Jakarta, CNBC Indonesia – Scandal has rocked Indian tycoon Gautam Adani again. This time, there are conjectures mark up value of coal imports in one of the companies.
Indian authorities have asked the Supreme Court (MA) to allow them to collect evidence from Singapore. Allegedly, many coal shipments imported from Indonesia were charged at higher prices to its unit in the Lion Country, Adani Global Pte.
However, Adani Enterprises has repeatedly successfully filed legal challenges in India and Singapore to block the issuance of these import documents. Adani denies any wrongdoing, saying that Indian authorities assess its coal shipments before releasing them from ports.
“In a legal filing on October 9, the revenue intelligence agency asked the Indian Supreme Court to overturn an earlier lower court order that allowed Adani to block authorities from collecting evidence from Singapore,” wrote Reuters, Friday (17/10/2023).
Indian officials said in the filing that they had approval to seek information from the Southeast Asian city-state under a mutual legal assistance agreement. The 25-page document states that permission to participate in this scheme was obtained from the Ministry of Finance and the Ministry of Home Affairs.
Meanwhile, in a statement to the same website, Adani Group said it had “cooperated fully” with authorities by providing details and documents sought more than four years ago. “There were no shortcomings or objections” communicated by investigators afterward, he said.
This move by the Indian government is a new effort to revive coal investigations related to the world’s richest man. Adani itself is under extra scrutiny since the company short sellersHindenburg Research, accused the tycoon and his conglomerate of improper use of tax havens and stock manipulation, January.
Although Adani denies it, reports short sellers This triggered a plunge in the group’s shares of US$ 150 billion. India’s Supreme Court is also overseeing the market regulator’s investigation into Hindenburg’s allegations.
The renewed investigation also comes ahead of India’s 2024 elections that are putting pressure on Prime Minister Narendra Modi. His political opponents say Modi favors Adani in government decision-making.
[Gambas:Video CNBC]
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