I Stand By Adani Report, Says Hindenburg Founder

New Delhi: Activist short-seller Nathan Anderson, known for his high-profile campaigns against the likes of Adani Group, said the decision to shut his firm, Hindenburg Research was not because of any legal or any other threat, but due to workload. And that he stands by all its reports including the one against Adani Group.

Anderson said in an interview that Hindenburg’s January 2023 report accusing Adani Group of “the largest con in corporate history” was a result of following “red flags” raised against the conglomerate in media reports. Adani Group had repeatedly denied all allegations in the report. He termed as “goofy conspiracy” the attempts by some to link Hindenburg with alleged anti-India groups like OCCRP and George Soros, saying his outlet never commented on them as it followed the policy of not feeding into “silly conspiracy theories”.

Anderson, who came to be known for meticulously detailed reports against companies he alleged were committing fraud, last month announced shutting down his forensic research firm nearly eight years after he founded it. Asked why he chose to shut down Hindenburg when he could have stepped back and passed on the reins of the company to someone else, he said there is “no way to separate me from the brand.”