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Billionaire Gautam Adani plans to appoint auditors from a top global firm and hire a chief executive officer for his family offices to bring a level of disclosure often associated with listed companies, people familiar with the matter said.
The founders of the mining-to-media conglomerate are talking to two of the big six accounting firms to audit the family offices’ accounts, said people familiar with the discussions who did not want to be identified as the talks are private.
The moves aim to bring transparency in how the wealth of Asia’s second-richest person, valued at $105.4 billion, is managed and underscores the lessons from last year’s short seller attack.
The first-generation entrepreneur faced intense scrutiny and criticism from Hindenburg Research LLC on multiple issues, including the opacity in how the group operates and controls its listed entities.
Hiring is underway for a team of about five people, led by a CEO and a chief investment officer, that will initially report to the Group Chief Financial Officer, Jugeshinder Singh, and eventually to the billionaire-founder, the people said.
Adani family’s two wealth offices were until now run informally with the help of group firms’ CFOs. An Adani Group representative did not offer any immediate comments.
The recast family office management will also oversee the founders’ shareholding across the listed Adani Group firms, besides preparing financial reports for the additional disclosures the family wants to make, the people said.
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