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谁是高塔姆·阿达尼?和大空头的口水仗让印度首富身家暴跌

谁是高塔姆·阿达尼?和大空头的口水仗让印度首富身家暴跌

TRISTAN BOVE 2023-02-03
现在阿达尼面对的或许是其职业生涯中最大的商业和声誉挑战。

漫长的过往也许正在给高塔姆·阿达尼带来麻烦。图片来源:EDWIN KOO/BLOOMBERG VIA GETTY IMAGES

去年一度成为全球第二大富翁曾让高塔姆·阿达尼备受关注。但过去一周,这位印度亿万富翁的资产急剧缩水,现在他面对的或许是自己职业生涯中最大的商业和声誉挑战。

去年某段时间,阿达尼的个人净值达到1200亿美元,成为世界上最富有的人之一,和埃隆·马斯克、伯纳德·阿诺特并驾齐驱。他积累的财富源于庞大的阿达尼集团(Adani Group),这家综合性企业管理着港口、机场、发电厂、煤矿和食品公司等企业。

阿达尼的纸面财富仍高于大多数人。但上周这位亿万富翁的个人净值减少了近400亿美元,降至840亿,他的亚洲首富位置也被其国内对手、实业家穆克什·安巴尼取代。阿达尼的下坡路从上周开始,美国金融研究机构兴登堡研究公司(Hindenburg Research)盯上了阿达尼集团。这家机构会公开指摘和披露企业的不端行为,然后建议投资者做空某些公司,或者赌这些公司会失败,这往往会使其目标公司的股价持续下挫。

兴登堡研究公司称,阿达尼实施了“公司史上最大的欺诈”。一如预期,后者的股价受到打击,其价值在短短几天之内就蒸发了700多亿美元。

阿达尼反驳了上述说法,并指责兴登堡“蓄意攻击印度”。他表示一定会对兴登堡采取法律行动,但后者扳倒其他公司,甚至让它们彻底消失的历史对这位印度大亨来说并非好兆头。阿达尼集团的历史远早于兴登堡发布的新报告,而阿达尼也许不得不面对针对自己公司的一连串欺诈指控。

印度的“洛克菲勒”

阿达尼在印度企业界和社会中的位置很关键。2020年,追踪印度市场的澳大利亚能源分析师蒂姆·巴克利对英国《金融时报》(Financial Times)表示,就其对印度总理纳伦德拉·莫迪的政治影响力而言,阿达尼堪称印度的“洛克菲勒”。考虑到阿达尼及其公司在印度不断壮大的企业界所处的高位,兴登堡的报告产生的不利影响可能远不止阿达尼本人。

60岁的阿达尼在20世纪80年代末创立了自己的公司,专门从事聚合物方面的大宗商品贸易,但他很快就进入了让他真正踏足印度企业界的行业,那就是基础设施。20世纪90年代,阿达尼开始在印度西北部的蒙德拉建造港口,后者逐步成长为印度最大的商业港。

此后,阿达尼不断进行扩张,现在他拥有并经营着印度各地的13个港口,占印度港口吞吐能力的24%。他的生意还覆盖了光伏和风力发电场以及印度国内六座机场。这些港口都在经济特区中运营,是阿达尼集团最主要的收入来源之一。在截至2022年3月的上一财务年度,这些港口的销售收入突破20亿美元,创历史新高。

不过,过去几十年阿达尼最赚钱的业务一直是他在全球各地的煤炭投资。据《华盛顿邮报》(The Washington Post)报道,截至去年12月,煤炭业务为阿达尼集团贡献了六成以上的收入,其中包括18座煤矿和四家燃煤发电厂,占印度煤炭进口量的四分之一。

阿达尼集团随着印度经济的崛起而壮大。目前印度是全球第五大经济体,人口可能已经居世界首位。阿达尼一直坦率地表示看好印度的未来和经济增长轨迹。他在上个月宣称,21世纪“属于印度”,并且预测今后10年印度GDP每12-18个月就会增长1万亿美元。

