#  @viceroyresearch Viceroy Viceroy posts on X about $vedl, $abr, $gl, $mpw the most. They currently have [------] followers and [----] posts still getting attention that total [-------] engagements in the last [--] hours. ### Engagements: [-------] [#](/creator/twitter::812145753338548224/interactions)  ### Mentions: [--] [#](/creator/twitter::812145753338548224/posts_active)  ### Followers: [------] [#](/creator/twitter::812145753338548224/followers)  ### CreatorRank: [-------] [#](/creator/twitter::812145753338548224/influencer_rank)  ### Social Influence **Social category influence** [finance](/list/finance) [stocks](/list/stocks) [countries](/list/countries) [cryptocurrencies](/list/cryptocurrencies) [technology brands](/list/technology-brands) [travel destinations](/list/travel-destinations) [social networks](/list/social-networks) [currencies](/list/currencies) [celebrities](/list/celebrities) [automotive brands](/list/automotive-brands) **Social topic influence** [$vedl](/topic/$vedl) #1, [$abr](/topic/$abr) #4, [$gl](/topic/$gl), [$mpw](/topic/$mpw), [$hzl](/topic/$hzl), [debt](/topic/debt), [$vrl](/topic/$vrl) #1, [$hexab](/topic/$hexab), [$adj](/topic/$adj), [investment](/topic/investment) #1701 **Top accounts mentioned or mentioned by** [@ailvictims](/creator/undefined) [@vedantagroup](/creator/undefined) [@anilagarwalved](/creator/undefined) [@aimhonesty](/creator/undefined) [@steward](/creator/undefined) [@gabebernarde](/creator/undefined) [@occrp](/creator/undefined) [@rbi](/creator/undefined) [@eslsteellimited](/creator/undefined) [@grenkeag](/creator/undefined) [@vedantagroups](/creator/undefined) [@simonarias](/creator/undefined) [@sebiupdates](/creator/undefined) [@suchetadalal](/creator/undefined) [@liambyrnemp](/creator/undefined) [@secgov](/creator/undefined) [@ndtvprofitindia](/creator/undefined) [@globelife](/creator/undefined) [@hedgeyereits](/creator/undefined) [@ariasagencies](/creator/undefined) **Top assets mentioned** [Arbor Realty Trust, Inc. (ABR)](/topic/$abr) [Globe Life Inc (GL)](/topic/$gl) [Medical Properties Trust, Inc. (MPW)](/topic/$mpw) [Scallop (SCA)](/topic/$sca) [OtterHome (HOME)](/topic/$home) ### Top Social Posts Top posts by engagements in the last [--] hours "NEPIs former chair Corneliu-Dan Pascariu was involved in Romanian real-estate venture CEEIF funded by the Peregrine Financial fraud perpetrated by Russell Wasendorf Sr. NEPI purchased Romanian assets from CEEIF before the Peregrine Financial fraud came to light. $NRP #JSE 1/4" [X Link](https://x.com/viceroyresearch/status/1067712956132179968) 2018-11-28T09:33Z 46.5K followers, [--] engagements "CEEIF and several subsidiaries were utilized by Wasendorf Sr. to embezzle cash. Despite having financial recourse for beneficial ownership of 11% of CEEIFs purported book value of EUR 60m Peregrines Receiver had no interest in pursuing these recoveries. $NRP #JSE 2/4" [X Link](https://x.com/viceroyresearch/status/1067712964009046016) 2018-11-28T09:33Z 46.5K followers, [--] engagements "The Receiver's investigations allege CEEIF was insolvent did not discount asset values pro-rata minor stakes hid assets & liabilities & had no audited financial statements. $NRP #JSE 3/4" [X Link](https://x.com/viceroyresearch/status/1067712969067425792) 2018-11-28T09:33Z 46.5K followers, [--] engagements "Effectively management and insiders installed a glorified managers at franchisees they control and have consciously obfuscated this fact in podcasts and more importantly in all of its financial reports dating back to at least [----] $GLJ #Grenke Here I try to add value by translation some segments. At 26:00 we also. discuss the franchise system: "And that is why we decided to implement an adapted franchise model. That means we gave someone who mostly came from our own team the opportunity to go to such a country. Here I try to add value by translation some segments. At 26:00 we also. discuss" [X Link](https://x.com/viceroyresearch/status/1305859670465228800) 2020-09-15T13:23Z 46.5K followers, [--] engagements "Where is @Grenke_AG's notice of delay for filing its annual report #Grenke is raising the stakes on damaging their reputation by admitting major internal issues & quietly 'kicking the can' on the reporting date by [--] weeks. Are $GLJ working out how to spin bad news again #ADhoc" [X Link](https://x.com/viceroyresearch/status/1359583362944552974) 2021-02-10T19:21Z 46.5K followers, [--] engagements "Watch this space. $GLJ Grenke just put out a statement saying it has to basically restate accounts at 3:39am. Baller move. $GLJ This is what transparency looks like. More to come from @viceroyresearch. Grenke just put out a statement saying it has to basically restate accounts at 3:39am. Baller move. $GLJ This is what transparency looks like. More to come from @viceroyresearch" [X Link](https://x.com/viceroyresearch/status/1365168275080966148) 2021-02-26T05:14Z 46.5K followers, [--] engagements "Grenke No-ones watching oclock. Our latest report is now live. #Grenke confirms our thesis & announces serious audit & internal control failures audit restatements & delays and no COVID provisioning () in 3am press release. $GLJ #thread 1/n https://viceroyresearch.wpcomstaging.com/2021/02/26/grenke-no-ones-watching-oclock/ https://viceroyresearch.wpcomstaging.com/2021/02/26/grenke-no-ones-watching-oclock/" [X Link](https://x.com/viceroyresearch/status/1365203394432962560) 2021-02-26T07:33Z 46.5K followers, [--] engagements "Mazars found serious deficiencies in Grenke Banks anti-money laundering processes. There is deafening silence on whether #Grenke Bank facilitated or continues to facilitate money laundering which given the deficiencies identified is likely the case. $GLJ 2/n" [X Link](https://x.com/viceroyresearch/status/1365205916262404098) 2021-02-26T07:43Z 46.5K followers, [--] engagements "Mazars has confirmed Viceroys assessment that restatements were needed and that previous financial reports could not be relied upon as they did not consolidate undisclosed off-balance sheet related parties. #MAJOR $GLJ #Grenke 3/n" [X Link](https://x.com/viceroyresearch/status/1365207299325796354) 2021-02-26T07:49Z 46.5K followers, [--] engagements "This assessment confirms that Grenke shareholders and bondholders have been financing related parties for over [--] years to the benefit of insiders with zero upside to the company. $GLJ #Grenke 4/n" [X Link](https://x.com/viceroyresearch/status/1365207301712351233) 2021-02-26T07:49Z 46.5K followers, [--] engagements "#Grenke will not be able to file timely audited financial statement and will be in breach of its obligations to bondholders. This will impact its investment grade status & place a serious strain on the groups liquidity which is already in a dangerous position. $GLJ #Grenke 6/n" [X Link](https://x.com/viceroyresearch/status/1365209461711728644) 2021-02-26T07:57Z 46.5K followers, [--] engagements "Mazars noted several weaknesses in Grenkes provisioning which Grenke have decided to ignore. Shockingly Grenke appears to have excluded #COVID and macroeconomic technical recessions into its leasing business provisions. #MAJOR $GLJ #Grenke 7/n" [X Link](https://x.com/viceroyresearch/status/1365210641124888581) 2021-02-26T08:02Z 46.5K followers, [--] engagements "These provisioning adjustments alone would bury Grenke profits for the foreseeable future. #Grenke $GLJ 8/n" [X Link](https://x.com/viceroyresearch/status/1365210643578511363) 2021-02-26T08:02Z 46.5K followers, [--] engagements "Grenke concurrently reported that it has closed its SME lending business due to COVID risk which is in complete contradiction to its non-provisioning of leases. $GLJ #Grenke 9/n" [X Link](https://x.com/viceroyresearch/status/1365211626429771776) 2021-02-26T08:06Z 46.5K followers, [--] engagements "The company has reported the existence of its leasing business separately to provisioning issues likely because the lease receivables likely do not exist to the extent claimed. $GLJ #Grenke 10/n" [X Link](https://x.com/viceroyresearch/status/1365211628657012736) 2021-02-26T08:06Z 46.5K followers, [--] engagements "Grenke claims Mazars found no evidence of allegations of systemic fraud by dealers. This is likely because allegations of reseller fraud were NOT in the scope of the Mazars audit. #Grenke $GLJ 12/n" [X Link](https://x.com/viceroyresearch/status/1365211638630998016) 2021-02-26T08:06Z 46.5K followers, [--] engagements "Mazars confirms that Corina Stingaciu is a related party and that her relationship with Wolfgang Grenke was known about within the group #Shocker. This is a serious compliance failure & evidence that the supervisory board was operating as Mr #Grenkes cronies for 20yrs $GLJ 13/n" [X Link](https://x.com/viceroyresearch/status/1365212425537032193) 2021-02-26T08:09Z 46.5K followers, [--] engagements "It is clear to us that Grenke is in a state of advanced decay and that BaFin ESMA Mazars and all other regulatory authorities must take further action to put an end to this farce and assess the real situation inside Grenke. #Grenke $GLJ 15/end" [X Link](https://x.com/viceroyresearch/status/1365212733197574144) 2021-02-26T08:10Z 46.5K followers, [--] engagements "News- Special audit into German group Grenke uncovers string of failings - via @FT https://on.ft.com/3bDAmw0 https://on.ft.com/3bDAmw0" [X Link](https://x.com/viceroyresearch/status/1365264896754143234) 2021-02-26T11:38Z 46.5K followers, [--] engagements "We @viceroyresearch are proud of our @grenke_ag research. The CEO of #Grenke has liabilities inc. in the US. No wonder Antje Leminsky quit $GLJ after making fraudulent statements about related party transactions controls & money laundering. $GLJ http://www.dgap.de/dgap/News/corporate/grenke-grenke-chair-the-board-directors-antje-leminsky-leaves-the-company-michael-buecker-take-over-august/newsID=1454989 http://www.dgap.de/dgap/News/corporate/grenke-grenke-chair-the-board-directors-antje-leminsky-leaves-the-company-michael-buecker-take-over-august/newsID=1454989" [X Link](https://x.com/viceroyresearch/status/1404517768444235782) 