No Adani shell companies in Mauritius
Hindenburg allegations 'false, baseless’: Mauritius Min tells Parliament
Port Louis/ New Delhi: In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation's Parliament that Hindenburg Research's allegations of the presence of 'shell' companies in the Island nation are 'false and baseless' and that Mauritius was in compliance with OECD-mandated tax rules.
US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies. A shell company is an inactive firm used as a vehicle for various financial manoeuvres.
When a Member of Parliament (MP) through a written notice question asked the Minister about Hindenburg's allegation of use of Mauritius-based entities as conduits for money laundering and share price manipulation for the Adani Group, the Minister said the nation's law does not allow shell companies.
"At the outset, I wish to inform the House that the allegations of the presence of shell companies in Mauritius are false and baseless," he said.
