Tag: group

Sam Bankman Fried’s co-founder gave GOP govs group $500,000 right before bankruptcy

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The $500,000 donation from Salame was part of a $28.6 million haul that the association brought in over the last three months of 2022, according to filings with the IRS.
That money — coupled with seven-figure donations from GOP mega-donors — fueled its aggressive push to claim the executive branch in a number of states on Nov. 8. Ultimately, however, Democrats flipped three governorships in their favor. And they did so with an atypical cash advantage.
“Democrats were on total defense in 2022 and their incumbents were mired in tough races due to their out-of-touch records,” an RGA spokesperson said, pointing to the defeat of the incumbent Democratic governor in Nevada.
During the fourth quarter of 2022, the Democratic Governors Association raised about $40.2 million, according to filings with the IRS. Veterans of gubernatorial campaigns said it was the rare instance of the party’s donors shifting their focus to the DGA.
“Major donors are very often focused on national issues and presidential politics rather than state issues,” former DGA executive director Colm O’Comartun said of the party’s donor class, adding that gubernatorial races in swing states like Wisconsin and Pennsylvania created a persuasive argument for the Democrats’ major donors. “Starry eyed donors have been used to being with Nancy [Pelosi] on Nantucket but are now warming to Democratic governors.”
It could have been even worse for Republicans if not for donors like Salame. Last year, RGA also received $6 million from The Concord Fund, a group associated with the powerful conservative legal activist Leonard Leo. Its project, known as the Judicial Crisis Network, spent millions to support former President Donald Trump’s Supreme Court nominees. In 2022, the Concord Fund also gave $2.15 million to the Republican State Leadership Committee, which supports conservative candidates running for state judiciaries and other state-level campaigns.
The influx of cash suggests a growing effort by the group to focus on the states. A spokesperson for the Concord Fund maintained, though, that the group, primarily through its support for the Judicial Crisis Network, has already been involved in state court issues for over a decade.
RGA is free to accept donations of unlimited size, beyond the limits set for federal and many state-level campaigns. Groups like RGA are also free to accept contributions from corporations, unlike federal campaigns.

RGA’s 2022 fundraising haul also included a number of major conservative donor dynasties. The Las Vegas Sands Corporation — whose majority shareholder is Miriam Adelson — gave $3.79 million. The gift is also the latest indication that Adelson has remained a political force since the death of her husband, Sheldon Adelson, in 2021. Another political dynasty also spent big to support the Republican Governors: Suzanne DeVos gave $300,000, as did Richard DeVos Jr., Doug DeVos, and Daniel DeVos.
DGA’s haul also included some of the party’s mega-donors: Illinois Governor J.B. Pritzker gave a total of $27 million to the group in 2022, and billionaire Stephen Mandel gave $1,000,000 as well. A portion of the haul came as a transfer from an affiliated committee, Democratic Action.
DGA did not report any gifts from FTX in 2022.
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#Sam #Bankman #Frieds #cofounder #gave #GOP #govs #group #bankruptcy
( With inputs from : www.politico.com )

February 3, 2023
NSE, BSE put 3 Adani Group companies under short-term additional surveillance measure

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New Delhi: As many as three Adani group companies, including Adani Enterprises, have come under short-term additional surveillance measure (ASM) framework of the BSE and NSE, according to the latest data available with the exchanges on Thursday.
Apart from Adani Enterprises, the other two firms listed by the exchanges are — Adani Ports and Special Economic Zone and Ambuja Cements.
The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio.
The National Stock Exchange (NSE) and BSE said these companies have satisfied the criteria for inclusion in short-term additional surveillance measure or ASM.
Under the short-term ASM, the exchanges said, “applicable rate of margin shall be 50 per cent or existing margin whichever is higher, subject to maximum rate of margin capped at 100 per cent, with effect from February 6, 2023 on all open positions as on February 3, 2023 and new positions created from February 6, 2023”.
Market experts believe that putting in this framework means intra-day trading would require 100 per cent upfront margin.
The exchanges also noted that the shortlisting of securities under ASM is purely on account of market surveillance, and it should not be construed as an adverse action against the concerned company or entity.
Meanwhile, shares of Adani Enterprises tumbled over 26 per cent on Thursday, a day after the firm said it has decided not to go ahead with its Rs 20,000-crore Follow-on Public Offer (FPO) and will return the proceeds to investors. The counter had plunged more than 28 per cent on Wednesday.