2021-06-14T19:15Z 46.5K followers, [--] engagements "Viceroy are investigating BaFins damning statements about @grenke_ag's '19 annual report. We believe this will lead to significant restatements & await further findings from their investigation. This is a total failure of compliance by #Grenke. $GLJ 1/2 https://www.dgap.de/dgap/News/corporate/grenke-enforcementverfahren-zum-konzernabschluss-abgeschlossen-den-fehlerfeststellungen-zugrundeliegende-aspekte-bereits-konzernabschluss-beruecksichtigt/newsID=1466930" [X Link](https://x.com/viceroyresearch/status/1420065415586140162) 2021-07-27T16:55Z 46.5K followers, [--] engagements "This follows S&P's negative long-term rating last week and Grenke's AGM presentation yesterday where they preached transparency but left out this key information. $GLJ 2/2" [X Link](https://x.com/viceroyresearch/status/1420065422242549762) 2021-07-27T16:55Z 46.5K followers, [--] engagements "The sale of @grenke_ag stake in @viafintech affirms our belief that #grenke is fundamentally an over-risked & obsolete lessor behind the veneer of fintech hype. Viceroy awaits the results of several investigations which have found AML accounting & risk management failures. $GLJ" [X Link](https://x.com/viceroyresearch/status/1429737296052502528) 2021-08-23T09:28Z 46.5K followers, [--] engagements "Further the Prfungsverband deutscher Banken audit of Grenke Bank is apparently occurring a year early due to the other ongoing audits. Viceroy were reliably informed that the audit is unlikely to be published in light of the recent Wirecard and Greensill fiascos. $GLJ 2/2" [X Link](https://x.com/viceroyresearch/status/1462783165102186497) 2021-11-22T14:00Z 46.5K followers, [--] engagements "Viceroy Research is short Truecaller. Our report is now live: Truecaller is a Swedish adware & spyware app which feeds a public phonebook aimed at preventing spam (not a joke). $TRUE $TRUEB #truecaller #thread 1/ https://viceroyresearch.org/2022/09/28/truecallers-true-colors/ https://viceroyresearch.org/2022/09/28/truecallers-true-colors/" [X Link](https://x.com/viceroyresearch/status/1575055204852338688) 2022-09-28T09:29Z 46.5K followers, [---] engagements "The EUs GDPR &similar legislation across the globe threatens Truecallers business which we believe is on the brink of redundancy. It now resorts to skirting regulations and/or avoiding taxes through uncreative loopholes which we believe will be inevitably cut-off. $TRUE 2/" [X Link](https://x.com/viceroyresearch/status/1575055208300027905) 2022-09-28T09:29Z 46.5K followers, [--] engagements "HOW IT WORKS Fundamentally Truecaller builds a phonebook and refines its spam database by: [--]. Gathering identities of users and their address books. [--]. Processing user-submitted spam numbers. [--]. Identifying numbers which have exhibited spam-like behavior $TRUE $TRUEB 3/" [X Link](https://x.com/viceroyresearch/status/1575055213269950464) 2022-09-28T09:30Z 46.5K followers, [--] engagements "Freely available bootleg copies of $TRUE's app are available with premium enabled. These likely contain malware do not push ads to free users and can still directly communicate with Truecallers data. 25/" [X Link](https://x.com/viceroyresearch/status/1575055288117301248) 2022-09-28T09:30Z 46.5K followers, [--] engagements "FUNDAMENTAL SHORT Most developed countries/regions have network spam filters operated by telecommunications agencies. These network filters now threaten underdeveloped markets where Truecaller thrive and will rapidly limit Truecallers TAM. $TRUE $TRUEB 26/" [X Link](https://x.com/viceroyresearch/status/1575057220407947264) 2022-09-28T09:37Z 46.5K followers, [--] engagements "THE SIDESHOW Truecallers constant breaches & data security failures are met with constant denial from management and are a spectacle to behold. Regulators in Truecaller target growth regions have cracked down on Truecaller out for privacy breaches. $TRUE 29/" [X Link](https://x.com/viceroyresearch/status/1575057235021299713) 2022-09-28T09:38Z 46.5K followers, [--] engagements "We believe $TRUE have evolved from many different failed shapes onto something that finally makes money. Unfortunately this shape appears to be non-compliant. We do not assign a target price for Truecaller but see significant short & medium term downside. 30/end $TRUEB" [X Link](https://x.com/viceroyresearch/status/1575057237659090944) 2022-09-28T09:38Z 46.5K followers, [--] engagements "Already the reviews are rolling in. EU user downloads Truecaller and spam calls increase "+600%". Picture censored and posted with permission. $TRUE $TRUEB" [X Link](https://x.com/viceroyresearch/status/1575061867470680065) 2022-09-28T09:56Z 46.5K followers, [--] engagements "A [----] report by @0xRogue Angry Wizard (fantastic name) claimed $TRUE's data was transmitted to external servers without user consent and that this data was easily accessible due to the method with which it was uploaded. 6/ https://web.archive.org/web/20210204184354/https:/techpoint.africa/wp-content/uploads/2019/12/Angry-Wizards-Truecaller-Explanation.pdf https://web.archive.org/web/20210204184354/https:/techpoint.africa/wp-content/uploads/2019/12/Angry-Wizards-Truecaller-Explanation.pdf" [X Link](https://x.com/viceroyresearch/status/1575078859946409985) 2022-09-28T11:03Z 46.5K followers, [--] engagements "In [----] $TRUE launched Guardians designed to share a users location and other information with contacts for their safety. $TRUE $TRUEB 7/ https://thenextweb.com/news/truecallers-guardian-app-fixes-bug-that-let-hackers-secretly-track-your-family https://thenextweb.com/news/truecallers-guardian-app-fixes-bug-that-let-hackers-secretly-track-your-family" [X Link](https://x.com/viceroyresearch/status/1575078862731767808) 2022-09-28T11:03Z 46.5K followers, [--] engagements "Yours True-ly Viceroy Research Here at Viceroy we like to keep one in the barrel in case management decide to persist with nonsense narratives. Our latest Truecaller report is now live $TRUE $TRUEB @truecaller #thread 1/ https://viceroyresearch.org/2022/10/05/truecaller-yours-true-ly-viceroy-research/ https://viceroyresearch.org/2022/10/05/truecaller-yours-true-ly-viceroy-research/" [X Link](https://x.com/viceroyresearch/status/1577558187338760192) 2022-10-05T07:15Z 46.5K followers, [--] engagements "Viceroy is short @Truecaller $TRUE 23/23 #end" [X Link](https://x.com/viceroyresearch/status/1577558296650727424) 2022-10-05T07:16Z 46.5K followers, [--] engagements "As expected: SBB LTV continues to increase despite purported disposals do decrease LTV. Ridiculous valuation fair value assessments bump $SBB performance despite yield decreasing due to disposal of high-yield assets" [X Link](https://x.com/viceroyresearch/status/1585518004690886656) 2022-10-27T06:25Z 46.5K followers, [--] engagements "gm $MPW Medical Properties Trust guided analysts that results were due this Thursday. Today $MPW have delayed the [----] earnings announcement by [--] weeks" [X Link](https://x.com/viceroyresearch/status/1620073730969042944) 2023-01-30T14:57Z 46.5K followers, 12.6K engagements "We note that Steinhoff fraudsters in South Africa walk free. The FSCA simply has no interest in actually pursuing fraud. It simply exists to pursue agendas of South Africas wealthy mafia such as Capitec who funded the similar smear piece written on Viceroy by Intellidex. 7/" [X Link](https://x.com/viceroyresearch/status/1646879184894193665) 2023-04-14T14:12Z 46.4K followers, [----] engagements "JP MORGAN The Pakistani tabloid notes that JP Morgan reported that our research quality was poor and lacked understanding of MPW. We will endeavour to send GeoNews copies of all other analysts who thought our research quality was poor. $MDXG $WDI $SBB $MPW $ADJ $GLJ $SYR etc 8/" [X Link](https://x.com/viceroyresearch/status/1646879191923834881) 2023-04-14T14:12Z 46.4K followers, [----] engagements "BAFIN BaFin authored several letters to the Frankfurt prosecutor requesting to investigate Viceroy. These were accidentally sent to Reuters journalists while BaFin employees actively traded against our German reports. Notably Viceroy were persecuted for exposing Wirecard. 9/" [X Link](https://x.com/viceroyresearch/status/1646879198479540224) 2023-04-14T14:12Z 46.4K followers, [----] engagements "We note that the entire executive team at BaFin has since been fired. $WDI 10/" [X Link](https://x.com/viceroyresearch/status/1646879201813991424) 2023-04-14T14:12Z 46.4K followers, [----] engagements "#Abalance IR are on a live youtube analyst & bagholder chat stating that they cannot release the construction permit because it is secret * private. This is a lie. Permits are easily searchable public documents. That is the entire reason they exist. https://www.youtube.com/watchv=3nms1GWWazU https://www.youtube.com/watchv=3nms1GWWazU" [X Link](https://x.com/viceroyresearch/status/1659213973718446085) 2023-05-18T15:06Z 46.4K followers, 130.1K engagements "The last companies where we exposed undisclosed related party transactions were: - Adler Group $ADJ (raided nearly bankrupt) - Grenke $GLJ (board wipe down 60%) - Home REIT $HOME (suspended NCA investigation) It's bad news. $HEXAB. Ola Rollen Hexagons current Chairman former CEO and board member since [----] sold half of his interests in Hexagon to found a investment vehicle called Greenbridge in [----]. $HEXAB 8/ https://t.co/QEailzl4Dw Ola Rollen Hexagons current Chairman former CEO and board member since [----] sold half of his interests in Hexagon to found a investment vehicle called" [X Link](https://x.com/viceroyresearch/status/1681611246628397056) 2023-07-19T10:25Z 46.5K followers, 27.3K engagements "We note that the capstone modules of all post-graduate professional certifications in business revolve around ethics. Sweden must have skipped this module. We hope Mikeal makes appropriate corrections. $HEXAB 6/" [X Link](https://x.com/viceroyresearch/status/1683568005429567490) 2023-07-24T20:01Z 46.5K followers, [----] engagements "3. We don't know a GNC Holdings. We have never been sued by them. REGULATORY [--]. The FCA has never imposed a fine on Viceroy Research. [--]. The FCA never questioned Viceroy. [--]. The SEC is not investigating Viceroy and has never charged or imposed a fine on us" [X Link](https://x.com/viceroyresearch/status/1726583140922343642) 2023-11-20T12:47Z 46.4K followers, [---] engagements "4. BaFin did indeed investigate Viceroy for its conduct in exposing Wirecard $WDI. Its entire executive team was subsequently dismissed. We now enjoy a collaborative relationship with Bafin under new management and have never been charged or paid a fine" [X Link](https://x.com/viceroyresearch/status/1726583142755319987) 2023-11-20T12:47Z 46.4K followers, [----] engagements "$MPW appoint restructuring specialists A&M to recover unimpaired rent from its largest tenant & 10% subsidiary. The writing is on the wall. https://www.businesswire.com/news/home/20240104928323/en/ https://www.businesswire.com/news/home/20240104928323/en/" [X Link](https://x.com/viceroyresearch/status/1743034596302729273) 2024-01-04T22:20Z 46.5K followers, 58.2K engagements "An excellent article by @perlindvall dismantling the fantasy valuation models utilized by forestry companies especially $SCA to value their forestry assets. https://iskogen.se/kuriosa/svenska-skogsvarderingar-grona-tillgangar/ https://iskogen.se/kuriosa/svenska-skogsvarderingar-grona-tillgangar/" [X Link](https://x.com/viceroyresearch/status/1783086694624866348) 2024-04-24T10:52Z 46.5K followers, [----] engagements "$GL- Globe Life may be unaware. After a calamity of disgusting exposs from activists & @BusinessInsider it's no surprise @SECgov are likely investigating. FOIA requests are an excellent way to assess the likelihood of issues. JPM need to do better than taking only mgmt's words" [X Link](https://x.com/viceroyresearch/status/1792519239309328458) 2024-05-20T11:34Z 46.5K followers, 11.6K engagements "$SCA's CEO Ulf Larsson under fire for not knowing how to read data. This is not news to Viceroy. https://www.expressen.se/debatt/sca-dribblar-med-siffror--om-den-fjallnara-skogen/ https://www.expressen.se/debatt/sca-dribblar-med-siffror--om-den-fjallnara-skogen/" [X Link](https://x.com/viceroyresearch/status/1796491353456832864) 2024-05-31T10:38Z 46.5K followers, [----] engagements "Loan Modifications Swell 195% in [--] Months $ABR Arbor has modified $2.5b in loans this year alone. These loans are substantially impaired. https://cred-iq.com/blog/2024/06/21/loan-modifications-swell-195-in-12-months-cred-iq/ https://cred-iq.com/blog/2024/06/21/loan-modifications-swell-195-in-12-months-cred-iq/" [X Link](https://x.com/viceroyresearch/status/1804142685327859885) 2024-06-21T13:21Z 46.4K followers, [----] engagements "$ABR - has used the same tactics as many companies we have covered. It's not an exhaustive list but here are just some that have hidden behind their accounting & referenced their auditor. Note - @FBI & @TheJusticeDept are not regulators. $EBIX $ATNX $GLJ $Home #REIT $TEUM $SBB $ABR - deflects by borrowing auditor credibility. The statement doesnt deny the existence of @FBI & @TheJusticeDept investigations into loan book performance & lending practices. Arbor has impaired almost zero in real terms despite overwhelming borrower distress&delinquency. https://t.co/msZ8USQMfo $ABR - deflects by" [X Link](https://x.com/viceroyresearch/status/1812878467316568092) 2024-07-15T15:54Z 46.5K followers, [----] engagements "$MPW - Contrary to management lies. This document from March [----] shows that @Steward expected #MPT money every quarter & exhausted the $210m facility: https://www.occrp.org/assets/documents/cropped_mpt_q2_funding_redacted.cleaned.pdf https://www.occrp.org/assets/documents/cropped_mpt_q2_funding_redacted.cleaned.pdf" [X Link](https://x.com/viceroyresearch/status/1844755742714114480) 2024-10-11T15:03Z 46.5K followers, [----] engagements "$SCA often mentions that their forest assets should be valued at a premius as it is corporate owned however SCA doesnt sell to other companies. They only sell to private individuals. It is even mentioned in their prospectuses that only private individuals can buy. 1/ $SCA continue to ridiculously increase the value of its biological assets. A back envelope implied discount rate continues to show a forest yield below the Riskbank policy rate. This does not include the value of the land which is (logically) zero. 2/ https://t.co/LDWQOylF6x $SCA continue to ridiculously increase the value of its" [X Link](https://x.com/viceroyresearch/status/1849771601492934916) 2024-10-25T11:14Z 46.5K followers, 11.6K engagements "Arbor - January [----] CLO Update Delinquencies up 33% month-on-month despite Arbor re-modifying $934m of loans against [--] properties over the same period. #thread $ABR 1/" [X Link](https://x.com/viceroyresearch/status/1881719480184656080) 2025-01-21T15:04Z 46.4K followers, 12.3K engagements "$GL wants you to believe this breach is just a rogue agency problem. In reality its their failurereckless data security zero oversight and a broken agency model that put potentially [------] individuals at risk. 1/" [X Link](https://x.com/viceroyresearch/status/1885322996463681961) 2025-01-31T13:43Z 44.5K followers, [----] engagements "$GL Earnings Update (pending 10-K) Net income down 13% QoQ and 5% y/y on pro-rata basis. Not attributable to seasonality or widespread downturn. Other segments did not show similar declines. 1/" [X Link](https://x.com/viceroyresearch/status/1887495269962633454) 2025-02-06T13:35Z 44.5K followers, 13.1K engagements "$GL EPS one-time bump attributed to $GL repurchasing 10% of the total volume traded in Q3 [----] financed with expensive debt. Quarterly interest costs are up 40% y/y. 2/" [X Link](https://x.com/viceroyresearch/status/1887495274937131319) 2025-02-06T13:35Z 44.5K followers, [----] engagements "$GL future policy benefits fell by $1.3b during the quarter. Require 10-K insight to understand this better but this change conflicts with flat PIF. 3/" [X Link](https://x.com/viceroyresearch/status/1887495280544858547) 2025-02-06T13:35Z 44.5K followers, [----] engagements "No disclosure on regulatory actions but heavily implied to be ongoing with DOJ SEC and EEOC. $GL spent $12m on legal proceedings in Q4 compared to cumulative 5m in the preceding [--] months. 4/" [X Link](https://x.com/viceroyresearch/status/1887495285204767187) 2025-02-06T13:35Z 44.5K followers, [----] engagements "$GL's legal expense footnote states outflows are for settlements outside of DoJ SEC or EEOC matters suggesting ongoing investigations. More information can be found in our reports below: 5/ https://viceroyresearch.org/2024/06/14/globe-life-cyber-security-failures/ https://viceroyresearch.org/2024/06/27/globe-life-sec-enforcement-confirms-active-investigation/ https://viceroyresearch.org/2024/12/09/globe-life-legal-hold-notice/ https://viceroyresearch.org/2024/06/14/globe-life-cyber-security-failures/" [X Link](https://x.com/viceroyresearch/status/1887495288958689672) 2025-02-06T13:35Z 44.5K followers, [----] engagements "$GL's AIL lost [---] agents this Q most at the end of December conforming to VR reporting on the closure of Arias and GigAck. This will not be reflected in performance until Q1 [----]. 6/" [X Link](https://x.com/viceroyresearch/status/1887495293333348722) 2025-02-06T13:35Z 44.5K followers, [----] engagements "A redacted copy of this letter can now be found on our website. $GL 2/ https://viceroyresearch.org/2025/02/17/globe-life-further-cybersecurity-failures/ https://viceroyresearch.org/2025/02/17/globe-life-further-cybersecurity-failures/" [X Link](https://x.com/viceroyresearch/status/1891489078182347263) 2025-02-17T14:05Z 44.5K followers, [---] engagements "Instead of implementing any security measures to lock sensitive client information agencies have simply removed the live unprotected link from the new iteration of their website. $GL We note that this information contains the following: 3/" [X Link](https://x.com/viceroyresearch/status/1891489081206444303) 2025-02-17T14:05Z 44.5K followers, [---] engagements "Policyholder names policy numbers coverage types premiums and phone numbers. The status and reasons for lapses underwriting denials trial applications and modifications. Arrests incarcerations financial conditions medical prescriptions and medical conditions. $GL 4/" [X Link](https://x.com/viceroyresearch/status/1891489085543346459) 2025-02-17T14:05Z 44.5K followers, [---] engagements "We also note that information pertaining to minors is also freely accessible on non-protected links. Again: no security measures have been put in place to secure sensitive information. It is accessible in the exact same address as before. $GL 5/" [X Link](https://x.com/viceroyresearch/status/1891489090924687454) 2025-02-17T14:05Z 44.5K followers, [---] engagements "Data is updated to February [----] meaning these unprotected data are working files. $GL 6/" [X Link](https://x.com/viceroyresearch/status/1891489095311884368) 2025-02-17T14:05Z 44.5K followers, [---] engagements "Globe Life has failed to ensure the security of its policyholders data even after we reported these breaches to regulators [--] months ago. Our investigation demonstrates a clear and persistent disregard for required data protection and management practices at $GL. 7/" [X Link](https://x.com/viceroyresearch/status/1891489101452378378) 2025-02-17T14:05Z 44.5K followers, [----] engagements "We note that as of writing these tweets this data is still freely available and accessible to anyone. $GL" [X Link](https://x.com/viceroyresearch/status/1891489106238030284) 2025-02-17T14:05Z 44.5K followers, [----] engagements "Report now live on our website $ABR 2/ https://viceroyresearch.org/2025/02/21/arbor-february-2025-clo-update/ https://viceroyresearch.org/2025/02/21/arbor-february-2025-clo-update/" [X Link](https://x.com/viceroyresearch/status/1892898061774704897) 2025-02-21T11:24Z 46.3K followers, [---] engagements "Debt Service Amounts due by borrowers have fallen (annualized) $15m over this month on a comparable book size. This is in line with the concessions Arbor is making to borrowers through rate-cut modifications. $ABR 4/" [X Link](https://x.com/viceroyresearch/status/1892898071199240520) 2025-02-21T11:24Z 44.5K followers, [---] engagements "RESERVE ANALYSIS CLO borrower reserves are down 15% since November [----] when we began tracking this figure. February has represented the largest drawdown of reserves to date. More than half of Arbors book has [--] months of scheduled interest in reserves. $ABR 6/" [X Link](https://x.com/viceroyresearch/status/1892898081072697675) 2025-02-21T11:24Z 44.5K followers, [---] engagements "SPREAD ANALYSIS We observe in February that Arbor has made enormous further concessions to uncreditworthy borrowers as net interest spreads continue to dramatically fall across the entire portfolio. $ABR 7/" [X Link](https://x.com/viceroyresearch/status/1892898089125761242) 2025-02-21T11:24Z 44.5K followers, [---] engagements "We believe that this illustration of Arbors net interest spread last updated for Q2 [----] will continue to decline. The Pay Rate for $ABR's loans is already 40bps below the note rate for its structural business and 180bps below its interest-earning yield. 