Gautam Adani’s Adani Group shares on Thursday fell up to 5% as George Soros-backed Organised Crime and Corruption Reporting Project (OCCRP) released a report stating two men who secretly invested in the conglomerate have close ties to the Adani family.
The report alleged that the group had routed money to these two individuals to use Mauritius and Bermuda-based funds in Adani group companies.
(OCCRP), an investigative platform, The Financial Times and The Guardian stated Adani violated SEBI’s minimum shareholding norm and used layered fund structures to sidestep regulation. Vinod, Gautam’s brother was also linked to the activities.
The OCCRP, or the Organized Crime and Corruption Reporting Project, is an international consortium of investigative journalists and media organizations dedicated to uncovering and exposing organized crime, corruption, and other illicit activities. It was founded in 2006.
Key points about OCCRP include:
Investigative Journalism: OCCRP specializes in conducting in-depth investigations into complex issues such as money laundering, corruption, fraud, and organized crime networks. They often collaborate with journalists from different countries to piece together intricate stories that span borders.
International Network: OCCRP is a network of investigative journalists and media outlets from around the world. They work together to share information, resources, and expertise to uncover and report on issues that transcend national boundaries.
Transparency and Accountability: The organization is dedicated to promoting transparency and accountability in both the public and private sectors. Their investigations have led to the exposure of high-level corruption and criminal activities in various countries.
Awards and Recognition: OCCRP and its journalists have received numerous awards and recognition for their investigative reporting. Their work has been instrumental in bringing about legal action, policy changes, and public awareness on issues of global significance.
Funding: OCCRP is funded through a combination of sources, including grants from foundations, donations, and collaborations with media organizations. They are committed to maintaining editorial independence and ensuring that their reporting is free from undue influence.
Notable Investigations: OCCRP has been involved in a wide range of investigative projects, including exposing the Panama Papers, which revealed offshore financial activities of politicians, celebrities, and business leaders, and the Paradise Papers, which exposed similar offshore financial transactions.
The OCCRP plays a critical role in shedding light on some of the world's most pressing issues related to corruption, money laundering, and organized crime. Its work contributes to greater transparency and accountability in both public and private sectors and has a significant impact on global discussions about these issues.
George Soros, the Hungarian-American billionaire investor, philanthropist, and political activist is one of the most well-known and influential figures in the world of finance, and he has also played a significant role in various social and political causes.
Soros gained fame and fortune as a hedge fund manager. He founded the Soros Fund Management in 1969 and is known for his aggressive investment strategies, particularly his currency speculation. In 1992, he famously made a billion dollars in profit by shorting the British pound during the Black Wednesday crisis.
He has donated billions of dollars to various causes and organizations around the world, including human rights, education, public health, and social justice initiatives. His philanthropic work often focuses on promoting open societies and democratic values.
Soros established the Open Society Foundations (formerly the Open Society Institute) in 1979. This network of philanthropic organizations operates in more than 120 countries and supports a wide range of initiatives, including those related to democracy, human rights, education, and public health.
Soros is also known for his political activism and support of progressive and liberal causes. He has financially supported numerous political candidates and organizations in the United States and other countries that align with his values and objectives. Soros has been a polarizing figure, and his political involvement has made him a target of criticism and conspiracy theories. He has been accused of using his wealth to influence political outcomes and destabilize governments, claims that he strongly denies.
Soros has authored several books, including "The Alchemy of Finance" and "Open Society: Reforming Global Capitalism." These books reflect his views on finance, economics, and open society principles.
Apart from his investment and philanthropic activities, Soros has been involved in various business ventures and financial activities throughout his career.
Shareholders in the Adani group collectively lost Rs 35,711 crores on Thursday alone. two individuals -- Nasser Ali Shaban Ahli from UAE and Chang Chung-Ling from Taiwan – allegedly used a Mauritius-based fund to invest $430 million in Adani Group companies.
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