Most of the other group firms also declined for the sixth day in a row on Thursday and 10 listed Adani Group firms have faced a combined erosion of over Rs 8.76 lakh crore in past six days.
Adani Group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
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#NSE #BSE #put #Adani #Group #companies #shortterm #additional #surveillance #measure
( With inputs from www.siasat.com )

February 2, 2023
Cong demands SC-monitored probe or JPC to look into fraud charges against Adani Group

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New Delhi: The Congress on Thursday demanded an impartial investigation under the supervision of the Supreme Court or a joint parliamentary committee to probe the charges raised in the Hindenburg report against the Adani Group.
A joint opposition raised the Hindenburg report in both the Houses of Parliament demanding a discussion on the issue. The opposition parties also created an uproar after adjournment notices by several members in this regard were rejected by the chair in both Lok Sabha and Rajya Sabha, leading to adjournment of the Houses for the day.
No business was transacted in the Houses.
The Congress has also decided to protest outside the offices of LIC and SBI in all districts across the country on February 6.
Congress president Mallikarjun Kharge termed it as a “scam” and said the opposition parties have also called for day-to-day reporting of the joint parliamentary committee (JPC) or the SC-monitored probe into the issue concerning public money.
“Keeping public interest in mind, we want a thorough probe into the Adani issue either by a joint parliamentary committee or a Supreme Court-monitored probe. There should also be day-to-day reporting of the investigation on the issue,” he told reporters.
Kharge said on behalf of like-minded opposition parties, he demands either a JPC or an SC-monitored investigation in the manner in which government owned companies “are forced to invest in firms that have been exposed by the Hindenburg report”.
He said along with him eight other opposition MPs had given notices in the Rajya Sabha for a discussion on the Adani Group crisis and investment of PSUs like Life Insurance Corporation (LIC) and State Bank of India (SBI) in the group.
“Whenever we have given a notice, it has not been accepted by the chair”, the Congress leader said, noting that this is the reason all opposition parties jointly decided to raise the issue in the Upper House.

