Hindenburg's Nathan Anderson says stands by Adani report, closure not due to any threat
New Delhi (PTI): Activist short-seller Nathan Anderson, known for his high-profile campaigns against the likes of Adani Group, said he is closing his firm, Hindenburg Research, not because of any threat - legal or otherwise - and that he stands by all its reports.
Anderson told PTI that Hindenburg's January 2023 report accusing Adani Group of "the largest con in corporate history" was a result of following "red flags" raised against the conglomerate in media reports.
Adani group had repeatedly denied all allegations in the report.
He termed as "goofy conspiracy" the attempts by some to link Hindenburg with alleged anti-India groups like OCCRP and George Soros, saying his outlet never commented on them as it followed the policy of not feeding into "silly conspiracy theories".
Anderson, who came to be known for meticulously detailed reports against companies he alleged were committing fraud, last month announced shutting down his forensic research firm nearly eight years after he founded it.
Asked why he chose to shut down Hindenburg when he could have stepped back and passed on the reins of the company to someone else, he said there is "no way to separate me from the brand."
"Hindenburg is basically synonymous with me," he said. "If it was a software application or a bicycle factory you can sell the application or the factory. But when it's research driven by me, you can't really just hand that off, and so I would not actually be 'done'. But I am happy to support the team if they want to launch a new brand, which I expect they will."
Anderson, who first shot to fame with a report against electric truck company Nikola and had gone after the companies of major financial figures, including Carl Icahn's Icahn Enterprises LP, had last month blamed the "intensity and focus" of the job for the decision to wind up.
He had spent much of the last eight years either in fights or preparing for the next fight. Many times during this period, he was often trailed and attempts were made to infiltrate his system.
"As to why I retired - it is all in the letter (released on January 16 that announced shutting down of Hindenburg) - it is not based on any threat, health issue, personal issue or otherwise," he said.
Conspiracies theories like being on the verge of an investigation by the US Department of Justice and/or US SEC to "concoct a counter-narrative about my retirement is a great example of why I am happy to instead be enjoying more time with family, friends and good music," he said.
Hindenburg has said it is not under investigation by the US SEC over anonymous reports linking its founder to a hedge fund for preparing reports targeting companies.
Asked if he stood by Hindenburg reports particularly against the Adani group, Anderson said, "We 100 percent stand by all of our research findings."
Hindenburg had alleged that Adani Group had used a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. The conglomerate vehemently denied all claims but the damning report at one point sheared over USD 150 billion off its value, losses it eventually recouped in over a year’s time.
The issue was agitated before the Supreme Court which did not find any need for a probe other than the one market regulator SEBI had initiated into certain issues prior to the Hindenburg report.
On some seeing the Hindenburg report as against India and its growth story, Anderson said, "We have always believed in India's potential and view market transparency and strong corporate governance as key factors that can fuel India's growth story."
He did not elaborate.
"We initially saw media articles outlining red flags, took a closer look, and just kept following the evidence," he said on why Adani group was chosen.
On allegations of being in cohorts with OCCRP and George Soros, he said, "Of course not, but we have a policy of not feeding into silly conspiracy theories. When the main response to 100+ pages of evidence (presented in the report against Adani Group) is a goofy conspiracy, we view it as a sign that we were right on the mark."
Asked about the response of regulatory bodies in India to Hindenburg reports, he said, "We view our role as researching and writing about issues in need of transparency. The rest is out of our hands."
He dismissed allegations of sharing reports with hedge funds, saying, "We have always maintained full editorial control over all of our research."
"As we and many other US-based short sellers have discussed in public interviews for years, our model involves investing our own capital and sometimes also bringing on a balance sheet partner. This is one of the most common business models in our industry, it is fully compliant with all applicable laws, and we disclose this in our reports," he added.
The 40-something son of a university professor and a nurse, Nathan (Nate) Anderson on January 15 issued a personal note that Hindenburg Research was being wound up after it "finished the pipeline of ideas we were working on."
Hindenburg, founded in 2017, placed bets against the companies it was researching. And it made money when stock prices of its targets tumbled on disclosure of fraud and other abuses that it unearthed through deep forensic financial research.
It however made surprisingly little money -- just over USD 4 million -- from the report on billionaire Gautam Adani's sprawling business empire in January 2023.
That figure, disclosed for the first time by Hindenburg on its website last year, along with details of a letter it said it had received from India's markets regulator, SEBI.
Anderson appears to be wanting to move on, having achieved what he and his colleagues wanted. "We shook some empires that we felt needed shaking," he wrote in a personal memo last month.
But, this did take a toll on him. "It has come at the cost of missing a lot of the rest of the world and the people I care about," he had written. "It wasn't always obvious to me, but I now view all of this as a love story."
Hindenburg's research has led to fraud charges and indictments against dozens of individuals, but has also resulted in expensive legal battles. The firm had just 11 employees.
Its last published report was on online car retailer Carvana earlier this year.