8/" [X Link](https://x.com/viceroyresearch/status/1892898095106830667) 2025-02-21T11:24Z 44.5K followers, [---] engagements "DISTRIBUTABLE EARNINGS Arbor simply does not generate enough cash flow to continue paying its dividends even without adjustments for (misreported) PIK revenues. $ABR 9/" [X Link](https://x.com/viceroyresearch/status/1892898101222134143) 2025-02-21T11:24Z 44.5K followers, [---] engagements "INCORRECT PIK The loans of Arbors heavily distressed borrowers have been modified to reflect a capitalized PIK portion of revenues. Arbor has misreported the quantum of its PIK. $ABR 10/" [X Link](https://x.com/viceroyresearch/status/1892898107849134122) 2025-02-21T11:24Z 44.5K followers, [---] engagements "Arbor claims that in December [--] [----] it had nine loans with a UPB of $167m that were less than [--] days delinquent. This is complete window dressing if not completely misreported. $ABR 2/" [X Link](https://x.com/viceroyresearch/status/1892943655117500729) 2025-02-21T14:25Z 44.5K followers, [----] engagements "Substantial headwinds over last [--] days is reflected in our CLO update today : https://viceroyresearch.org/2025/02/21/arbor-february-2025-clo-update/ https://viceroyresearch.org/2025/02/21/arbor-february-2025-clo-update/" [X Link](https://x.com/viceroyresearch/status/1892956608919154916) 2025-02-21T15:16Z 44.5K followers, [----] engagements "ABR is a top performer in this space in the sense that they completely misreport their financials and cannot afford their dividend. $ABR" [X Link](https://x.com/viceroyresearch/status/1892956801286512814) 2025-02-21T15:17Z 44.5K followers, [---] engagements "BREAKING $ABR reduce [----] guidance down 25% significantly short of already unaffordable dividend" [X Link](https://x.com/viceroyresearch/status/1892958039768178693) 2025-02-21T15:22Z 44.5K followers, [----] engagements "Will anyone ask about $ABR's enforcement investigations" [X Link](https://x.com/viceroyresearch/status/1892965541247074509) 2025-02-21T15:52Z 44.5K followers, [----] engagements "PIK cannot be 10-15m a quarter. The math does not check out. $ABR" [X Link](https://x.com/viceroyresearch/status/1892966032723120330) 2025-02-21T15:54Z 44.5K followers, [----] engagements "Arbor confirmed that it funded $41.7m in additional unsecured lines of credit but did not disclose to whom. We believe this line of credit is to existing borrowers yet it is not presented alongside other structured mezzanine loan assets. $ABR 11/" [X Link](https://x.com/viceroyresearch/status/1896959294471618641) 2025-03-04T16:21Z 46.4K followers, [---] engagements "MATURING / REPLACING CREDIT FACILITIES Arbor has increased existing repo line capacity and opened new repo facilities despite being in a loan runoff and not fully utilizing its existing repurchase facilities. $ABR 12/" [X Link](https://x.com/viceroyresearch/status/1896959298770800879) 2025-03-04T16:21Z 46.4K followers, [---] engagements "Spread Analysis Across the CLOs net interest spreads since December [----] are down: -74% in 2022-FL1 -29% in 2021-FL3 -24% in 2021-FL4 This puts unsustainable bottom-line impact on Arbor's earnings in an otherwise high-rate environment. $ABR cannot afford dividends. 8/end" [X Link](https://x.com/viceroyresearch/status/1915400660201206154) 2025-04-24T13:41Z 46.5K followers, [----] engagements "You can find more of our work on Arbor here: $ABR https://viceroyresearch.org/category/arbor-realty-trust-nyseabr/ https://viceroyresearch.org/category/arbor-realty-trust-nyseabr/" [X Link](https://x.com/viceroyresearch/status/1915400664286429604) 2025-04-24T13:41Z 46.5K followers, [----] engagements "@arbsridhar Did you not read our $EBIX work Its still on our site. What happened there https://m.economictimes.com/tech/technology/us-parent-of-ebixcash-files-for-bankruptcy-in-us-court/articleshow/106097247.cms https://m.economictimes.com/tech/technology/us-parent-of-ebixcash-files-for-bankruptcy-in-us-court/articleshow/106097247.cms" [X Link](https://x.com/viceroyresearch/status/1942863271427715169) 2025-07-09T08:27Z 46.5K followers, [---] engagements "Vedanta - Hidden Holdings BJST and PTCC $VEDL and $HZL shareholders Bhadram Janhit Shalika Trust and PTC Cables appear to be undisclosed Agarwal-controlled entities funneling intended employee benefits into politics. 1/" [X Link](https://x.com/viceroyresearch/status/1945000187262378430) 2025-07-15T05:59Z 46.5K followers, 12.1K engagements "Report now live on our website $VEDL $HZL 2/ https://viceroyresearch.org/2025/07/15/vedanta-hidden-holdings-bjst-and-ptcc/ https://viceroyresearch.org/2025/07/15/vedanta-hidden-holdings-bjst-and-ptcc/" [X Link](https://x.com/viceroyresearch/status/1945000189627904135) 2025-07-15T05:59Z 46.5K followers, [---] engagements "The Agarwal family appears to control hidden shareholdings in $VEDL and previously Hindustan Zinc Limited $HZL through Employee Welfare Trusts. These are intended to act in the interest of VEDL employees. 3/" [X Link](https://x.com/viceroyresearch/status/1945000192140288340) 2025-07-15T05:59Z 46.5K followers, [---] engagements "During its years as a $VEDL shareholder BJSTs only known activities centered on political donations and lobbying not employee welfare. The @OCCRP found that BJST made direct donations to BJP then lobbied relentlessly for the relaxation of environmental restrictions. 5/" [X Link](https://x.com/viceroyresearch/status/1945000199664931233) 2025-07-15T05:59Z 46.5K followers, [---] engagements "PTC Cables Pvt Ltd $PTCC is a low-profile entity now fully owned by BJST. Former employees stated that the Agarwal familys control of PTCC is an open secret at the company but its holdings could not be pledged as security for debt. $VEDL 6/" [X Link](https://x.com/viceroyresearch/status/1945000204110901645) 2025-07-15T05:59Z 46.5K followers, [---] engagements ""Govt nominees on Hindustan Zinc board may quiz management on Vedanta tomorrow." - @EconomicTimes $VEDL $HZL" [X Link](https://x.com/viceroyresearch/status/1945357583042175244) 2025-07-16T05:39Z 46.5K followers, [----] engagements "Vedanta - Meet the Agarwals Serentica Renewables The Agarwal family has quietly built a parallel related party operating units to poach high-margin contracts from and enjoy non-arms-length financing from $VEDL $HZL and BALCO. This is fraud. #thread 1/ https://twitter.com/i/web/status/1945365702992384291 https://twitter.com/i/web/status/1945365702992384291" [X Link](https://x.com/viceroyresearch/status/1945365702992384291) 2025-07-16T06:11Z 46.5K followers, [----] engagements "Link to our latest $VEDL report on Serentica. 2/ https://viceroyresearch.org/2025/07/16/vedanta-meet-the-agarwals-serentica-renewables/ https://viceroyresearch.org/2025/07/16/vedanta-meet-the-agarwals-serentica-renewables/" [X Link](https://x.com/viceroyresearch/status/1945365706431774909) 2025-07-16T06:11Z 46.5K followers, [---] engagements "Serenticas business is to enter into a series of long-term power delivery agreements (PDAs) with $VEDL BALCO & $HZL despite having no power-generating operations of its own no track record and no the capital to fund projects. 3/" [X Link](https://x.com/viceroyresearch/status/1945365708885389769) 2025-07-16T06:11Z 46.5K followers, [---] engagements "The OCRPS are convertible after [--] years have passed from the date of issuance a period longer than the contracted delivery of power for the SPV & useful life of underlying assets. Presumably this means that the entity will be worth nothing at the date of conversion. $VEDL 7/" [X Link](https://x.com/viceroyresearch/status/1945365719211790579) 2025-07-16T06:11Z 46.5K followers, [---] engagements "During the [--] year OCRPS term $VEDL $HZL & BALCO will be paying cost-plus PDAs to Serentica. The terms of HZL BALCO and VEDLs OCRPS investments are comically unfair. 