Initiated demolition of a crane in the port of Haifa (Gaudrons)
Still the richest man in Asia, despite the loss of tens of billions of dollars (photo: screenshot, from Wikipedia)
In the age of globalization, the butterfly effect has become significant in economic processes - and the story of the companies under the control of the Indian billionaire Gantom Adani is apparently an excellent proof:
news that is published in the US about a group of Indian companies may affect the port of Haifa... How exactly? Just a few weeks ago We were informed of the sale of the state's holdings in the Port of Haifa to the Adani Group, after it outbid its competitors in the tender held to privatize the port.
Needless to say, the privatization of the Port of Haifa is a flagship project whose degree of success may reflect in the future on additional privatization moves of companies, organizations and infrastructures that would have been subject to government takeover.
One of the conditions The tender was proof of promising long-term financial stability. So it is true that for now everyone is reassured that there is no cause for concern, but despite the denials heard today from all sides, it seems that at least one eye is directed from Haifa to Mumbai, if not with fear, then at least with interest.
Port of Haifa.
We believe that there is no reason for fear, but we are following the developments (Photo: Reuven Castro)
Twisting the facts or Pandora's box?
The beginning of the affair in a report published by the Hidenburg research company that investigated the businesses of the richest man in Asia - and who was until recently in third place on Forbes magazine's list of the world's richest people.
The Gantum Adani group of companies, which includes a variety of businesses from textiles to energy and infrastructure, was accused by Hidenburg of accounting exercises and even fraud, with the aim of inflating the value of the companies.
In response to the study, the share prices of the companies in the group fell, losing, in one way or another, between 15% and 20% of their value.
In total, the companies were wiped out, worth a huge sum of over 50 billion dollars, and Adani himself lost close to 20 billion dollars of his personal fortune, a loss that relegated him from the podium of the richest businessmen in the world, to seventh place in the Forbes ranking.
Adani himself did not respond to the accusations, but officials in the group accused Hidenburg, who usually enjoys great credibility, of fraud intended to harm the group's business - and even claimed that a lawsuit was being considered by some of the group's companies.
And what about the port of Haifa?
Officials at the port claim that there is nothing to fear, since even a "weakened" Adani is still the one who can easily meet all his obligations according to the terms of the agreement.
However, it must be assumed that at least one eye is anxiously watching from the port of Haifa to the east - if only to prove that this is not a Pandora's box that will threaten all of Adani's business.
Port of Haifa