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Mangaluru Konkani writer H.M. Pernal wins 2025 Sahitya Akademi Award
Mangaluru: Noted Konkani writer and journalist H.M. Pernal (Henry Mendonca) from Mangaluru has been selected for the 2025 Sahitya Akademi Award for his acclaimed literary criticism work Konkani Kavyem: Rupam Ani Rupakam (2021).
The Sahitya Akademi Award is one of the highest literary honours given by the Government of India. Every year, the Akademi recognises outstanding literary works in 24 languages, including 22 scheduled languages along with English and Rajasthani.
Konkani has been a scheduled language since 1992 and is spoken in five states — Goa, Karnataka, Kerala, Maharashtra and Gujarat. The language had received recognition from the Sahitya Akademi in 1975. From 1977 onwards, the Akademi has been presenting awards to notable works in Konkani literature.
From Mangaluru, Cha. Fra. D’Costa (1992) and Melvyn Rodrigues (2011) had earlier received the Sahitya Akademi Award for their poetry collections, while Edwin J.F.D. Souza was honoured with the award in 2016 for his novel. With this recognition, H.M. Pernal becomes the fourth Konkani writer from Karnataka to receive the Sahitya Akademi Award.
His book Konkani Kavyem: Rupam Ani Rupakam has created a historic milestone as the first Konkani work in the literary criticism category to receive the Sahitya Akademi Award. Earlier, the book had received the Best Book Award from the Karnataka Konkani Sahitya Akademi in 2021 and the Best Book Award from the Goa Konkani Akademi in 2023.
The book carries an extensive foreword written by Jnanpith award-winning Konkani writer Damodar Mauzo and has been published by Kavita Publications of Mangaluru.
Henry Mendonca was born in Pernal in Udupi district. He completed his schooling at Hindu Junior College in Shirva and pursued his degree at MSRS College, before obtaining his postgraduate education in Mumbai. Professionally, he is a commercial accountant.
He began his writing career in Kannada through magazines such as Taranga, Sankramana and Shudra. In the early 1980s, he entered Konkani literature as a cartoonist in the magazine Yuvak. Over the years, he has established himself as a short story writer, poet, critic, editor and publisher.
In 2011, he founded the literary online magazine Kitaal, which has been publishing continuously for the past fourteen years and has become a prominent platform for both senior and emerging writers in the digital Konkani literary space.
In 2013, he started the literary magazine Arso as a fortnightly publication. It is now being published as a monthly magazine in its twelfth year under the editorship of poet Wilson Katil. The annual special issues of Arso have gained special recognition in literary circles.
Through his own publishing house Kitaal Prakashan, Pernal has published more than 15 original literary works.
So far, he has published four poetry collections — Chalyank Chatray (1999), Kaydyacho Kavita (2004), Bhamunanchem Chedum (2006) and Janel (2025). He has also published two short story collections — Devak Sodullo Pado (2002) and Beeg Ani Bigat (2016), along with the award-winning literary criticism work Konkani Kavyem: Rupam Ani Rupakam (2021).
His short story collection Beeg Ani Bigat received the Shrimati Vimala V. Pai Best Literary Work Award in 2017, presented by the Vishwa Konkani Kendra in memory of the mother of noted entrepreneur T.V. Mohandas Pai. For his contribution to Konkani poetry, he received the Mathayas Family Endowment Poetry Award from Kavita Trust in 2018.
He was also honoured with the Best Book Award by the Karnataka Konkani Sahitya Akademi in 2021 for Konkani Kavyem: Rupam Ani Rupakam, the Konkani Sahitya Gaurav Award by the Karnataka Konkani Sahitya Akademi in 2022, the Dakshina Kannada District Rajyotsava Award in 2023 for his contributions to Konkani literature and journalism, and the Best Book Award from the Goa Konkani Akademi in 2023 for the same book.
Pernal has written more than 850 poems, over 100 short stories and more than 2,000 articles. Through print and digital media, he has consistently contributed to the growth of Konkani literature.
Since 2012, he has been identifying and encouraging emerging writers by presenting the Kitaal Yuva Puraskar every year. The award is sponsored by the family of Abu Dhabi-based entrepreneur and philanthropist Leo Rodrigues and includes a citation and a cash prize of Rs 25,000.
At present, Pernal is the chief editor of the Vision Konkani Book Grant Project initiated by Michael D’Souza. Under this scheme, Konkani writers are provided financial assistance of up to Rs 40,000 for the publication of a book.
The project, with a total budget of Rs 40 lakh, is fully sponsored by NRI entrepreneur and Konkani language patron Michael D’Souza. It is being implemented under the supervision of the Vishwa Konkani Kendra and aims to support the publication of 100 books over a five-year period.
A committed leader in the Konkani literary community, Pernal served as the working president of the All India Silver Jubilee Konkani Literary Conference held in Mangaluru in 2023. He is currently serving as the treasurer of the All India Konkani Parishad.
He has also served as the president of the Konkani Writers’ Union and is presently a member of the Konkani Language Advisory Board of the Sahitya Akademi.
