After the serious allegations by US-Short-Seller-and-financial-investigation-agency-Hindenburg Research against Adani, TotalEnergies fall out with detailed statement saying its investments in Adani's Bodies/entities were undertaken in full compliance with applicable such as Indian Laws and TotalEnergies internal governance processes.
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| France-Headquartered TotalEnergies has investment in several group companies of Adani like Adani Total Gas(37.4 % investment),Adani Total(50% Investment),Adani Green Energy Limited(19.75 %). Adani Group will hire Deloitte, EY, KPMG, And PwC One Of the Big Auditing firms to accomplish to general audit, said TotalEnergies statement in Friday. The France energy major furthet said that the dilligence, which was carried out to TotalEnergies satisfaction, was consist with best practices, and all relevant material in the public domain was reviewed, including the detailed disclosures to regulators required inder the applicable Laws. The Hindenburg report, published on January 24. has accused the Adani Group of stock manipulation and fraud by using a wave of shell firms. The charges rocked the group as its stocks plunged nearly 60 percent, triggering panic among investors about the functioning of the company and the ausitors. The Audit partners at Shah Dhandharia who respectively signed off on adani Enterprises And Adani Total Gas annual audits were as young as 24 and 23 years old when they began approving audits. so that is why hold to account the financials of some of the largest comapanies in the country," the report said. in this statement, TotalEnergies said its exposure resulting from these stakes is limited as it represents 2.4 percent of the company capital employed and only $180 million of net operating income in 2022." These investments beign accounted for under the equity method, TotalEnergiesn has not performed any reevalation in its stakes in the listed entities Adani Total Gas Ltd And Adani Green Energy in relation to the increase in their sttock values, Statement Said. |
