OCCRP released a report on Adani Group on Thursday, citing new evidence that allegedly proves regulatory violations by the conglomerate.
Organized Crime and Corruption Reporting Project (OCCRP) report on Adani Group stirred a storm months after Hindenburg Research targeted the conglomerate. In the new report, OCCRP has cited documents which allegedly provide evidence of stock manipulation by Adani Group.
The publication of the report has brought OCCRP, a global network of investigative journalists, into the spotlight. The group was founded in 2006 by journalists Drew Sullivan and Paul Radu. On its official website, OCCRP’s mission statement said, “By developing and equipping a global network of investigative journalists and publishing their stories, OCCRP exposes crime and corruption so the public can hold power to account.”
According to the official information available, the group is a US registered non-profit organisation, operating under Section 501(c)(3) portion of US Internal Revenue Code. Organisations registered under this are exempt from paying federal income tax.
The list of donors provided by the organisation on its website contains names of several public and private institutions.
The OCCRP has published the list of institutional donors which support their work. The organisation’s statement on its website says, “OCCRP's work is made possible through public and private funding from a range of institutions and the generosity of individual supporters.”
The list of private institutions who have donated to the organisation include George Soros’ Open Society Foundations, Rockefeller Brothers Fund, Ford Foundation and Oak Foundation. Notably, billionaire investor George Soros had said back in February that the storm engulfing Adani Group due to Hindenburg’s allegations could spark a “democratic revival” in India. “This will significantly weaken Modi’s stranglehold on India’s federal government and open the door to push for much-needed institutional reforms,” the billionaire had commented.
Not only private foundations, OCCRP has received funding from several governments across the world. The public institutions donor list includes Ministry of Europe and Foreign Affairs of France, US Department of State, United Kingdom Foreign, Commonwealth and Development Office, and Ministry of Foreign Affairs of Denmark.
European Union’s European Instrument for Democracy and Human Rights has also been listed as an institutional donor on OCCRP’s website.
The group founded in 2006 has conducted 398 investigations which have led to fines, indictments and arrests across the world. According to OCCRP, its investigations have led to 621 indictments, arrests and sentences.
Notably, the group was involved in the reporting of Panama papers for which it had received the Pulitzer award in 2017. OCCRP was also nominated for Nobel Peace Prize this year for "contributing to peace by unmasking political corruption and organized crime”.
OCCRP has also worked on unveiling financial fraud in Russia which allowed vast amount of money to flow out of the country. It also tracked the foreign assets held by people close to Russian President Vladimir Putin.