财富缩水

不过,如果实际情况证明今后几十年确实是印度的世纪,阿达尼也许就无法像他期望的那样处于核心位置了。

长期以来,阿达尼和他的公司一直面临财务违规指控,他们和地方社区及保守主义团体发生过许多次冲突,而且还因为和总理莫迪关系密切而被指任人唯亲。

2018年,印度海关指控阿达尼将其公司的6亿美元应税收入转移到了海外避税地的家族账户中。在澳大利亚和印度,煤矿项目让阿达尼受到了当地团体的抨击。

彭博社(Bloomberg)本月初的报道指出,过去一年利润飞涨促使阿达尼以前所未有的速度扩张他的综合性集团,他还计划最快于2026年将五家新公司剥离上市。去年,印度股市是全球涨幅最大的股市之一,主要原因就是阿达尼旗下公司的股票价值在过去两年直线上升。但阿达尼集团的急速扩张已经引起了外界注意——2021年监管部门表示担心股价受到操纵,该公司的迅速发展也引发了它会跌入债务陷阱的担忧。

去年,惠誉(Fitch Ratings)旗下的债务研究公司CreditSights对阿达尼集团几家分公司的高额负债表示担心。尽管撤回了阿达尼集团“杠杆率严重过高”的警告,但CreditSights称它“仍担心阿达尼集团的杠杆水平”。阿达尼集团负责人则反驳了对该公司债务水平的所有批评。

许多以前的财务欺诈和操纵市场指控再次出现在兴登堡的报告中。这家美国公司专门指出,过去几年阿达尼做出了“厚颜无耻的操纵股价和账目造假行为”,而且虽然负债已经增至无法维继的水平,但阿达尼通过高估旗下公司的价值来“保持表面上的财务健康和偿付能力”。(财富中文网)

译者:Charlie

去年一度成为全球第二大富翁曾让高塔姆·阿达尼备受关注。但过去一周,这位印度亿万富翁的资产急剧缩水,现在他面对的或许是自己职业生涯中最大的商业和声誉挑战。

去年某段时间,阿达尼的个人净值达到1200亿美元,成为世界上最富有的人之一,和埃隆·马斯克、伯纳德·阿诺特并驾齐驱。他积累的财富源于庞大的阿达尼集团(Adani Group),这家综合性企业管理着港口、机场、发电厂、煤矿和食品公司等企业。

阿达尼的纸面财富仍高于大多数人。但上周这位亿万富翁的个人净值减少了近400亿美元,降至840亿,他的亚洲首富位置也被其国内对手、实业家穆克什·安巴尼取代。阿达尼的下坡路从上周开始,美国金融研究机构兴登堡研究公司(Hindenburg Research)盯上了阿达尼集团。这家机构会公开指摘和披露企业的不端行为,然后建议投资者做空某些公司,或者赌这些公司会失败,这往往会使其目标公司的股价持续下挫。

兴登堡研究公司称,阿达尼实施了“公司史上最大的欺诈”。一如预期,后者的股价受到打击,其价值在短短几天之内就蒸发了700多亿美元。

阿达尼反驳了上述说法,并指责兴登堡“蓄意攻击印度”。他表示一定会对兴登堡采取法律行动,但后者扳倒其他公司,甚至让它们彻底消失的历史对这位印度大亨来说并非好兆头。阿达尼集团的历史远早于兴登堡发布的新报告,而阿达尼也许不得不面对针对自己公司的一连串欺诈指控。

印度的“洛克菲勒”

阿达尼在印度企业界和社会中的位置很关键。2020年,追踪印度市场的澳大利亚能源分析师蒂姆·巴克利对英国《金融时报》(Financial Times)表示,就其对印度总理纳伦德拉·莫迪的政治影响力而言,阿达尼堪称印度的“洛克菲勒”。考虑到阿达尼及其公司在印度不断壮大的企业界所处的高位,兴登堡的报告产生的不利影响可能远不止阿达尼本人。

