NAIROBI, Kenya – Hindenburg Research, a US-based short-seller famous for exposing financial irregularities worldwide, is set to close down after eight years of operations.
The company was founded in 2017 by Nate Anderson and has since gained popularity for its reports exposing financial losses for major companies.
The firm became famous in Kenya in 2023 when it accused Indian billionaire Gautam Adani of accounting fraud and stock manipulation.
Adani Group was expected to take control of Jomo Kenyatta International Airport (JKIA) under a proposed deal worth nearly $2bn.
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It was expected to add a second runway at JKIA and upgrade the passenger terminal in exchange for a 30-year lease.
After Hindenburg’s report was released, it attracted sharp criticism from politicians and members of the public over concerns about a lack of transparency and value for money, leading to the cancellation of the deal by President William Ruto.
Speaking on Wednesday, Anderson stated that his decision to shut down the company was driven by his desire to spend more time with family and friends without providing specific reasons for the closure.
According to the firm’s report, its investigations over the years have contributed to criminal and civil charges against about 100 individuals, including oligarchs and high-profile billionaires.
“Nearly 100 individuals have been charged civilly or criminally by regulators at least in part through our work, including billionaires and oligarchs. We shook some empires that we felt needed shaking,” Mr Anderson wrote.
US firm that accused Adani Group of fraud shuts down bbc.in/40jPvf7
Other companies that Hindenburg exposed include the electric truck maker Nicola Corp for allegedly giving false information to investors, which led to the conviction of Nikola’s founder, Trevor Milton, for fraud in 2022.
