Offshore Investor In Adani Power Linked With Adani Family: Report

Opal Investment Pvt Ltd which was portrayed by Adani Power as an independent stakeholder with a 4.69 per cent ownership in the energy firm is actually an offshore company, the Wall Street Journal has reported.

As per corporate filings obtained by The Wall Street Journals, Opal was formed on the island country of Mauritius by Trustlink International which in turn is a financial services firm with ties to the Adani Family.

The Mauritius filings reveal that one of Trustlink’s directors, Louis Ricardo Caillou is on the board of Opal. Caillou is also a board member of another Mauritius-based firm, Krunal Trade & Investment Pvt. Ltd., with Adani's older brother, Vinod Adani, and Subir Mittra, the CEO of the Adani family office.

The documents show that Trustlink International is also a Mauritius-based company which serves as both companies’ secretaries.

The latest findings brings to the surface the claims made by American short-seller Hindenburg Research that whether Adani executives or family members have any control over decisions made by businesses like Opal.

The Adani Group has refuted the allegations and has said that stock manipulation claims made by short-seller have no basis and are a result of misunderstanding of Indian legislation.