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Response to the AFR article on false Hindenburg allegations

23 March 2023

We have issued the following media statement in response to an article published on 23/3/23 in the Australian Financial Review.

 The following is attributable to a Bravus spokesperson:

“We reject the inferences made in the Australian Financial Review article entitled “Adani’s odd Australian accounts” (23/3/23) which seek to damage the credibility and legitimacy of our business.

All our local businesses are Australian entities that comply with Australian regulations including securities legislation, and they are audited by leading Australian accounting firms. They comply with all reporting obligations.

Our businesses have been subject to an extremely high level of public scrutiny, including numerous legal challenges, and we are confident that all our business dealings are proper and fully compliant with the legal requirements of each jurisdiction in which we operate.

A report released by USA-based short sellers Hindenburg Research in January misrepresented the assignment of a royalty deed*, and the expensing and capitalisation of various items in our financial statements.

Our balance sheet is very healthy with strong cashflows and secure assets and we have an impeccable track record of servicing our debt.

Our business fundamentals are strong. It is business as usual at our port, rail, and mine operations, which are exporting Australian coal, mined at the Carmichael mine and by our customers in the Bowen Basin, to the world.

The Hindenburg Research report presents transactions related to Adani’s Australian businesses in a misleading way to purposefully undermine the reputation of the Adani Group, in order to pursue their own profit by short-selling shares in Adani Group companies.”


*Note: This is a private royalty and does not affect the total coal royalties payable to the Queensland Government.


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