Hindenburg alleges India market regulator chief held stake in offshore funds used by Adani Group

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. (REUTERS)
The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. (REUTERS)
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Updated 11 August 2024
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Hindenburg alleges India market regulator chief held stake in offshore funds used by Adani Group

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023.
  • Hindenburg Research said these allegations were “nonsense” in a note published on its website in July, which also made public the regulator’s notice
  • In May, six Adani Group companies disclosed they had received notices from SEBI alleging violation of Indian stock market rules

MUMBAI: US based short-seller Hindenburg Research in a new report released on Saturday alleged that the chairperson of India’s market regulator Madhabi Puri Buch previously held investments in certain offshore funds that were also used by Adani Group.
In a late night press statement, Buch denied these allegations and called them baseless, adding that a detailed statement would be issued later.
Citing whistleblower documents, Hindenburg said Buch and her husband held stakes in an offshore fund where a substantial amount of money was invested by associates of Vinod Adani, brother of Gautam Adani, who is chairman of Adani Group.
Adani Group has previously denied these allegations, and an email query sent to Adani Group was not immediately answered.
In January 2023, Hindenburg released a report alleging improper use of tax havens and stock manipulation by Adani Group, setting off a $150 billion selloff in the conglomerate’s stocks despite its denials of wrongdoing. The stocks have since recovered partially.
The 2023 report also led to an enquiry by the country’s market regulator, the Securities and Exchange Board of India (SEBI), which is still underway. In May, six Adani Group companies disclosed they had received notices from SEBI alleging violation of Indian stock market rules.
Alongside the enquiry into Adani Group, SEBI sent a “show cause” notice to Hindenburg Research alleging that the short-seller violated the country’s rules by setting up a short-bet using non-public information.
Hindenburg Research said these allegations were “nonsense” in a note published on its website in July, which also made public the regulator’s notice.
In its latest report, Hindenburg attempts to draw a link between offshore funds that traded in Adani Group shares and personal investments of Buch and her husband.
It says that Bermuda-based Global Opportunities Fund, which according to a Financial Times investigation was used by entities connected to Adani Group to trade in share of group companies, had sub-funds.
Buch and her husband were investors in one of these sub-funds in 2015, Hindenburg alleged, citing whistleblower documents.
In 2017, before Buch was appointed as a whole-time member, second highest ranking office at Securities and Exchange Board of India (SEBI), her husband requested to be the sole operator of the account, Hindenburg said, citing whistleblower documents.
Later in 2022 she was appointed as head of the regulatory body.
“We think our findings raise questions that merit further investigation. We welcome additional transparency,” Hindenburg said.
In the joint statement issued by Buch and her husband they said their finances are an open book and that they have no hesitation in disclosing any and all financial documents to any authority.
“All disclosures as required have already been furnished to SEBI over the years,” the statement said.

 

 


Nelson Mandela’s grandson reportedly denied entry to UK ahead of pro-Palestine speaking tour

Nelson Mandela’s grandson reportedly denied entry to UK ahead of pro-Palestine speaking tour
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Nelson Mandela’s grandson reportedly denied entry to UK ahead of pro-Palestine speaking tour

Nelson Mandela’s grandson reportedly denied entry to UK ahead of pro-Palestine speaking tour

LONDON: The grandson of the late South African president Nelson Mandela has reportedly been denied entry to the UK ahead of a planned speaking tour supporting the Palestinian cause, it was reported this weekend.

Zwelivelile Mandla Mandela, a former South African MP, was due to attend events in eight cities, including London, Edinburgh and Brighton, as part of Black History Month.

However, he was forced to join remotely for a Sheffield event after being informed that he required a visa, The Independent reported on Friday.

The Sheffield Palestine Coalition against Israeli Apartheid said in a statement that British officials had initially informed Mandela he did not need a visa due to his South African government passport.

However, on Monday, he was informed otherwise, and despite efforts from senior ANC figures, no visa has been issued.

Mandela, who has openly expressed support for the Oct. 7 Hamas-led attack on Israel, said during the Sheffield event: “It seems that there are those who are intent on preventing me from being physically with you in Britain.”

He added: “I have been criticized for statements that I have made in support of the Palestinian resistance and its various formations.”

Some of Mandela’s remarks have attracted controversy, including his praise of late Hezbollah chief Hassan Nasrallah, whom he called “one of the great freedom fighters,” according to Iranian state media.

The UK Home Office has faced pressure regarding Mandela’s entry into the country, with concerns raised over his past statements. A Home Office spokesperson responded by saying: “The UK has robust safeguards to ensure visas are only issued to those who we want to welcome to our country.”

Mandela is expected to visit the Irish capital, Dublin, later this month, and his visa requirement has reportedly been waived.

His grandfather, Nelson Mandela, was an outspoken supporter of the Palestinian cause.


