Deloitte flags Adani Port transactions citing lack of review
PORTS & SHIPPING

Deloitte flags Adani Port transactions citing lack of review

The auditor for Adani Ports & Special Economic Zone Ltd. stated that it can only render a qualified opinion on the company's financial statements due to insufficient disclosures regarding some transactions, bringing back into the public eye the criticisms of Gautam Adani's empire voiced by short seller Hindenburg Research.

On Tuesday, Deloitte Haskins & Sells LLP expressed concern regarding three transactions the port unit had with unrelated parties, according to the firm. However, the auditor claimed that because the firm declined to obtain an impartial external assessment that would have helped establish the parties' lack of relationships, it was unable to confirm that they were unrelated.

The US short seller report, which contains charges that have reduced the group's market value by more than $100 billion, has been cited by a top auditor for the first time in a qualified opinion on a portion of the empire's books. The action would rekindle worries that the port-to-power conglomerate's financial operations continue to be obscured by transparency gaps and runs the risk of impeding its efforts to refute the charges of significant corporate wrongdoing made by Hindenburg.

The auditor for Adani Ports & Special Economic Zone Ltd. stated that it can only render a qualified opinion on the company's financial statements due to insufficient disclosures regarding some transactions, bringing back into the public eye the criticisms of Gautam Adani's empire voiced by short seller Hindenburg Research. On Tuesday, Deloitte Haskins & Sells LLP expressed concern regarding three transactions the port unit had with unrelated parties, according to the firm. However, the auditor claimed that because the firm declined to obtain an impartial external assessment that would have helped establish the parties' lack of relationships, it was unable to confirm that they were unrelated. The US short seller report, which contains charges that have reduced the group's market value by more than $100 billion, has been cited by a top auditor for the first time in a qualified opinion on a portion of the empire's books. The action would rekindle worries that the port-to-power conglomerate's financial operations continue to be obscured by transparency gaps and runs the risk of impeding its efforts to refute the charges of significant corporate wrongdoing made by Hindenburg.

Next Story
Real Estate

Dharavi Reimagined Rs 957.9 Billion Makeover

Construction World got a sneak peek at the plan submitted and approved by the Maharashtra Government a few days ago. Here are a few insights from the plan. When we spoke to SVR Srinivas, CEO of the Dharavi Redevelopment Project, last month, the plans were still under wraps. Today, with the development blueprint in hand, the vision is beginning to take shape—with timelines, phases, and goals now clearly defined. Imagine Dharavi in 2031 — no longer a crowded slum but a thriving, green, and modern community with wide walkways, clean parks, and fast metro connections. This dream is becomi..

Next Story
Real Estate

Tall Expectations

Mumbai’s World Trade Centre Tower 1, completed in 1970, marked the start of tall building construction in India, going by the Council on Tall Buildings & Urban Habitat’s definition of tall buildings as structures with a height of at least 150 m. More than half a century later, the country has barely 273 tall buildings by the same definition, according to the CBRE report Sky is the Limit: Rise of Tall Buildings in India.Mumbai remains the centre of tall building construction in India, notes Sailesh Mahimtura, Chairman & Managing Director, Mahimtura Consultants, a fact corrobora..

Next Story
Real Estate

Cool Office

In a city clogged by traffic and long commutes, WoCO One emerges as a sustainable, commuter-friendly workplace. Spread across 3.6 acre, WoCO One (World of Cool Offices) reimagines the modern office for today’s workforce. More than just a place to work, it nurtures wellbeing and collaboration through open, airy layouts, cafés, lush verandas and multifunctional terraces designed to inspire and refresh.“Gurugram is moving towards sustainability and the walk-to-work model aligns seamlessly with that shift,” says Gagan Deep Singh, Founder Director, WoCO...To read read the full story Cli..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?