- Tuesday, March 04, 2025
By: Shubham Ghosh
As India’s Adani Group faces a stock rout following allegations of fraud by US-based short-seller Hindenburg Research, retirement savings worth millions of dollars in Australia stand exposed, The Guardian reported.
The group companies have been seeing a freefall in stock values after the Hindenburg report released in January alleged large-scale fraud and manipulation of stock.
A number of major superannuation funds in Australia invested in the beleaguered Indian conglomerate, including those that cater for government employees in Queensland and workers at the Commonwealth Bank, the report added.
“Any super fund investing in Adani Group companies has failed its members on climate action and due diligence,” Will van de Pol, a Market Forces asset management campaigner, told The Guardian.
“These funds have used members’ money to prop up Adani’s unacceptable coal expansion plans, including the disastrous Carmichael mine, and failed to see glaring investment risks that existed for years before being outlined in the Hindenburg report,” Van de Pol added.
The news outlet said the Brisbane-based Australian Retirement Trust, a manager with over $200 billion (£165.7 billion) in assets, was exposed to at least six Adani entities worth several million dollars before the report’s release.
According to The Guardian, the Brisbane-based Australian Retirement Trust was exposed to at least six Adani entities worth several million dollars before the release of the Hindenburg report.