8/ https://twitter.com/i/web/status/1945365721699246559 https://twitter.com/i/web/status/1945365721699246559" [X Link](https://x.com/viceroyresearch/status/1945365721699246559) 2025-07-16T06:11Z 46.5K followers, [---] engagements "Vedanta Zinc Twice Before You Act $HZL's unapproved brand fees carry an undisclosed termination clause and appear to trigger an event of default and a sovereign call/put per its SHA with the Government of India. $VEDL #thread 1/ https://twitter.com/i/web/status/1945694965004403110 https://twitter.com/i/web/status/1945694965004403110" [X Link](https://x.com/viceroyresearch/status/1945694965004403110) 2025-07-17T04:00Z 46.5K followers, 11.1K engagements "Link to Zinc Twice Before You Act report $VEDL $HZL 2/: https://viceroyresearch.org/2025/07/17/vedanta-zinc-twice-before-you-act/ https://viceroyresearch.org/2025/07/17/vedanta-zinc-twice-before-you-act/" [X Link](https://x.com/viceroyresearch/status/1945694969622139302) 2025-07-17T04:00Z 46.5K followers, [---] engagements "BRAND FEES On October [--] [----] Vedanta Limited imposed a brand fee on Hindustan Zinc. We believe this brand fee is an uncommercial contract with VEDL who does not appear to provide any brand management or other auxiliary services to $HZL. $VEDL 3/" [X Link](https://x.com/viceroyresearch/status/1945694972541649387) 2025-07-17T04:00Z 46.5K followers, [---] engagements "What services have VEDL provided to Hindustan Zinc since October [--] [----] that were not provided over the previous [--] years $VEDL 4/" [X Link](https://x.com/viceroyresearch/status/1945694978195284455) 2025-07-17T04:00Z 46.5K followers, [---] engagements "THE SHA VEDL is party to a binding shareholder agreement (SHA)with the Government of India (GoI) which lays out provisions for matters that require Special Consent. If $HZL wants to engage in these Special Matter activities it can only do so with GoI approval. $VEDL 5/ https://twitter.com/i/web/status/1945694981018227107 https://twitter.com/i/web/status/1945694981018227107" [X Link](https://x.com/viceroyresearch/status/1945694981018227107) 2025-07-17T04:00Z 46.5K followers, [---] engagements "A breach of this clause of the SHA is classified as an event of default. This then begs the questions: [--]. Is the brand fee agreement subject to Special Matter Provisions [--]. If so did $HZL seek approval from the GoI to engage in the Brand Fee Agreement $VEDL 6/ https://twitter.com/i/web/status/1945694985611026723 https://twitter.com/i/web/status/1945694985611026723" [X Link](https://x.com/viceroyresearch/status/1945694985611026723) 2025-07-17T04:00Z 46.5K followers, [---] engagements "THE PROVISIONS Provision [--] limits the ability of directors self-dealing with their own interests without approval of GoI nominated directors. HZL shares executive and non-executive directors with both VEDL and VRL. $VEDL $HZL 7/ https://twitter.com/i/web/status/1945694988626485430 https://twitter.com/i/web/status/1945694988626485430" [X Link](https://x.com/viceroyresearch/status/1945694988626485430) 2025-07-17T04:00Z 46.5K followers, [---] engagements "Provision [--] limits the ability of HZL to make the provision of guarantees or securities to other companies under the same management. The brand fees provided by HZL to VRL are used as security against VRL loans. $VEDL $HZL 8/ https://twitter.com/i/web/status/1945694991562465459 https://twitter.com/i/web/status/1945694991562465459" [X Link](https://x.com/viceroyresearch/status/1945694991562465459) 2025-07-17T04:00Z 46.5K followers, [---] engagements "Provision [--] limits the ability of the company to make any loans or advances to any person in excess of [--] crore . Brand fees also function as rolling credit to VRL. The brand fee amount is calculated based on projections and is paid as an advance. $VEDL $HZL 9/ https://twitter.com/i/web/status/1945694994775548325 https://twitter.com/i/web/status/1945694994775548325" [X Link](https://x.com/viceroyresearch/status/1945694994775548325) 2025-07-17T04:00Z 46.5K followers, [---] engagements "EVENT OF DEFAULT A breach of Clause [---] requiring approval from the GoI nominees to engage in Special Matter activities constitutes an Event of Default (EOD) under the SHA. $HZL $VEDL 10/ https://twitter.com/i/web/status/1945695000123383827 https://twitter.com/i/web/status/1945695000123383827" [X Link](https://x.com/viceroyresearch/status/1945695000123383827) 2025-07-17T04:00Z 46.5K followers, [---] engagements "In an EOD the Defaulting Party (VEDL) must remedy the Non-Defaulting Party (the GoI) within [--] days. We encourage the GoI to seek a clawback of uncommercial and unauthorized Brand Fee payments made to $VEDL and VRL. $HZL 11/" [X Link](https://x.com/viceroyresearch/status/1945695003545628793) 2025-07-17T04:00Z 46.5K followers, [---] engagements "In the event that $VEDL/VRL are unable to remedy the situation they will trigger another sovereign call or put option event at the discretion of the GoI. $HZL 12/" [X Link](https://x.com/viceroyresearch/status/1945695006905237745) 2025-07-17T04:00Z 46.5K followers, [---] engagements "OTHER RELATED PARTY DEALS Viceroy have previously detailed other significant related party transactions between HZL and promoter companies. These transactions are subject to the same Special Matter Provisions under Clause [---] of the Hindustan Zinc SHA. $HZL $VEDL 13/" [X Link](https://x.com/viceroyresearch/status/1945695010130919826) 2025-07-17T04:00Z 46.5K followers, [---] engagements "$HZL FINANCIALS $HZL's capital structure is subject to immense stress due to the PropCos looting. HZL's balance sheet has shifted from a [-----] crore net-cash position to a [----] crore net debt position in a matter of 5-6 years a delta of [-----] crore. $EVDL 14/ https://twitter.com/i/web/status/1945695015474466875 https://twitter.com/i/web/status/1945695015474466875" [X Link](https://x.com/viceroyresearch/status/1945695015474466875) 2025-07-17T04:00Z 46.5K followers, [---] engagements "HZL does not make sufficient cash flows to support enormous dividends. HZL has incurred a [-----] crore FCF shortfall against dividends since [----]. As demonstrated above $HZL has supplemented this with debt. $VEDL 15/" [X Link](https://x.com/viceroyresearch/status/1945695018435367045) 2025-07-17T04:00Z 46.5K followers, [---] engagements "$HZL faces a ticking financial time bomb in the form of massive unresolved tax and royalty disputes. As of FY25 the company disclosed a total of [-----] crore ($1.68b) in undisputed statutory dues and [----] crore ($308m) in contingent liabilities under litigation. $VEDL 16/" [X Link](https://x.com/viceroyresearch/status/1945695020855492841) 2025-07-17T04:00Z 46.5K followers, [----] engagements "QUESTIONS FOR HZL-GoI MEETING TODAY We understand $HZL's board is due to meet today due to long-standing tensions between VEDL and GoI interests. Below are some questions we suggest the GoI nominee directors ask $VEDL directors in order cut through their habitual lies. 17/" [X Link](https://x.com/viceroyresearch/status/1945695024819187884) 2025-07-17T04:00Z 46.5K followers, [----] engagements "cc. @MinesMinIndia $VEDL $HZL" [X Link](https://x.com/viceroyresearch/status/1945714064799187168) 2025-07-17T05:15Z 46.5K followers, [----] engagements "Hindustan Zinc did not take govt approval for brand fee agreement says Viceroy $VEDL $HZL Read more at: https://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/hindustan-zinc-did-not-take-govt-approval-for-brand-fee-agreement-says-viceroy/articleshow/122614768.cmsutm_source=contentofinterest&utm_medium=text&utm_campaign=cppst https://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/hindustan-zinc-did-not-take-govt-approval-for-brand-fee-agreement-says-viceroy/articleshow/122614768.cmsutm_source=contentofinterest&utm_medium=text&utm_campaign=cppst" [X Link](https://x.com/viceroyresearch/status/1945719592501891072) 2025-07-17T05:37Z 46.5K followers, [----] engagements "Our investigation into Vedanta Resources extractive practices at $HZL is still ongoing. We respectfully recommend the GoI to launch their own investigation before more value is extracted to VRLs offshore promoters and creditors. $VEDL" [X Link](https://x.com/viceroyresearch/status/1945819645757251762) 2025-07-17T12:15Z 46.5K followers, [----] engagements "Multiple whistleblowers confirm $HZLs Nov/Dec [----] brand fee was never placed before the board. The preceding BSS already breached the SHA. Misra carefully avoids saying it was approved only discussed before being finalized. No board minutes. No approval. No paperwork" [X Link](https://x.com/viceroyresearch/status/1946228133796958597) 2025-07-18T15:18Z 46.5K followers, [----] engagements "Vedanta HZL Earnings & Legal Opinions As $HZL management lie to investors amid earnings misses: the Promoter Group purchases a legal-opinion (paid by $VEDL) on Viceroys credibility as a means of self-validation. 1/ https://twitter.com/i/web/status/1947142742858944710 https://twitter.com/i/web/status/1947142742858944710" [X Link](https://x.com/viceroyresearch/status/1947142742858944710) 2025-07-21T03:53Z 46.5K followers, [----] engagements "CFO Sandeep Modis [-----] crore ($1.17b) free cash flow claim collapses under scrutiny. Cash flows are subsidized by debt. $VEDL 4/" [X Link](https://x.com/viceroyresearch/status/1947142753319600313) 2025-07-21T03:53Z 46.5K followers, [---] engagements "If $HZL's dividend remains the same as last year we estimate HZL will incur an annual FCF shortfall of at least [----] crore ($580m) and must be funded by moredebt. Disclosures suggest $HZL incurred [----] crore ($232m) of new debt in Q1 FY26. 5/" [X Link](https://x.com/viceroyresearch/status/1947142755555143766) 2025-07-21T03:53Z 46.5K followers, [---] engagements "$HZL's auditor SR Batliboi failed to investigate material concerns relying entirely on management assertions while the companys capital base deteriorated and governance collapsed. $EVDL 6/" [X Link](https://x.com/viceroyresearch/status/1947142757752979742) 2025-07-21T03:53Z 46.5K followers, [---] engagements "EARNINGS CALL HZLs CEO Arun Misra credited offshore brand fees (paid in advance) as justifiable by past risks undertaken by Vedanta as a shareholder of HZL. This is preposterous. $HZL $VEDL 7/ https://twitter.com/i/web/status/1947142761590726817 https://twitter.com/i/web/status/1947142761590726817" [X Link](https://x.com/viceroyresearch/status/1947142761590726817) 2025-07-21T03:53Z 46.5K followers, [---] engagements "Vedantas shares in HZL bear the same risk as every other equity holder including the GoI. If anything it is HZL and its non-promoter shareholders that have borne the outsized risk of HZL taking outsized loans to pay unaffordable dividends to Promoters. $VEDL $HZL 8/" [X Link](https://x.com/viceroyresearch/status/1947142765403410451) 2025-07-21T03:53Z 46.5K followers, [---] engagements "$HZL's exports of 93% pure silver sand to Fujairah Gold were downplayed or denied despite disclosures in HZLs own annual report. High-purity near-finished metal is being sent to a refinery with a questionable track record. $VEDL 9/" [X Link](https://x.com/viceroyresearch/status/1947142767747928446) 2025-07-21T03:53Z 46.5K followers, [---] engagements "$HZL Management promoted its R&D Venture which spent just [--] ($4m) crore on R&D over [--] years less than 2% of what it has paid in unjustifiable brand fees to its promoters over the same period. $VEDL 10/" [X Link](https://x.com/viceroyresearch/status/1947142770541367734) 2025-07-21T03:53Z 46.5K followers, [---] engagements "ICRA ICRA reaffirmed $HZL's A1+ rating on the day of the Q1 FY26 call citing the financial strength of a company being pillaged by its Promoter group. Arriving late to corporate collapses is an ICRA specialty on tomorrows menu. $VEDL 11/ https://twitter.com/i/web/status/1947142773443846564 https://twitter.com/i/web/status/1947142773443846564" [X Link](https://x.com/viceroyresearch/status/1947142773443846564) 2025-07-21T03:53Z 46.5K followers, [---] engagements "Ironically: it appears that VEDL has borne the cost of obtaining a legal opinion for the sole intention of disproving that its Promoters are kleptocrats. $VEDL 13/" [X Link](https://x.com/viceroyresearch/status/1947142782205796431) 2025-07-21T03:53Z 46.5K followers, [----] engagements "BONUS ROUND: EBIX $EBIXQ EBIX is now bankrupt and it has been widely reported that its Promoter CEO Robin Raina is under investigation by SEBI. Another silver platter delivery from Viceroy Research. 