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Adani Group-Gulf Asia Fund Ties Being Investigated by SEBI, as per Sources
October 12, 2023
Adani Group and Gulf Asia Trade & Investment, a fund incorporated in the British Virgin Islands are being investigated regarding violation of share ownership rules by Indian regulator SEBI, as per sources. This comes as part of the SEBI’s continued investigation into Adani Group following Hindenburg Research’s in January this year. Nasser Ali Shaban Ahli who owns the Gulf Asia fund, is said to have had “longtime business ties” with Adani Group’s founder Gautam Adani, as per OCCRP, an investigative journalist company. OCCRP alleged that the fund used offshore structures such as shell companies, to buy and sell Adani shares between 2013 and 2018. As per OCCRP, Gulf Asia held $51.4mn in shares of Adani Enterprises and Adani Power in April 2014. Whereas, in March 2017, this increased to $202mn in four group companies namely, Adani Enterprises, Adani Power, Adani Transmission and Adani Ports. SEBI is now said to be investigating whether such business ties saw the fund acting “in concert” with key Adani shareholders to manipulate shares or violate ownership rules.
Adani companies’ dollar bonds have stayed stable despite the above news – Adani Ports’ 3.375% 2024s are trading at 96.9 cents on the dollar, yielding 7.63%.
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