Tag: Billionaire

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LIC Denies Government Pressure Over Adani Investments

Life Insurance Corporation of India has publicly denied allegations that government officials pressured the company to invest billions in Adani Group businesses. The country’s largest institutional investor insists its decisions are made independently with proper board approval and due diligence. The denial comes amid ongoing scrutiny of the relationship between Indian authorities and one of Asia’s wealthiest businessmen.

India’s massive state-run insurer is pushing back hard against claims of government interference in its investment strategy. Life Insurance Corporation of India, the country’s dominant institutional investor, says it operates completely independently when deciding where to put policyholders’ money.

The denial comes in response to a Washington Post report that alleged Indian officials had influenced LIC to channel approximately $3.9 billion into companies controlled by billionaire Gautam Adani. According to sources familiar with the matter, the report suggested government pressure played a role in investment decisions involving the Adani Group.

by Natalie Brooks
BusinessFinanceLegal

Deutsche Bank Challenges Ardagh’s $10 Billion Debt Restructuring Plan

Deutsche Bank and activist hedge fund Carronade Capital are reportedly attempting to block Ardagh Group’s $10 billion restructuring agreement. The dissenting bondholders argue the deal disadvantages holders of payment-in-kind bonds while providing substantial payouts to shareholders.

Major Creditors Challenge Packaging Giant’s Restructuring

Deutsche Bank and activist hedge fund Carronade Capital are reportedly attempting to block a $10 billion restructuring deal between Irish billionaire Paul Coulson and the majority of Ardagh Group’s bondholders, according to financial industry sources. The Luxembourg-based packaging giant, one of the world’s largest producers of glass and metal drinks containers, announced the comprehensive restructuring agreement in July following extended negotiations with creditors.

by Darren Holt