Fire at Chechnya petrol station kills four, including children

Fire at Chechnya petrol station kills four, including children
Updated 12 October 2024
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Fire at Chechnya petrol station kills four, including children

Fire at Chechnya petrol station kills four, including children
  • “Unfortunately, four people died, including two children,” Russia’s emergency ministry said
  • Officials said the petrol station is on Grozny’s Mohammad Ali Avenue

MOSCOW: A fire at a petrol station in Russia’s Chechnya killed four people, including two children, emergency services said Saturday.
Authorities released images of more than two dozen firefighters extinguishing the blaze at an almost totally destroyed petrol station with burnt-out cars in Chechnya’s main city, Groznyy.
“Unfortunately, four people died, including two children,” Russia’s emergency ministry said.
It said the fire had been put out.


Officials said the petrol station is on Grozny’s Mohammad Ali Avenue, close to the center of the Chechen capital.
Social media videos showed a large explosion with flames going into the air.
Russia’s North Caucasus has seen several deadly blasts at service stations recently.
Last month, an explosion at a petrol station in the neighboring Dagestan region killed 13 people. In August 2023, a similar explosion killed 35 people in Dagestan and injured dozens.


Ukrainian recruiters descend on Kyiv’s nightlife in search of men not registered for conscription

Ukrainian recruiters descend on Kyiv’s nightlife in search of men not registered for conscription
Updated 12 October 2024
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Ukrainian recruiters descend on Kyiv’s nightlife in search of men not registered for conscription

Ukrainian recruiters descend on Kyiv’s nightlife in search of men not registered for conscription
  • It is unusual for such raids to take place in the capital, and reflects Ukraine’s dire need for fresh recruits
  • All Ukrainian men aged 25-60 are eligible for conscription, and men aged 18-60 are not allowed to leave the country

KYIV: Ukrainian military recruitment officers raided restaurants, bars and a concert hall in Kyiv, checking military registration documents and detaining men who were not in compliance, local media reported Saturday.
Officers reportedly descended on Kyiv’s Palace of Sports venue after a concert Friday night by Ukrainian rock band Okean Elzy. Video footage aired by local media outlets appears to show officers stationed outside the doors of the concert hall intercepting men as they exit. In the footage, officers appear to be forcibly detaining some men.
Checks were also conducted at Goodwine, an upscale shopping center, and Avalon, a popular restaurant.
It is unusual for such raids to take place in the capital, and reflects Ukraine’s dire need for fresh recruits. All Ukrainian men aged 25-60 are eligible for conscription, and men aged 18-60 are not allowed to leave the country.
Local reports said raids were also conducted in clubs and restaurants across other Ukrainian cities, including Kharkiv and Dnipro in eastern and central Ukraine.
Ukraine has intensified its mobilization drive this year. A new law came into effect this spring stipulating that those eligible for military service must input their information into an online system or face penalties.
Meanwhile, Ukraine’s military said on Saturday that it struck a Russian-controlled oil terminal in the partially occupied Luhansk region that provides fuel for Russia’s war effort.
“Oil and oil products were stored at this base, which were supplied, in particular, for the needs of the Russian army,” Ukraine’s General Staff wrote on Telegram.
Russian state media reported that the terminal close to the city of Rovenky had come under attack from a Ukrainian drone and said there were no casualties and that the fire had been extinguished, but did not comment on the extent of any damage.
On Monday, Ukrainian forces said they struck a major oil terminal on the south coast of the Russia-occupied Crimea Peninsula.
Both sides are facing the issue of how to sustain their costly war of attrition — a conflict that started with Russia’s full-scale invasion of Ukraine in February 2022 and that shows no signs of a resolution.
Ukraine’s aim is to impair Russia’s ability to support its front-line units, especially in the eastern Donetsk region where the main Russian battlefield effort is stretching weary Ukrainian forces.
Kyiv is still awaiting word from its Western partners on its repeated requests to use the long-range weapons they provide to hit targets on Russian soil.
Meanwhile, Russia’s Defense Ministry said 47 Ukrainian drones had been intercepted and destroyed by its air defense systems overnight into Saturday: 17 over the Krasnodar region, 16 over the Sea of Azov, 12 over the Kursk region and two over the Belgorod region, all of which border Ukraine.
Belgorod regional Gov. Vyacheslav Gladkov said Saturday that one person had been killed and 14 wounded in Ukrainian shelling and drone attacks over the previous 24 hours.
In Ukraine, the country’s Air Force said air defenses had shot down 24 of 28 drones launched overnight against Ukraine.
Zaporizhzhia regional Gov. Ivan Fedorov said two women were wounded Saturday in Russian attacks on the capital of the southern Ukrainian region, also called Zaporizhzhia.