“That is why, we decided to raise the (Adani) issue in one voice in the House as crores of money of common people is invested in LIC, and public money in banks is being given to such companies against whom foreign agencies have come out with charges of irregularities,” he said.
AICC general secretary K C Venugopal said responding to the “public sentiments and outrage against the moves of the government”, the Congress Party has decided to hold a nationwide district level protest on Monday, February 6, 2023, in front of LIC offices and SBI offices.
“The government can’t jeopardize the hard earned money of the people of India to profit the crony friends of the Prime Minister,” Venugopal said.
He also said all the PCCs (Pradesh Congress Committees) have been requested to issue necessary instructions to the District Congress Committees (DCCs), so that apart from senior leaders, party functionaries and workers’ mobilisation from Block Congress Committees, panchayat and booth level is ensured in full measure.
“The Modi government is protecting its best friend by repeatedly adjourning Parliament and scuttling the opposition’s voice. We demand a JPC and a Supreme Court-monitored probe to investigate the entire matter and the government’s involvement in this massive scam,” Venugopal said on Twitter.
He claimed that the LIC has “invested a total of Rs 36,474.78 crore” in Adani Group, whereas Indian banks together have “invested nearly Rs 80,000 crore” in the same and they continue to do so even when there is allegations of stock manipulation, accounting fraud and other malfeasance.
AICC head of media and publicity department, Pawan Khera, said the Congress has raised three important demands from the Narendra Modi government.
“An impartial investigation under the Chief Justice of Supreme Court, with day-to-day reports, should be carried out, or a JPC should be formed to investigate the Hindenburg Research report in detail,” he said at a press conference.
“Risky investments” by LIC, SBI and other nationalised banks in Adani Group should be discussed in Parliament and appropriate steps be taken to protect the investors, he said.
Congress leader and whip in Lok Sabha Manickam Tagore, who had given an adjournment notice in the Lower House to discuss the row, also said that the party wants a JPC probe into the entire matter along with a discussion on the issue.
Congress MP Manish Tewari tweeted “JPC on Adani Saga” and said the party will demand that a JPC be constituted to investigate the allegations.
“It is not a question about one promoter, but about the efficacy of the entire regulatory system,” he said, adding that the Congress and other political parties demand JPC on “a-la-affaire Adani”.
Earlier, the Congress was supported by several other opposition parties, including DMK, TMC, SP, JD(U), Shiv Sena, CPI(M), CPI, BRS, NCP, IUML, NC, AAP, Kerala Congress and RJD in demanding the JPC probe or SC-monitored investigation into the row.
Khera said the Congress strongly underlines that when Rahul Gandhi talks about “Suit Boot Ki Sarkar”, “Hum Do, Hamare Do” and now “Mitra Kaal”, he is not talking about any particular industrialist, “he is talking about the murky system that Modi ji has set up for his selected friends to loot the country”.
“We are not against any particular Indian corporate house, we are against crony capitalism. When the rules are changed to benefit selected billionaires, we are against it,” he said, alleging that “Hum Do Hamare Do” of “Mitra Kaal” are brazenly selling the “Family Silver” of the nation.
“The ‘Pradhan Mentor’ handed over shares in LIC and SBI to a group which has been accused of biggest corporate fraud of this country. The ‘saheb’ has left no stone unturned in sinking the deposits of crores of Indians,” he said, asking when will the serious allegations made by Hindenburg Research against Adani be investigated.
He also said the Modi government has maintained a stoic silence on the report.
“We want to tell PM Modi that we have nothing to say if you cheat your best friend, but shall not keep quiet if you cheat the investors of India – 29 crore policy holders of LIC and 45 crore account holders of SBI,” the Congress leader said.
“The family silver of the country is at stake due to the sinking of the Adani Group, the hard-earned money of crores of investors and crores of policy holders is at risk,” he alleged.
Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. It called the Hindenburg report baseless and has threatened to sue the short seller.
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#Cong #demands #SCmonitored #probe #JPC #fraud #charges #Adani #Group
( With inputs from www.siasat.com )

February 2, 2023
Morbi bridge collapse: Oreva group MD Jaysukh Patel sent in 7-day police custody

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Morbi: A court in Gujarat’s Morbi town on Wednesday sent managing director of Oreva Group Jaysukh Patel in seven-day police custody in a case related to the Morbi suspension bridge collapse which claimed 135 lives last year.
Chief Judicial Magistrate M J Khan sent Patel in the custody of the special investigation team (SIT) formed by the state government to probe the case till February 8.
The SIT had sought a 14-day remand, government prosecutor Sanjay Vora told reporters.
As many as 135 people were killed and many others injured when a suspension bridge on a river collapsed in Gujarat’s Morbi town on October 30, 2022.
Patel, whose company was responsible for the operation and maintenance of the bridge, surrendered before the court on Tuesday evening after the court issued an arrest warrant against him. He was later arrested by the police.
As part of maintenance, the company carried out only cosmetic repairs of the bridge rather than changing the cable wires, the prosecution told the court, Vora said.
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#Morbi #bridge #collapse #Oreva #group #Jaysukh #Patel #7day #police #custody
( With inputs from www.siasat.com )

February 1, 2023
Morbi bridge collapse: Oreva group MD Jaysukh Patel sent to 7-day police custody

