
Nathan Anderson, the founder of the US-based short-selling firm Hindenburg Research, has shared insights into why his firm launched its investigation into the Adani Group and the eventual closure of the research firm. In an interview with news agency PTI, Anderson revealed that the decision to scrutinize the Adani Group was prompted by “red flags” highlighted in media reports.
Hindenburg’s controversial January 2023 report accused the Adani Group of being involved in “the largest con in corporate history,” alleging that the conglomerate used a network of offshore companies to inflate revenues and manipulate stock prices, even as its debts mounted. According to Anderson, the investigation was triggered after seeing media reports that raised concerns, prompting the firm to follow the evidence closely.
“We initially saw media articles outlining red flags, took a closer look, and just kept following the evidence,” Anderson explained. He stood by Hindenburg’s findings, emphasizing that the firm fully supports all of its research into the Adani Group.
The 2023 report caused a massive stir, with the Adani Group denying the allegations. At its peak, the report resulted in a $150 billion loss in the market value of the conglomerate, although the group later recovered by cutting debt, reducing share pledges, and bringing in new investors.
When questioned about the alleged conspiracy theories linking Hindenburg to anti-India groups like the OCCRP or George Soros, Anderson dismissed these claims as “goofy conspiracy” theories. He clarified that Hindenburg’s research has always been driven by factual evidence, rather than external political or ideological influences.
Regarding Hindenburg’s closure, Anderson stated that the decision to shut down the firm, nearly eight years after founding it, was personal. He expressed that it was impossible to separate his identity from the brand of Hindenburg Research. “Hindenburg is basically synonymous with me,” he said. He further explained that if the firm had been a software application or a factory, it could have been sold or passed on, but since it was based on his personal research, it could not continue without him at the helm.
Anderson confirmed that his decision to close the firm was not due to any political or legal pressures, clarifying that the intensity and focus required for the job were factors that led to his decision. He expressed a willingness to support the team if they wished to launch a new brand, a possibility he expects to happen.
Although Anderson had previously denied any legal investigations into Hindenburg by the U.S. Securities and Exchange Commission (SEC), questions around the firm’s connections to hedge funds have lingered.
With Hindenburg Research now closing its doors, Anderson’s legacy and influence in the world of forensic research and short-selling will continue to resonate, especially in light of the firm’s high-profile investigation into the Adani Group and its massive impact on global financial markets.
Sources By Agencies