Mauritius-based fund denies allegations by OCCRP report on Adani Group

Mauritius-based fund denies allegations by OCCRP report on Adani Group


In continuance of the attack on the Adani group, today Financial Times and Guardian published a report by a group called Organised Crime and Corruption Reporting Project (OCCRP) alleging that the Adani Group bought its shares to increase the share price. The report by Financial Times claimed that Gautam Adani’s brother Vinod Adani was behind this, and that the investment structures were “provided by an Indian financial group now called 360 One”.

However, 360 One has now come up with a clarification denying any links with the alleged transactions. 360 ONE made a filing with the BSE and NSE denying the claims made in the Financial Times report. The investment management company said that it manages two funds, Emerging India Focus Fund and EM Resurgent Fund, and none of them have invested in the Adani Group.

It added that in the past the funds had invested in Adani group companies, but all of them were sold in 2018 and at present there are zero investments in any shares of the group.

The firm said, “360 ONE Asset Management (Mauritius) Limited is the investment manager for Emerging India Focus Fund and EM Resurgent Fund; both of which are fully compliant broad-based funds registered with Financial Services Commission, Mauritius. In neither of these two funds, the Adani group or any of the individuals mentioned in the article, are investors.”

360 ONE further added, “These funds as on date have zero investments in any of the shares of the Adani Group. In the past among many other portfolio investments; the funds have had investments in shares of Adani Group companies; all of which were sold in 2018.”

Financial Times in its report had alleged that the ‘paper trail’ that links Vinod Adani with Nasser Ali Shaban Ahli and Chang Chung-Ling leads to a Bermuda fund provided by 360 One. It had also claimed that 360 One paid a Dubai subsidiary of Assent Trade & Investment to advise on investments of $100 million.

However, the report by FT claimed that Assent is a Vinod Adani company, and it bought shares of Bermudian Global Opportunities Fund. The money was then allegedly diverted to Asian Vision Fund, which made “diversified investments in stocks other than Adani.”

It is not clear what is the allegation here, as if the Vinod Adani company invested in stocks other than Adani, there is no question of buying Adani shares to inflate prices. It is also not clear why 360 One would pay money to an Assent subsidiary to advise on the investment. Ideally, it should get payment for investment advice.

The FT report did mention that lawyers of 360 ONE disagreed with the FT’s version of the events. It quoted the lawyers as saying that no 360 One entity and/or its employees in their official capacity has been involved in any wrongdoing generally and particularly in connection with the Adani Group.

The Guardian report, also based on the same report by OCCRP, didn’t mention the name of 360 One. It alleges that investments into Adani stock from two Mauritius-based funds were overseen by a Dubai-based company run by a known employee of Vinod Adani. It does not mention any involvement of any fund manager like 360 ONE.

Today Rahul Gandhi used the reports to resume his attack on PM Modi alleging links with Adani. He repeated already debunked lies, like the claim that Chang Chung-Ling is Chinese national when the fact is that he is from Taiwan.

Notably, just a few days ago, OpIndia had predicted that Organised Crime and Corruption Reporting Project (OCCRP) is planning a shakedown of India’s financial markets, following the footsteps of US-based short seller ‘Hindenburg Research’. OCCRP is funded by the likes of George Soros’ Open Society Foundations (OSF), the Ford Foundation and the Rockefeller Brothers Foundation, groups with history of funding anti-India activities.


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