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Morbi: A court in Gujarat’s Morbi town on Wednesday sent managing director of Oreva Group Jaysukh Patel in seven-day police custody in a case related to the Morbi suspension bridge collapse which claimed 135 lives last year.
Chief Judicial Magistrate M J Khan sent Patel in the custody of the special investigation team (SIT) formed by the state government to probe the case till February 8.
The SIT had sought a 14-day remand, government prosecutor Sanjay Vora told reporters.
As many as 135 people were killed and many others injured when a suspension bridge on a river collapsed in Gujarat’s Morbi town on October 30, 2022.
Patel, whose company was responsible for the operation and maintenance of the bridge, surrendered before the court on Tuesday evening after the court issued an arrest warrant against him. He was later arrested by the police.
As part of maintenance, the company carried out only cosmetic repairs of the bridge rather than changing the cable wires, the prosecution told the court, Vora said.
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#Morbi #bridge #collapse #Oreva #group #Jaysukh #Patel #7day #police #custody
( With inputs from www.siasat.com )

February 1, 2023
Government refuses to comment on Adani Group crisis

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New Delhi: The government on Wednesday refused to comment on the fraud allegations levelled by a US short seller on Adani Group, which triggered a massive USD 90-billion rout in the group firms’ shares, saying it does not comment on individual company matters.
“We in government don’t respond to issues related to a particular company,” Economic Affairs Secretary Ajay Seth said during the post Budget interaction with media here.
Chief Economic Advisor (CEA) V Anantha Nageswaran on Tuesday had also refused to comment on the impact of the rout in Adani Group shares following a damning report by US-based short seller Hindenburg Research.
Shares of Adani Group firms slumped on Wednesday and have lost more than Rs 7 lakh crore or about 38 per cent of their combined market cap in the last five trading sessions amid concerns over US-based short seller Hindenburg Research’s report.
Adani Group stocks have taken a beating on the bourses after Hindenburg in the report made a litany of allegations, including fraudulent transactions and share price manipulation, at the Gautam Adani-led group.
Hindenburg released the report on January 24 — the day on which Adani Enterprises’ Rs 20,000-crore follow-on share sale opened for anchor investors, while the allegations have been rejected by the conglomerate.
At the end of Wednesday’s trading session, all the group companies settled in negative territory with shares of three companies hit their lowest price band.
Shares of Adani Enterprises nosedived 28.45 percent to close at Rs 2,128.70 on the BSE despite the company’s Rs 20,000-crore share sale sailed through on the last day on Tuesday after non-retail investors bid in big volumes. There was, however, a muted response from retail investors and company employees.
The counter of Adani Ports and Special Economic Zone plunged 19.69 percent, Adani Total Gas slumped 10 percent, Adani Green Energy declined 5.78 percent, Adani Wilmar fell 4.99 percent, Adani Wilmar went down 4.99 percent, Adani Power dropped 4.98 percent and Adani Transmission slipped 2.46 percent.

In addition, Ambuja Cements tanked 16.56 percent, while ACC dropped 6.34 percent and NDTV went down 4.98 percent.
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#Government #refuses #comment #Adani #Group #crisis
( With inputs from www.siasat.com )

February 1, 2023
Adani group stocks dip; Adani Enterprises tumble over 28%, Ports over 19%