60岁的阿达尼在20世纪80年代末创立了自己的公司,专门从事聚合物方面的大宗商品贸易,但他很快就进入了让他真正踏足印度企业界的行业,那就是基础设施。20世纪90年代,阿达尼开始在印度西北部的蒙德拉建造港口,后者逐步成长为印度最大的商业港。

此后,阿达尼不断进行扩张,现在他拥有并经营着印度各地的13个港口,占印度港口吞吐能力的24%。他的生意还覆盖了光伏和风力发电场以及印度国内六座机场。这些港口都在经济特区中运营,是阿达尼集团最主要的收入来源之一。在截至2022年3月的上一财务年度,这些港口的销售收入突破20亿美元,创历史新高。

不过,过去几十年阿达尼最赚钱的业务一直是他在全球各地的煤炭投资。据《华盛顿邮报》(The Washington Post)报道,截至去年12月,煤炭业务为阿达尼集团贡献了六成以上的收入,其中包括18座煤矿和四家燃煤发电厂,占印度煤炭进口量的四分之一。

阿达尼集团随着印度经济的崛起而壮大。目前印度是全球第五大经济体,人口可能已经居世界首位。阿达尼一直坦率地表示看好印度的未来和经济增长轨迹。他在上个月宣称,21世纪“属于印度”,并且预测今后10年印度GDP每12-18个月就会增长1万亿美元。

财富缩水

不过,如果实际情况证明今后几十年确实是印度的世纪,阿达尼也许就无法像他期望的那样处于核心位置了。

长期以来,阿达尼和他的公司一直面临财务违规指控,他们和地方社区及保守主义团体发生过许多次冲突,而且还因为和总理莫迪关系密切而被指任人唯亲。

2018年,印度海关指控阿达尼将其公司的6亿美元应税收入转移到了海外避税地的家族账户中。在澳大利亚和印度,煤矿项目让阿达尼受到了当地团体的抨击。

彭博社(Bloomberg)本月初的报道指出,过去一年利润飞涨促使阿达尼以前所未有的速度扩张他的综合性集团,他还计划最快于2026年将五家新公司剥离上市。去年,印度股市是全球涨幅最大的股市之一,主要原因就是阿达尼旗下公司的股票价值在过去两年直线上升。但阿达尼集团的急速扩张已经引起了外界注意——2021年监管部门表示担心股价受到操纵,该公司的迅速发展也引发了它会跌入债务陷阱的担忧。

去年,惠誉(Fitch Ratings)旗下的债务研究公司CreditSights对阿达尼集团几家分公司的高额负债表示担心。尽管撤回了阿达尼集团“杠杆率严重过高”的警告,但CreditSights称它“仍担心阿达尼集团的杠杆水平”。阿达尼集团负责人则反驳了对该公司债务水平的所有批评。

许多以前的财务欺诈和操纵市场指控再次出现在兴登堡的报告中。这家美国公司专门指出,过去几年阿达尼做出了“厚颜无耻的操纵股价和账目造假行为”,而且虽然负债已经增至无法维继的水平,但阿达尼通过高估旗下公司的价值来“保持表面上的财务健康和偿付能力”。(财富中文网)

译者:Charlie

Gautam Adani had his moment in the spotlight last year when he briefly became the world’s second-richest person. But after the Indian billionaire’s fortunes plummeted spectacularly over the past week, he may now be up against the biggest business and reputational challenge of his career.

For a time last year, Adani’s $120 billion net worth put him in the company of Elon Musk and Bernard Arnault as one of the world’s wealthiest people, and the outright richest person in Asia. He built his wealth on the back of his sprawling Adani Group, a conglomerate that manages ports, airports, power plants, coal mines, food companies, and more.

On paper, Adani is still wealthier than most. But the billionaire’s net worth has fallen by nearly $40 billion to $84 billion in the past week, and he risks being overtaken as Asia’s richest person by his domestic rival, the industrialist Mukesh Ambani. Adani’s fall began last week when his company was targeted by Hindenburg Research, an American financial research firm that advises investors to short-sell, or bet against particular companies after publicly exposing alleged corporate malpractice that often sends the stock of its targets into a spiral.

