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Toxic Bonds Network renews call for financial severance from Adani Green following new damning evidence

Today, in light of a financial report from activist investor Snowcap exposing Adani for misleading investors and banks about its deep financial trouble, the Toxic Bonds Network is sending letters to major debt financiers of Adani Green Energy Ltd. (AGEL), intensifying its call for them to immediately sever all financial ties.

Snowcap’s financial analysis, published just days after the Adani Group was exposed by OCCRP for manipulating both the price and quality of coal imports, paints a stark picture of a company that is committing a form of investor fraud by employing deceitful accounting practices, inflating its earnings and lying about its ability to meet its renewable energy target. These findings come amidst Adani’s plans to raise more than $1.2 billion in new debt by June through Adani Green Energy and associated firms.

“Adani Green’s financial deceit is undeniable, with Snowcap’s report just the latest in a mounting pile of evidence. Financiers continuing to support Adani are not just turning a blind eye; they’re actively participating in a scheme that undermines the very essence of responsible investment. Banks and investors must immediately cut ties with Adani’s fraud and greenwashing ahead of its planned $1.2 billion bond issuance in June.”
– Lara Cuvelier, Sustainable Investment Campaigner at Reclaim Finance

“Adani uses its green business as the well-presenting face it shows the world: but now that has been shown to be an empty ruse. Today’s revelations show that Adani Green represents not only a reputational risk to investors, but a very real financial one too. Big questions must be asked of investors like Lombard Odier who have doubled down on their Adani Green positions in the last year. Continuing to hold Adani Green or buy into its next bond deals is untenable in light of today’s news.”
– Nick Haines, Senior Campaign Manager at Ekō

The Toxic Bonds Network has responded by sending letters to executives at major bondholders and underwriters of Adani Green, demanding they immediately withdraw their investments and deny any future financial support to all Adani Group entities, including Adani Green. The deadline for response is June 10, after which the Network will be publishing responses, and lack thereof.

The letter has been sent to the following banks and investors:

  • Companies that are invested in Adani Green bonds: Allianz, PIMCO, Lombard Odier, Blackrock, Aegon, AllianceBernstein, BNP Paribas AM, Canadian Imperial Bank of Commerce, Fidelity, HSBC AM, Legal & General, Manulife, Robeco, SEI, State Street, VanEck, Credit Agricole, Credit Suisse, Fisch, Goldman Sachs, Hartford, Invesco, JP Morgan AM, Jupiter, Mediolanum, NN Group, Prudential Financial, Prudential plc, Sumitomo Mitsui, Teachers Retirement State of Illinois, UBS, Wellington Management
  • Banks that have underwrote outstanding Adani Green bonds: Barclays, DBS, Deutsche Bank, ING, Intesa Sanpaolo, MUFG, Mizuho, SMBC, Societe Generale, Standard Chartered, Axis, BNP Paribas, Citi, JP Morgan, Yes Bank
Adani Allianz BlackRock Credit Suisse Invesco J.P. Morgan Legal & General Lombard Odier PIMCO State Street UBS Barclays BNP Paribas Citi Deutsche Bank ING JPMorgan Mitsubishi Mizuho SMBC Societe Generale Standard Chartered

Letter to Adani Green's bondholders and underwriters

Download letter