Business
Group Backed By Controversial Billionaire George Soros Planning Expose On Indian Firms: Report
George Soros
Months after US short-seller Hindenburg caused a stir in the Indian markets with a report on the Adani group, the Organised Crime and Corruption Reporting Project (OCCRP), an organisation funded by figures including controversial billionaire George Soros, is planning another 'expose' on certain corporate houses in India, reported news agency PTI.
OCCRP is an investigative reporting platform funded by prominent organizations such as George Soros' Open Society Foundations (OSF) and Rockefeller Brothers Fund.
The organisation may reportedly publish a report or a series of articles, PTI reported citing sources with the knowledge of the matter.
Founded in 2006, OCCRP claims to have expertise in reporting on organized crime. Its work has been widely disseminated through partnerships with various media outlets.
The Open Society Foundations of George Soros, a financier known for supporting radical causes worldwide, is listed as one of the institutional donors on its website. Other donors include the Ford Foundation, Rockefeller Brothers Fund, and Oak Foundation.
According to sources, the 'expose' may involve foreign funds investing in the stocks of a particular corporate house.
The identity of the corporate house is currently unknown, but agencies are reportedly closely monitoring the capital market for any developments.
Earlier in a report released on 24 January, Hindenburg Research made allegations of accounting fraud, stock price manipulation, and improper use of tax havens against the Adani Group.
These claims caused a significant decline in the stock market, resulting in a loss of nearly $150 billion in market value of the Group at its lowest point. Adani Group has refuted all allegations made against them.
In May of this year, an expert committee appointed by the Supreme Court to investigate the claims made in the Hindenburg Report found evidence of a buildup in short positions on Adani Group stocks prior to the report's release.
Profits were made by closing these positions after the stock prices plummeted following the publication of the damaging allegations.
The Enforcement Directorate, a financial crime-fighting agency, "found intelligence about potentially violative and concerted selling by specific parties just ahead of the publication of the Hindenburg report, and this may lead to credible charges of concerted destabilisation of the Indian markets, and Sebi ought to be probing such actions under securities laws," it had said citing a response from ED.
The investigation revealed suspicious trading activities involving six entities, including four Foreign Portfolio Investors (FPIs).
After the Hindenburg report was released, Soros expressed his belief that the troubles within Gautam Adani's business empire could potentially weaken Prime Minister Narendra Modi's control over the government.
The BJP strongly disagreed with this statement, viewing it as an attack on Indian democracy.
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