This Mogul Lost $36 Billion in Days. Who Is He, and What Happened?
New York Times
Tim Buckley is interviewed by NYT on the Adani revelations and the company’s response. He observes that the fight could have geopolitical implications, given the United States’ courting of India as a counterweight to China, as part of the Quad partnership that also includes Japan and Australia.
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Who is Gautam Adani? India’s richest man is bleeding money after getting in a war of words with a major short-seller
Fortune magazine
Tim Buckley is quoted in this story from Fortune about the Hindenburg report alleging corporate fraud on a massive scale at the Adani Group
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