14/" [X Link](https://x.com/viceroyresearch/status/1947142784416121124) 2025-07-21T03:53Z 46.5K followers, [----] engagements "To the GoI: This is not the first time the Government of India has had to intervene. Its position on HZL's board leaves the GoI as not just a shareholder but the only credible steward of $HZL's value. It is time for the GoI to act again to safeguard public interest. $VEDL fin/" [X Link](https://x.com/viceroyresearch/status/1947142788149035252) 2025-07-21T03:53Z 46.5K followers, [----] engagements "Vedanta Meet the Agarwals Minova Runaya Agarwal-owned JV siphons margins from $HZL by marking-up commoditized goods and selling them to HZL on an exclusive uncommercial contract. Minova Runaya has been stealing profits from HZL for over [--] yearsandcounting. $VEDL 1/ https://twitter.com/i/web/status/1947891905179627599 https://twitter.com/i/web/status/1947891905179627599" [X Link](https://x.com/viceroyresearch/status/1947891905179627599) 2025-07-23T05:29Z 46.5K followers, [----] engagements "STRUCTURE Minova Runaya was announced in July [----] as a 51:49 joint venture between Minova Minetek Pty Ltd and Runaya Metsource LLP respectively. $VEDL $HZL 3/" [X Link](https://x.com/viceroyresearch/status/1947891911307510237) 2025-07-23T05:29Z 46.5K followers, [---] engagements "FINANCIAL DISCREPANCIES According to its financials Minova Runaya produces resin capsules rock bolting systems and wire mesh. These products are standardized commoditized and globally competitive. They do not justify a 30% margin. $VEDL $HZL 4/ https://twitter.com/i/web/status/1947891914042200300 https://twitter.com/i/web/status/1947891914042200300" [X Link](https://x.com/viceroyresearch/status/1947891914042200300) 2025-07-23T05:29Z 46.5K followers, [---] engagements "HZL is contractually obligated to procure its entire requirement of ground support products from Minova Runaya. HZL bears input cost risk for Minova Runaya. Pricing is governed by a formula-based mechanism guaranteeing Minova Runayas profits. $VEDL $HZL 5/" [X Link](https://x.com/viceroyresearch/status/1947891917716402613) 2025-07-23T05:29Z 46.5K followers, [---] engagements "In FY24 sales to HZL exceeded Minova Runayas total revenue amounting to 114% of total revenue. This is a mathematical impossibility. $VEDL $HZL 6/" [X Link](https://x.com/viceroyresearch/status/1947891919939387394) 2025-07-23T05:29Z 46.5K followers, [---] engagements "Since FY21 Minova Runaya has disclosed [---] crore ($63.5m) in tangible asset sales to HZL while only carrying [--] ($7.7m) crore of tangible assets on its balance sheet. $VEDL $HZL 7/" [X Link](https://x.com/viceroyresearch/status/1947891922871128123) 2025-07-23T05:29Z 46.5K followers, [---] engagements "MANUFACTURING Minova Runayas accounts acknowledge that it manufactured nothing until at least FY24. Even then the only product it manufactured was wire mesh a product so simple and cheap a fully automated line can be set up for under [--] crore ($117006). $VEDL $HZL 8/ https://twitter.com/i/web/status/1947891925643559178 https://twitter.com/i/web/status/1947891925643559178" [X Link](https://x.com/viceroyresearch/status/1947891925643559178) 2025-07-23T05:29Z 46.5K followers, [---] engagements "Photos uploaded by Minova Runaya employees show an operation that is more suited to warehousing finished or near-finished products instead of serious manufacturing. $HZL $VEDL 9/" [X Link](https://x.com/viceroyresearch/status/1947891928223084568) 2025-07-23T05:30Z 46.5K followers, [---] engagements "While revenues (and presumably output) have increased 2.1x since FY22 operating unit costs and overheads remain deflated inconsistent with a manufacturing business $VEDL $HZL 10/" [X Link](https://x.com/viceroyresearch/status/1947891933113675781) 2025-07-23T05:30Z 46.5K followers, [---] engagements "Minova Runaya sourced [--] crore ($4.2m) worth of materials in FY24 directly from ESL Steel another $VEDL entity. This is nearly one-third of its cost base in FY24 being sourced from inside the group and then resold back into the group to HZL at a 30% margin. $HZL 11/" [X Link](https://x.com/viceroyresearch/status/1947891936054153474) 2025-07-23T05:30Z 46.5K followers, [----] engagements "CONCLUSION The Agarwal family claim they want to build Indias industry. Minova Runaya shows what they really build when people are not looking: a factory as empty and cynical as the promises they make. $HZL $VEDL [--] https://twitter.com/i/web/status/1947891939128365460 https://twitter.com/i/web/status/1947891939128365460" [X Link](https://x.com/viceroyresearch/status/1947891939128365460) 2025-07-23T05:30Z 46.5K followers, [----] engagements "Runaya Metsource's own filings with @MCA21India confirm Anil Agarwal as the beneficiary. $HZL $VEDL & $VRL must answer: Why do they enable margin theft from minority shareholders inc @mygovindia Another undisclosed related party Yet Agrawal questions people's credibility MCA documents confirm that as of March [----] Runaya Metsource the 49% owner of Minova Runaya JV is 99% owned by Twinstar Overseas whose ultimate beneficiary is Anil Agarwal. This proves that Anil is the beneficiary of margin theft from @Hindustan_Zinc @SEBI_updates https://t.co/B0PapOKom9 MCA documents confirm that as of March" [X Link](https://x.com/viceroyresearch/status/1947969387052556685) 2025-07-23T10:37Z 46.5K followers, [----] engagements "Vedanta Viceroys Letter to the Government of India on the Looting of Hindustan Zinc In the absence of a response we are publishing our letter to the Government of India about the rampant looting at Hindustan Zinc Limited. $HZL $VEDL" [X Link](https://x.com/viceroyresearch/status/1948259156672008517) 2025-07-24T05:49Z 46.5K followers, [----] engagements "Delinquent loans have risen sharply since our last update in May [----] from $750m to $1048m an increase of 40%. Delinquent loans now represent 25% of the CLO loan book. $242m of these delinquencies are [--] days. $ABR 4/" [X Link](https://x.com/viceroyresearch/status/1948372608459681984) 2025-07-24T13:20Z 46.5K followers, [---] engagements "Vedanta Our Letter to SEBI On July [--] [----] Viceroy Research submitted the attached letter to various offices within SEBI. Despite the gravity of the issues raised we have received no response or acknowledgment. $HZL $VEDL 1/" [X Link](https://x.com/viceroyresearch/status/1948595526624063624) 2025-07-25T04:05Z 46.5K followers, [----] engagements "Report now live $VEDL $HZL 2/ https://viceroyresearch.org/2025/07/25/vedanta-our-letter-to-the-securities-and-exchange-board-of-india/ https://viceroyresearch.org/2025/07/25/vedanta-our-letter-to-the-securities-and-exchange-board-of-india/" [X Link](https://x.com/viceroyresearch/status/1948595530759569793) 2025-07-25T04:05Z 46.5K followers, [---] engagements "Our concerns are not new. Dr E.A.S. Sarma has been rightfully calling out the looting of $HZL and its consequencesto the GoI foryears. $VEDL 3/" [X Link](https://x.com/viceroyresearch/status/1948595532689277282) 2025-07-25T04:05Z 46.5K followers, [---] engagements "Dr E.A.S. Sarma is a distinguished civil servant and intellectual known for his integrity environmental advocacy and policy expertise. He was Secretary of Ministry of Power Secretary of Ministry of Finance and Principal Energy Adviser to the GoI. $VEDL $HZL 4/" [X Link](https://x.com/viceroyresearch/status/1948595534488363414) 2025-07-25T04:05Z 46.5K followers, [---] engagements "Vedanta just slapped a homepage pop-up touting a week-old legal opinion one already skewered by us and others prominent figures for being lazy bought and irrelevant. The kicker It defends promoters extracting billions from India. $VEDL $HZL Ironically: it appears that VEDL has borne the cost of obtaining a legal opinion for the sole intention of disproving that its Promoters are kleptocrats. $VEDL 13/ Ironically: it appears that VEDL has borne the cost of obtaining a legal opinion for the sole intention of disproving that its Promoters are kleptocrats. $VEDL 13/" [X Link](https://x.com/viceroyresearch/status/1948607681285038320) 2025-07-25T04:54Z 46.5K followers, 10.4K engagements "$SCA back to same old tricks. Won't revalue forest down. Ramps harvesting 11%. Borrows 700m SEK to pay dividend" [X Link](https://x.com/viceroyresearch/status/1948630546982072528) 2025-07-25T06:25Z 46.5K followers, [----] engagements "Vedanta Meet the Agarwals Runaya Green Tech A 3rd Agarwal-owned margin thief: how many times have HZL management looked the other way $VEDL $HZL 1/ https://twitter.com/i/web/status/1950057799917994325 https://twitter.com/i/web/status/1950057799917994325" [X Link](https://x.com/viceroyresearch/status/1950057799917994325) 2025-07-29T04:56Z 46.5K followers, [----] engagements "Runaya