Hindenburg has accused Adani of pulling off the “largest con in corporate history,” and as expected, the company’s stock has taken a hit, shedding more than $70 billion in value in a matter of days.

Adani has rejected the claims and accused Hindenburg of initiating a “calculated attack on India.” The businessman promised legal action against the research firm, but Hindenburg’s history of unseating and even wiping companies off the map does not bode well for the Indian tycoon, who may have to confront a list of fraud claims against his company that long preceded the new report.

His country’s “Rockefeller”

Adani holds a crucial role in Indian business and society, and was referred to as his country’s “Rockefeller” to Indian Prime Minister Narendra Modi in terms of the political influence he wields by Tim Buckley, an Australian energy analyst who tracks India, to the Financial Times in 2020. But his position as Asia’s wealthiest individual and his company’s high standing in India’s growing business world means the repercussions of Hindenburg’s research could ripple far beyond Adani himself.

Adani, 60, founded his company in the late 1980s as a commodity trading operation specializing in polymers, but it wasn’t long before he moved into the sector that really put him on India’s business map: infrastructure. He began building a port in Mundra in northwestern India in the 1990s that has since grown into the country’s largest commercial port.

Adani has since expanded to own and operate 13 ports across India, representing 24% of the country’s port capacity. He has added solar and wind energy farms and six Indian airports to his portfolio, but his ports—all of which operate in special economic zones—are among his company’s largest revenue sources, bringing in record sales of more than $2 billion during its last financial year that ended in March 2022.

But Adani’s biggest money-making ventures over the past few decades have been his investment in coal around the world. As of last December, more than 60% of the Adani Group’s revenue was from its coal business, according to the Washington Post, including 18 coal mines, four coal-fired power plants, and importing a quarter of India’s coal capacity.

The Adani Group has grown in tandem with India’s economic rise, as the country is now the world’s fifth-largest economy and may already be its most populated. Adani has been outspokenly optimistic about India’s future and economic growth trajectories, announcing last month that the 21st century “belongs to India,” while predicting that the country will add $1 trillion to its GDP every 12 to 18 months within the next decade.

Falling fortunes

But if the coming decades do prove to be India’s century, Adani may not be playing as central a role as he had once hoped.

Adani and his company have long been plagued by accusations of financial irregularities, numerous run-ins with local communities and conservationist groups, as well as accusations of cronyism given his close relationship with Prime Minister Narendra Modi.

In 2018, India’s customs department accused Adani of siphoning off $600 million of his company’s taxable revenues and placing it with family accounts in overseas tax havens. Adani has also come under fire from local groups in Australia and India as a result of his coal mining projects there.

Soaring profits in the past year has pushed Adani to expand his conglomerate faster than ever, and he is planning to spin off five new companies to go public as soon as 2026, Bloomberg reported earlier this month. India’s stock market was among the world’s fastest-rising last year, largely due to the surging share value of Adani’s companies over the past two years. But the meteoric rise of Adani’s portfolio has come under the spotlight; regulators voiced concerns of stock manipulation in 2021, while the company’s rapid expansion has sparked fears that it is falling into a debt trap.

Last year, debt research firm CreditSights, an arm of Fitch Ratings, raised concerns over the high debt levels in several Adani Group branches. The firm said it “remained concerned over the Adani Group’s leverage,” although it walked back an earlier red flag about the company becoming “deeply overleveraged.” Adani Group officials have dismissed any criticism of the company’s debt levels.

Many of the old accusations of financial fraud and market manipulation resurfaced in the Hindenburg report. The U.S. firm specifically accused Adani of conducting a “brazen stock manipulation and accounting-fraud scheme” over the years and overstating his companies’ valuations to “maintain the appearance of financial health and solvency” despite debt rising to unsustainable levels.

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