Tribal clashes kill at least 11 people in Pakistan

Tribal clashes kill at least 11 people in Pakistan
Updated 12 October 2024
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Tribal clashes kill at least 11 people in Pakistan

Tribal clashes kill at least 11 people in Pakistan
  • Vehicles were targeted in different areas of the district, leading to more casualties
  • Efforts were being made to secure travel routes and restore normalcy

PESHAWAR: Tribal clashes killed at least 11 people in northwestern Pakistan on Saturday and injured eight, including women and children, a local official said.
Tensions rose in Kurram district, Khyber Pakhtunkhwa province, after two people were critically injured in a shooting incident between rival tribes. It wasn’t immediately clear what caused the shooting.
Vehicles were targeted in different areas of the district, leading to more casualties, said senior official Javedullah Khan.
Khan said efforts were being made to secure travel routes and restore normalcy. The injured were taken to a hospital.
Pir Haider Ali Shah, a former parliamentarian and member of a tribal council, said elders had arrived in Kurram to mediate a peace agreement between the tribes.
“The recent firing incidents are regrettable and have hampered efforts for lasting peace,” he said.
Last month, at least 25 people were killed in days of clashes between armed Shiites and Sunni Muslims over a land dispute. Although both live together largely peacefully in the country, tensions have existed for decades between them in some areas, especially in Kurram, where Shiites dominate in parts of the district.


How Filipino content creator makes country’s natural heritage a TikTok hit

How Filipino content creator makes country’s natural heritage a TikTok hit
Updated 12 October 2024
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How Filipino content creator makes country’s natural heritage a TikTok hit

How Filipino content creator makes country’s natural heritage a TikTok hit
  • Environment and travel writer Celine Murillo moved to TikTok platform in 2022
  • With 620,000 followers, she sheds light on little-known flora and fauna of the Philippines

MANILA: When Celine Murillo traded the bustling streets of Manila for the nature of Bicol region 400 km south, she began to use TikTok to share her journey — a decision that soon shot her to social media fame.

Almost three years later, Murillo’s account has over 620,000 followers. Filled with conversational content and tidbits in under two minutes, her content resonates with viewers of all ages who appreciate learning more about the plants and animals they see around them.

An experienced travel writer, she was creating long-form content for years. But the outreach was not yet enough to make a difference. It was her social media venture that changed it.

“For almost a decade, I’ve been creating stories about the natural world — written features, photo stories, and, ultimately, documentaries. While these have been fulfilling, I felt like they were reaching the people that already cared. There was this dread of being in an echo chamber,” she told Arab News.

“(I asked myself), ‘Where’s the audience? How can I make the message reach more of them?’ These were the questions I consistently mulled over. And the answer I came to was TikTok.”

It all clicked as Filipinos were eager to learn about their country’s rich biodiversity.

Murillo travels with her husband Dennis, who shoots and edits their content as they explore the Philippines’ natural wonders — from hiking in the mountains to documenting endangered species.

One of the videos about a yellow-vented bulbul, a common bird in the Philippines, has earned 12 million views, while the views on her series called “Saribuhay sa Salapi” (Biodiversity in Local Currency) range from over 1 million to 3 million views for each clip.

Celine Murillo and her husband and video producer Dennis during one of their field trips. (Celine Murillo)

With the number of her followers growing, Murillo realized there was great interest among Filipinos to learning about their own natural heritage — something that many were never introduced to, as the Philippines’ native flora and fauna was not a subject typically covered in school curricula.

“It makes me sad and a little angry that foreign species like lions and cherry blossoms are more known to Filipinos and more prominent in popular culture than our own local biodiversity,” she said.

“This should be taught in schools. This should be inculcated in our psyche.”

The lack of knowledge and awareness stems, according to her, from a systemic issue of long-held colonial narratives.

“For so long, all of our institutions forward colonial ideas. This is true in all aspects of our lives as Filipinos, even in the way we perceive our environment,” she said.

“We see nature as something to profit from, and ultimately exploit and abuse. That’s why I’m proud of my work because it has started a resurgence in interest, a remembering that our natural heritage is just as amazing and worthy of attention, that it’s inherently valuable, even without factoring in how much money we can profit from it.”

Living with indigenous communities and working, among others, with Climate Tracker Asia — a non-profit committed to enhancing climate journalism — Murillo has witnessed the situation on the ground and the fight of those trying to stop the destruction of the environment, which to her was linked to the continuing presence of “colonial systems” that “allow the wanton abuse and oppression of people, communities, and our natural treasures.”

She is trying to address this, making more people aware by sharing online the knowledge of experts, conservation institutions and grassroots groups she has learnt from.

“My work as a storyteller and communicator is built on the collective knowledge and experiences of scientists and Indigenous communities. I am a proud product of their legacies ... “I’m so happy that the online community is empowered to share their experiences, in the context of their cultural and personal history,” she said.

“I know my work in social media is barely scratching the surface, but I hope this will instill a sense of wonder to the viewer, and hopefully, this will turn into love. In time, we will collectively harness this love to create a better, kinder, more compassionate world.”