Green Tech appears to operate as an integrated HZL subsidiary despite being 99% owned by the Agarwal family . It performs strategic processing functions at high margins to enrich $HZL's promoter group. This is margin theft and constitutes fraud. $VEDL 3/" [X Link](https://x.com/viceroyresearch/status/1950057806196887892) 2025-07-29T04:56Z 46.5K followers, [---] engagements "Runaya Green Tech is reliant on financing from HZL in order to engage in capital projects. This includes advances from $HZL. Over 90% of Runaya Green Techs revenue and payables are with HZL with [---] days of receivables and [---] days of payables. $VEDL 4/" [X Link](https://x.com/viceroyresearch/status/1950057811079045404) 2025-07-29T04:56Z 46.5K followers, [---] engagements "India Ratings and Research (Ind-Ra) rated Runaya Green Tech for five years without addressing the underlying conflict. The only risk they identified was that the promoters and Anil Agarwal might extract too much from VEDL too quickly. $HZL $VEDL 5/" [X Link](https://x.com/viceroyresearch/status/1950057816066068765) 2025-07-29T04:56Z 46.5K followers, [---] engagements "Three separate entities have now been identified around $HZL using the same value extraction method. Each is privately controlled by the Agarwal family financially opaque and operates through related party pricing and captured contracts. $VEDL 6/" [X Link](https://x.com/viceroyresearch/status/1950057819622740004) 2025-07-29T04:56Z 46.5K followers, [----] engagements "HZLs greatest loss is not the margin it forfeits to Agarwal-owned vendors like Runaya Green Tech today it is the future value of the businesses it has handed away. $HZL 7/end" [X Link](https://x.com/viceroyresearch/status/1950057821208256899) 2025-07-29T04:56Z 46.5K followers, [----] engagements "Vedanta The Secret Enforcement Directorate Meeting What if $VEDL's "brand fee" was a means of remitting a secret interest-free loans to its parent co We dive into allegations that India's Enforcement Directorate (ED) is scrutinizing $VEDL & its payments to VRL. $HZL 1/ https://twitter.com/i/web/status/1950420099938070859 https://twitter.com/i/web/status/1950420099938070859" [X Link](https://x.com/viceroyresearch/status/1950420099938070859) 2025-07-30T04:56Z 46.5K followers, [----] engagements "It reportedly started in July [----] when the ED summoned $VEDL's CEO & CFO over "improper brand fee payments". The ED found the fees unjustified under FEMA & corporate governance norms. Talk about a "Brand Fee Freakout." $HZL 3/" [X Link](https://x.com/viceroyresearch/status/1950420106607038556) 2025-07-30T04:56Z 46.5K followers, [---] engagements "To dodge immediate ED action parent co VRL quietly agreed to refund [----] crore ($123m) to $VEDL. Was this ever disclosed to bondholders or the market $HZL 4/" [X Link](https://x.com/viceroyresearch/status/1950420109215809906) 2025-07-30T04:56Z 46.5K followers, [---] engagements "So what are these "brand fees" Whistleblowers allege they aren't for services. Instead whenever VRL faced a liquidity crunch it triggered ad hoc payments from $VEDL under this banner. A convenient undisclosed credit line. $HZL 5/" [X Link](https://x.com/viceroyresearch/status/1950420112361869799) 2025-07-30T04:56Z 46.5K followers, [---] engagements "The scale is massive. In FY25 alone over $361m (3085 crore) in brand fees were paid to VRL. That's 15% of $VEDL's net income used to service VRL's $4.9B debt. All while investors were kept in the dark. $HZL 6/" [X Link](https://x.com/viceroyresearch/status/1950420115318538628) 2025-07-30T04:56Z 46.5K followers, [---] engagements "Brand fees are a "rolling credit facility from VEDL to VRL with zero interest zero collateral and zero transparency". Fees are paid in advance for no quantifiable benefit. $HZL 7/" [X Link](https://x.com/viceroyresearch/status/1950420118233563614) 2025-07-30T04:56Z 46.5K followers, [---] engagements "Bondholders were allegedly never told about the ED investigation or the forced repayment. Instead they were told they had a fallback: the sale of $VEDL's steel assets to cover debts. $HZL 8/" [X Link](https://x.com/viceroyresearch/status/1950420120804708770) 2025-07-30T04:56Z 46.5K followers, [---] engagements "About that steel asset sale. that sale was cancelled internally MONTHS before the bonds were restructured. A key fallback for lenders was apparently already "functionally off the table". More on ESL Steel in our original report: $VEDL $HZL 9/ https://viceroyresearch.org/2025/07/09/vedanta-limited-resources/ https://viceroyresearch.org/2025/07/09/vedanta-limited-resources/" [X Link](https://x.com/viceroyresearch/status/1950420123401044331) 2025-07-30T04:56Z 46.5K followers, [---] engagements "It gets stickier. Getting a new brand fee agreement executed by the board of $HZL proved "impossible". "Captive HZL directors who were railroaded in meetings" were told to "sign this or else". $VEDL 10/" [X Link](https://x.com/viceroyresearch/status/1950420127532667367) 2025-07-30T04:56Z 46.5K followers, [---] engagements "And who processed these multi-million dollar transfers ICICI Bank allegedly conducted "no due diligence" on the remittances a direct contravention of RBI expectations. $VEDL $HZL 11/" [X Link](https://x.com/viceroyresearch/status/1950420130699071914) 2025-07-30T04:56Z 46.5K followers, [---] engagements "Crucially there was NO formal settlement with the ED. The matter remains open the risk is unresolved and future enforcement action is "firmly on the table". The absence of news is not an absence of risk. $VEDL $HZL 12/" [X Link](https://x.com/viceroyresearch/status/1950420133349904513) 2025-07-30T04:56Z 46.5K followers, [---] engagements "Remember Xiaomi The ED seized [----] crore after finding the company routed funds to foreign entities as "royalty payments". The report suggests this is a significant regulatory precedent for the situation at $VEDL. $HZL 13/" [X Link](https://x.com/viceroyresearch/status/1950420135916839151) 2025-07-30T04:56Z 46.5K followers, [----] engagements "This report raises serious questions about governance disclosure and hidden risks for creditors and shareholders. When a brand fee looks like a bailout it's time to ask questions. Read the report. $VEDL $HZL 14/end https://twitter.com/i/web/status/1950420138693366205 https://twitter.com/i/web/status/1950420138693366205" [X Link](https://x.com/viceroyresearch/status/1950420138693366205) 2025-07-30T04:56Z 46.5K followers, [----] engagements "Vedanta [--] Unanswered Questions for the Company and Management $VEDL's Q1 FY26 earning call tomorrow arrives at a critical juncture. The Company has failed to answer mounting questions over governance failures capital misallocation and related-party transactions. $HZL 1/ https://twitter.com/i/web/status/1950497949626118191 https://twitter.com/i/web/status/1950497949626118191" [X Link](https://x.com/viceroyresearch/status/1950497949626118191) 2025-07-30T10:05Z 46.5K followers, 16.3K engagements "Preliminary questions now live $VEDL $HZL https://viceroyresearch.org/2025/07/30/vedanta-62-unanswered-questions-for-the-company-and-management/ https://viceroyresearch.org/2025/07/30/vedanta-62-unanswered-questions-for-the-company-and-management/" [X Link](https://x.com/viceroyresearch/status/1950497953522598017) 2025-07-30T10:05Z 46.5K followers, [---] engagements "Financial $VEDL's Q1 FY26 call is critical. Investors need to ask: How can you justify dividends with a cumulative $5.6B free cash flow deficit And what explains the $368m discrepancy between your effective interest rate (12.7%) and the reported 9.1% $HZL 3/ https://twitter.com/i/web/status/1950497956601196935 https://twitter.com/i/web/status/1950497956601196935" [X Link](https://x.com/viceroyresearch/status/1950497956601196935) 2025-07-30T10:05Z 46.5K followers, [---] engagements "Governance Governance at $VEDL & $HZL is under the microscope. Why did the parent company CEO lead the $VEDL AGM Has the board reviewed its appointment of inappropriate or sanctioned auditors for key subsidiaries Has the company received any regulatory inquiries 4/ https://twitter.com/i/web/status/1950497959516258750 https://twitter.com/i/web/status/1950497959516258750" [X Link](https://x.com/viceroyresearch/status/1950497959516258750) 2025-07-30T10:05Z 46.5K followers, [---] engagements "Expansions & Capex Promises vs. Reality. How will mgmt cover cash flow shortfalls What $ of assets was generated by capitalizing environmental violation penalties What is the true status of the semiconductor venture and why is it trading copper and gold $HZL $VEDL 5/ https://twitter.com/i/web/status/1950497962464813267 https://twitter.com/i/web/status/1950497962464813267" [X Link](https://x.com/viceroyresearch/status/1950497962464813267) 2025-07-30T10:05Z 46.5K followers, [---] engagements "Brand Fees The $1.16B in "brand fees" paid to parent co. VRL demands answers. What tangible services justify this cost especially with VRL's London office for lease Were minority shareholders ever asked to approve these related-party agreements $VEDL $HZL 6/ https://twitter.com/i/web/status/1950497965589557463 https://twitter.com/i/web/status/1950497965589557463" [X Link](https://x.com/viceroyresearch/status/1950497965589557463) 2025-07-30T10:05Z 46.5K followers, [---] engagements "ED Interview On transparency: Why was the July [----] Enforcement Directorate interview & resulting $123m brand fee refund from VRL never disclosed to $VEDL shareholders or the market Why were auditors reportedly kept in the dark about this regulatory intervention $HZL 7/ https://twitter.com/i/web/status/1950497968601104399 https://twitter.com/i/web/status/1950497968601104399" [X Link](https://x.com/viceroyresearch/status/1950497968601104399) 2025-07-30T10:05Z 46.5K followers, [---] engagements "Demerger The demerger timeline continues to slip. With new objections from the Ministry of Petroleum is the plan still viable Will management stand by the September [----] completion date Which of the demerged entities would be financially self-sustaining $VEDL 8/" [X