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New Delhi: Shares of Adani Group firms slumped on Wednesday and have lost more than Rs 7 lakh crore of their combined market capitalisation in the last five trading sessions amid concerns over US-based short seller Hindenburg Research’s report.
The decline is about 38 percent compared to the market valuation at the end of trading on January 24, the day when the report was released.
Adani Group stocks have taken a beating on the bourses after Hindenburg in the report made a litany of allegations, including fraudulent transactions and share price manipulation, at the Gautam Adani-led group.
At the end of Wednesday’s trading session, all the group companies settled in negative territory with shares of three companies hit their lowest price band.
Shares of Adani Enterprises nosedived 28.45 percent to close at Rs 2,128.70 on the BSE despite the company’s Rs 20,000-crore share sale sailed through on the last day on Tuesday after non-retail investors bid in big volumes. There was, however, a muted response from retail investors and company employees.
The share sale opened on January 24.
The counter of Adani Ports and Special Economic Zone plunged 19.69 percent, Adani Total Gas slumped 10 percent, Adani Green Energy declined 5.78 percent, Adani Wilmar fell 4.99 percent, Adani Wilmar went down 4.99 percent, Adani Power dropped 4.98 percent and Adani Transmission (2.46 percent)
In addition, Ambuja Cements tanked 16.56 percent, while ACC dropped 6.34 percent and NDTV went down 4.98 percent.

The Adani group stocks (including Ambuja, ACC and NDTV) have lost more than Rs 7 lakh crore or about 38 percent of their combined market cap in the last five trading sessions, Manish Chowdhury, head of research at Stoxbox, said.
“With investors hoping for a breather following the successful closure of the Adani Enterprises FPO yesterday, it was another shocker when news emerged today that Credit Suisse has stopped accepting bonds of Adani group as collateral for margin loans to its private banking clients. With several questions being raised about the group, it looks prudent to stay away from these companies till the dust settles,” he added.
Equity benchmarks Sensex and Nifty ended on a mixed note after Finance Minister Nirmala Sitharaman raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade in Budget 2023-24.
The 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 percent to settle at 59,708.08. In contrast, the broader NSE Nifty declined 45.85 points or 0.26 percent to end at 17,616.30.
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#Adani #group #stocks #dip #Adani #Enterprises #tumble #Ports
( With inputs from www.siasat.com )

February 1, 2023
G20 meeting of financial architecture working group concludes

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Chandigarh: A two-day meeting of the G20 International Financial Architecture Working Group concluded here on Tuesday with participants discussing issues pertaining to strengthening multilateral development banks and how to address challenges associated with the debt.
Around 100 delegates from the G20 countries, invitee countries and international organisations participated in the meeting, Anu P Mathai, adviser, the Ministry of Finance, said while addressing the media here.
The discussions during the two-day meeting was jointly steered by the ministry of finance and the Reserve Bank of India along with France and Korea who are the co-chairs of the International Financial Architecture Working Group.
Matahi said the meeting was conducted over two days and the aim was to seek views of the G20 member countries and the invitee countries on the agenda of this group under the Indian presidency.
“The subjects that were discussed over the last two days were how to strengthen multilateral development banks and how to address challenges associated with this the G20 common framework for debt treatments which is a previous achievement of G20 for helping the very poor countries with the debt.
“The focus of this group in 2023 is to support a global action for enhancing financing for development while at the same time, strengthening international financial institutions to support vulnerable countries,” she said.
There will be more meetings of this group, she further said.
India assumed the G20 presidency for one year on December 1, 2022. The G20, or Group of 20, is an intergovernmental forum of the world’s major developed and developing economies.

It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Indonesia, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).
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#G20 #meeting #financial #architecture #working #group #concludes
( With inputs from www.siasat.com )

January 31, 2023
G20 meeting of financial architecture working group concludes

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Chandigarh: A two-day meeting of the G20 International Financial Architecture Working Group concluded here on Tuesday with participants discussing issues pertaining to strengthening multilateral development banks and how to address challenges associated with the debt.
Around 100 delegates from the G20 countries, invitee countries and international organisations participated in the meeting, Anu P Mathai, adviser, the Ministry of Finance, said while addressing the media here.
The discussions during the two-day meeting was jointly steered by the ministry of finance and the Reserve Bank of India along with France and Korea who are the co-chairs of the International Financial Architecture Working Group.
Matahi said the meeting was conducted over two days and the aim was to seek views of the G20 member countries and the invitee countries on the agenda of this group under the Indian presidency.
“The subjects that were discussed over the last two days were how to strengthen multilateral development banks and how to address challenges associated with this the G20 common framework for debt treatments which is a previous achievement of G20 for helping the very poor countries with the debt.
“The focus of this group in 2023 is to support a global action for enhancing financing for development while at the same time, strengthening international financial institutions to support vulnerable countries,” she said.
There will be more meetings of this group, she further said.
India assumed the G20 presidency for one year on December 1, 2022. The G20, or Group of 20, is an intergovernmental forum of the world’s major developed and developing economies.

