Mahesh Jethmalani urged an investigation into potential Chinese connections among political figures criticizing the Adani Group amid the Hindenburg controversy. He recently flagged a possible Chinese influence behind the report by the American short seller Hindenburg, which has targeted the Adani Group.
New Delhi: Senior lawyer and BJP leader Mahesh Jethmalani urged the government to investigate the connections between political figures who criticized the Adani Group following the Hindenburg report and China. He recently suggested that the American short seller Hindenburg’s report, which targeted the Indian conglomerate, influenced by Chinese interests.
On Friday, Mr. Jethmalani claimed that the attack on the Adani Group, a form of Chinese retaliation for losing infrastructure projects, such as the Haifa Port.
Jethmalani alleged,
“The attack on the Adani Group was Chinese vengeance for losing out on strategic infrastructure projects like the Haifa Port.”
He added,
“Given the established Chinese involvement in the Hindenburg report on the Adani Group, it is incumbent upon the Government of India to investigate the connections between the prominent political voices who criticized the government for ‘crony capitalism’ before and after the report’s publication.”
Jethmalani emphasized that the “hit job” on Adani a retaliation from China for losing bids on strategic projects, notably the Israeli port of Haifa. He also expressed surprise that some Indian politicians distressed by Adani’s acquisition of the Haifa port, which is crucial for the India-Middle East-Europe economic corridor (IMEC), intended to compete with China’s Belt and Road Initiative (BRI).
Jethmalani said,
“This deliberate support for a hostile nation’s debt trap initiative at the expense of the IMEC initiative strongly suggests that part of our political class aligns itself with Chinese strategic interests,”
He also mentioned the significant financial loss to retail investors caused by an influential and wealthy Chinese-American involved in espionage controversies in the US, reinforcing the need to investigate China’s proponents in India.
Earlier this month, Jethmalani claimed that a China lobbyist profited significantly from short selling Adani stock.
He stated,
“The China Project and its founder Anla Cheng were CCCP lobbyists, as attested by former employee Shannon Von Sant before the US Congress. The China Project shut down in November 2023 due to lack of funding and widespread allegations of its nefarious activities in both China and the US.”
Jethmalani questioned the source of Cheng and her family’s significant gains from short selling Adani stock, suggesting that these funds might have been used to support The China Project.
He inquired,
“Did the Rs. 40 million invested in the Adani short sale and its gains not belong to Cheng and family? Who did it belong to then the Chinese State or a private actor?”
On July 5, Jethmalani claimed that Anla Cheng and her husband Mark Kingdon hired Hindenburg for a research report on the Adani Group, posting Shannon Von Sant’s detailed statement to the US Congress and questioning who profited from the short selling.
Jethmalani wrote on July 5,
“Who caused the significant erosion of Adani’s market cap, with no regard for the financial impact on Indian retail investors, through their design to promote Chinese strategic interests by destroying an Indian corporate competitor?”
Earlier on July 15, the Supreme Court dismissed a review petition against its earlier judgement, which had refused to set up a court-monitored Special Investigation Team (SIT) probe into the Hindenburg issue.
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A bench headed by Chief Justice DY Chandrachud, stated,
“Having perused the review petition, there is no error apparent on the face of the record. No case for review under Order XLVII Rule 1 of the Supreme Court Rules 2013. The review petition is, therefore, dismissed,”
This revelation intensified the ongoing controversy surrounding the Adani-Hindenburg saga, with Jethmalani’s claims suggesting a geopolitical angle to the financial manoeuvres against the Adani Group.