Deloitte resigns from Adani Ports as auditor
As the Indian tycoon Gautam Adani’s corporate empire attempts to regain investor confidence following a short-seller onslaught, Deloitte has resigned as the auditor of the company’s logistics division. The auditor resigned over the weekend, expressing concerns that it couldn’t adequately examine transactions between group firms and the logistics company, which operates one of Adani’s most lucrative operations and is India’s largest commercial port. Avoid a material write-down Related party transactions were at the center of a report on the Adani Group published in January by the New York-based short-seller Hindenburg Research, which caused the market value of the conglomerate’s listed companies to plummet by billions. Hindenburg claimed that the Indian infrastructure company manipulated earnings in order to “avoid a material write-down and negative impact to net income” by employing an offshore shell network. Adani disputes each and every charge. Since 2017, Deloitte ...