It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Indonesia, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).
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#G20 #meeting #financial #architecture #working #group #concludes
( With inputs from www.siasat.com )

January 31, 2023
Hindenburg Research’s expose: Adani Group to go forward with planned IPO

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As the Adani Group tries to grapple with the Hindenburg Research report that accused them of financial fraud, mounting debts and offshore tax havens, the former has announced that it will go forward with the planned initial public offering (IPO) as scheduled.
In a statement, Adani Group said, “There is no change in either the schedule or the issue price. All our stakeholders including bankers and investors have full faith in the FPO (Follow on Public Offer). We are extremely confident about the success of the FPO.”
However, bankers have expressed serious concerns, three people familiar with the matter told Reuters on Saturday.
“Everyone was shocked. They did not expect such a poor response,” one source said. They plan to either extend the subscription closing date by four days or lower the price.
The Hindenburg Research expose
On January 26, Hindenburg Research’s report called out the conglomerate’s “substantial debt”, which includes pledging shares for loans; that Adani’s elder brother Vinod “manages a vast labyrinth of offshore shell entities” that move billions into group companies without required disclosure; and that its auditor “hardly seems capable of complex audit work”.
Hindenburg Research believed India was a vibrant democracy and an emerging superpower with an exciting future and it was the Adani Group which was holding it back through “systematic loot”.
Soon after the expose, Adani’s share fell down by 20% and then 11% below the minimum offer price of the secondary sale. Adani himself lost in excess of USD 20 billion, or about one-fifth of his total fortune.
It lost Rs 3.37 lakh crore in aggregate market capitalisation in a single day. Life Insurance Corporation (LIC), the single largest non-promoter domestic shareholder in five of the largest Adani Group companies by market capitalisation, lost Rs 16,627 crore due to a drop in the value of its Adani Group holdings.

The value of LIC’s Adani Group assets fell from Rs 72,193 crore on Tuesday to Rs 55,565 crore on Friday, a 22% drop in only two days.
Meanwhile, LIC’s share price declined 3.5% during the day on Friday, falling 5.3% in the prior two days.
On January 29, the Adani Group responded to the allegations and narrative peddled by Hindenburg Research in a 400-page response.
The group alleged that the report was not an attack on any specific company but a “calculated attack” on India, its growth story, and ambitions.
Replying to the claim, Hindenburg Research tweeted, ‘Fraud Cannot Be Obfuscated By Nationalism Or A Bloated Response That Ignores Every Key Allegation We Raised’.
It welcomed Adani Group’s decision to take legal action but stated that they file a suit in the United States where they operate. However, if Adani fails to move forward with legal proceedings, then they stand corrected.
In a statement, Hindenburg Research said, “In the 36 hours since we released the report, Adani hasn’t addressed a single substantive issue we raised. At the conclusion of our report, we asked 88 straightforward questions that we believe give the company a chance to be transparent. Thus far, Adani has answered none of these questions,” the statement read.
Hindenburg Research’s want Adani to sue them in the US, where they operate.
If Adani is not proceeding legally, Hindenburg’s claims stand correct. pic.twitter.com/OeKFB4fPQe
— Facts check (@Facts_chek) January 30, 2023
“If Adani is serious, it should also file suit in the U.S where we operate. We have a long list of documents we would demand in a legal discovery process,” the statement concluded.

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#Hindenburg #Researchs #expose #Adani #Group #planned #IPO
( With inputs from www.siasat.com )

January 30, 2023