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Hindenburg's Nate Anderson Says Stands By Adani Report, Closure Not Due To Any Threat

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 told PTI 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." "Hindenburg is basically synonymous with me," he said. "If it was a software application or a bicycle factory you can sell the application or the factory. But when it's research driven by me, you can't really just hand that off, and so I would not actually be 'done'. But I am happy to support the team if they want to launch a new brand, which I expect they will." The interview with Anderson, who is based in New York, was done over phone calls and text messages. Anderson, who first shot to fame with a report against electric truck company Nikola and had gone after the companies of major financial figures, including Carl Icahn's Icahn Enterprises LP, had last month blamed the "intensity and focus" of the job for the decision to wind up. He had spent much of the last eight years either in fights or preparing for the next fight. Many times during this period, he was often trailed and attempts were made to infiltrate his system. "As to why I retired - it is all in the letter (released on January 16 that announced shutting down of Hindenburg) - it is not based on any threat, health issue, personal issue or otherwise," he said. Conspiracy theories like being on the verge of an investigation by the US Department of Justice and/or US SEC to "concoct a counter-narrative about my retirement is a great example of why I am happy to instead be enjoying more time with family, friends and good music," he said. Hindenburg has said it is not under investigation by the US SEC over anonymous reports linking its founder to a hedge fund for preparing reports targeting companies. Asked if he stood by Hindenburg's reports, particularly against the Adani group, Anderson said, "We 100 per cent stand by all of our research findings." Hindenburg had alleged that Adani Group had used a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. The conglomerate vehemently denied all claims but the damning report at one point sheared over USD 150 billion off its value, losses it eventually recouped in over a year's time. This, as it slashed debt, pared share pledges and won new investors. The issue was agitated before the Supreme Court which did not find any need for a probe other than the one markets regulator Sebi had initiated into certain issues prior to the Hindenburg report.

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