Link](https://x.com/viceroyresearch/status/1950497971683873047) 2025-07-30T10:05Z 46.5K followers, [---] engagements "HZL Key risks at $HZL need clarity. What is the status of the GoI's sovereign put/call options What is the Board's response to the ongoing criminal investigation into HZL's original disinvestment How is the 788cr 0.0001% coupon investment in Serentica valued $VEDL 9/ https://twitter.com/i/web/status/1950497974590546008 https://twitter.com/i/web/status/1950497974590546008" [X Link](https://x.com/viceroyresearch/status/1950497974590546008) 2025-07-30T10:05Z 46.5K followers, [---] engagements "Fujairah Gold The $VEDL Board must address serious allegations of gold laundering at its Fujairah Gold subsidiary. Have external firms been engaged to review its supply chain and compliance protocols in light of claims of implausible feedstock and criminal associations 12/" [X Link](https://x.com/viceroyresearch/status/1950497983507619938) 2025-07-30T10:05Z 46.5K followers, [---] engagements "Runaya How does the $HZL board justify funding at least three separate Agarwal-owned entities (Serentica Minova Runaya Runaya Green Tech) Why were critical functions outsourced allowing Promoters to extract profits from HZL instead of being developed in-house $VEDL 13/ https://twitter.com/i/web/status/1950497986829574403 https://twitter.com/i/web/status/1950497986829574403" [X Link](https://x.com/viceroyresearch/status/1950497986829574403) 2025-07-30T10:05Z 46.5K followers, [---] engagements "International Zinc Assets What due diligence justified a $504m impairment reversal at Black Mountain Mining despite its deteriorating operational and financial performance $VEDL 14/" [X Link](https://x.com/viceroyresearch/status/1950497990659002466) 2025-07-30T10:05Z 46.5K followers, [---] engagements "ESL Steel Regarding the steel asset sale: When did VEDL decide to halt the process Was this decision made before VRL's debt restructuring during which the sale was presented to creditors as a key source of repayment Why was the deal ultimately cancelled $VEDL 15/" [X Link](https://x.com/viceroyresearch/status/1950497994505064683) 2025-07-30T10:05Z 46.5K followers, [----] engagements "We will post a more thorough update tomorrow post earnings results. More to come $VEDL $HZL 16/end" [X Link](https://x.com/viceroyresearch/status/1950497996963037222) 2025-07-30T10:05Z 46.5K followers, [----] engagements "A quick $VEDL financial analysis of Q1 [----] coming right up before this conference call. Management's circus continues its next act" [X Link](https://x.com/viceroyresearch/status/1950874746763010223) 2025-07-31T11:02Z 46.5K followers, [----] engagements "Our list of questions that analysts should ask on today's call can be found here $VEDL https://x.com/viceroyresearch/status/1950497949626118191 Vedanta [--] Unanswered Questions for the Company and Management $VEDL's Q1 FY26 earning call tomorrow arrives at a critical juncture. The Company has failed to answer mounting questions over governance failures capital misallocation and related-party transactions. $HZL 1/ https://t.co/K1cmEpskrr https://x.com/viceroyresearch/status/1950497949626118191 Vedanta [--] Unanswered Questions for the Company and Management $VEDL's Q1 FY26 earning call tomorrow" [X Link](https://x.com/viceroyresearch/status/1950878815045005492) 2025-07-31T11:18Z 46.5K followers, [----] engagements "We will write up a more thorough report on Q1 [----] earnings post-conference call. $VEDL $HZL More to come" [X Link](https://x.com/viceroyresearch/status/1950878816869515759) 2025-07-31T11:18Z 46.5K followers, [----] engagements "SEBI chairman Tuhin Kanta Pandey commits to combat financial fraud. Welcome to the show @SEBI_India $VEDL $HZL 1/" [X Link](https://x.com/viceroyresearch/status/1952333056607400033) 2025-08-04T11:37Z 46.5K followers, [----] engagements "Article link: $VEDL $HZL 2/ https://www.business-standard.com/markets/news/sebi-chief-commits-combat-financial-fraud-auditors-directors-125080101216_1.html https://www.business-standard.com/markets/news/sebi-chief-commits-combat-financial-fraud-auditors-directors-125080101216_1.html" [X Link](https://x.com/viceroyresearch/status/1952333058788745401) 2025-08-04T11:37Z 46.5K followers, [----] engagements "The Sebi chief shared instances of fraud that the regulator has uncovered. For instance a listed entity transferred assets to its subsidiary and used a loan secured against these assets to repay the outstanding obligations of a promoter-linked entity $VEDL $HZL 3/" [X Link](https://x.com/viceroyresearch/status/1952333061544194255) 2025-08-04T11:37Z 46.5K followers, [---] engagements "$VEDL is systematically borrowing against its assets in order to pay unaffordable dividends to a heavily indebted promoter group. The Promoter Group debt imposes liens on $VEDL 4/" [X Link](https://x.com/viceroyresearch/status/1952333064576913523) 2025-08-04T11:37Z 46.5K followers, [---] engagements "He elaborated on how certain companies artificially inflated their financial statements by engaging in circular transactions with name-lending entities. This ultimately allowed promoters to siphon off shareholder funds $VEDL $HZL 5/" [X Link](https://x.com/viceroyresearch/status/1952333067957182468) 2025-08-04T11:37Z 46.5K followers, [----] engagements "He warned that such incidents severely undermine investor confidence and erode shareholder wealth. $VEDL $HZL 6/" [X Link](https://x.com/viceroyresearch/status/1952333070863908945) 2025-08-04T11:37Z 46.5K followers, [----] engagements "Vedanta Q1 FY26 Analysis We look beneath the headline profits to reveal eroding margins negative free cash flow and a capital structure under severe stress. $VEDL $HZL #thread 1/ https://twitter.com/i/web/status/1952599887075332180 https://twitter.com/i/web/status/1952599887075332180" [X Link](https://x.com/viceroyresearch/status/1952599887075332180) 2025-08-05T05:17Z 46.5K followers, [----] engagements "Report link $VEDL $HZL 2/ https://viceroyresearch.org/2025/08/05/vedanta-q1-fy26-analysis/ https://viceroyresearch.org/2025/08/05/vedanta-q1-fy26-analysis/" [X Link](https://x.com/viceroyresearch/status/1952599892104540474) 2025-08-05T05:17Z 46.5K followers, [---] engagements "Letter to the RBI We have published our formal letter to the Reserve Bank of India @RBI. We believe the sustained siphoning of capital from Indian entities to offshore creditors is a direct threat to Indias financial sovereignty and regulators must act. $VEDL #thread 1/" [X Link](https://x.com/viceroyresearch/status/1953354060469264867) 2025-08-07T07:14Z 46.5K followers, [----] engagements "Report link $VEDL $HZL 2/ https://viceroyresearch.org/2025/08/06/vedanta-our-letter-to-the-reserve-bank-of-india/ https://viceroyresearch.org/2025/08/06/vedanta-our-letter-to-the-reserve-bank-of-india/" [X Link](https://x.com/viceroyresearch/status/1953354064336498767) 2025-08-07T07:14Z 46.5K followers, [---] engagements "We've asked the @RBI to investigate how $VEDL paid out over $8B in dividends in [--] years while running a $5.6B free cash flow deficit. This isn't a return of profit; it's a debt-fueled drain on India's FX reserves designed solely to service offshore loans. 4/" [X Link](https://x.com/viceroyresearch/status/1953354069357027839) 2025-08-07T07:14Z 46.5K followers, [---] engagements "This worthless asset is critical to #Vedanta's valuation fiction. It is being used to implicitly support a $1 billion valuation for the Black Mountain/Gamsberg project which is supposed to use the non-existent converted smelter. $VEDL 12/ https://eccenvironmental.com/download/amendment-to-the-namzinc-refinery-to-increase-output-production-to-300-000-tonnes-per-annum-of-refined-zinc-metal/ https://eccenvironmental.com/download/amendment-to-the-namzinc-refinery-to-increase-output-production-to-300-000-tonnes-per-annum-of-refined-zinc-metal/" [X Link](https://x.com/viceroyresearch/status/1954773429745242446) 2025-08-11T05:14Z 46.5K followers, [---] engagements Limited data mode. Full metrics available with subscription: lunarcrush.com/pricing
@viceroyresearch Viceroy
Viceroy posts on X about $vedl, $abr, $gl, $mpw the most. They currently have [------] followers and [----] posts still getting attention that total [-------] engagements in the last [--] hours.
Engagements: [-------] #
Mentions: [--] #
Followers: [------] #
CreatorRank: [-------] #
Social Influence
Social category influence finance stocks countries cryptocurrencies technology brands travel destinations social networks currencies celebrities automotive brands
Social topic influence $vedl #1, $abr #4, $gl, $mpw, $hzl, debt, $vrl #1, $hexab, $adj, investment #1701
Top accounts mentioned or mentioned by @ailvictims @vedantagroup @anilagarwalved @aimhonesty @steward @gabebernarde @occrp @rbi @eslsteellimited @grenkeag @vedantagroups @simonarias @sebiupdates @suchetadalal @liambyrnemp @secgov @ndtvprofitindia @globelife @hedgeyereits @ariasagencies
Top assets mentioned Arbor Realty Trust, Inc. (ABR) Globe Life Inc (GL) Medical Properties Trust, Inc. (MPW) Scallop (SCA) OtterHome (HOME)
Top Social Posts
Top posts by engagements in the last [--] hours
"NEPIs former chair Corneliu-Dan Pascariu was involved in Romanian real-estate venture CEEIF funded by the Peregrine Financial fraud perpetrated by Russell Wasendorf Sr. NEPI purchased Romanian assets from CEEIF before the Peregrine Financial fraud came to light. $NRP #JSE 1/4"
X Link 2018-11-28T09:33Z 46.5K followers, [--] engagements
"CEEIF and several subsidiaries were utilized by Wasendorf Sr. to embezzle cash. Despite having financial recourse for beneficial ownership of 11% of CEEIFs purported book value of EUR 60m Peregrines Receiver had no interest in pursuing these recoveries. $NRP #JSE 2/4"
X Link 2018-11-28T09:33Z 46.5K followers, [--] engagements
"The Receiver's investigations allege CEEIF was insolvent did not discount asset values pro-rata minor stakes hid assets & liabilities & had no audited financial statements. $NRP #JSE 3/4"
X Link 2018-11-28T09:33Z 46.5K followers, [--] engagements
"Effectively management and insiders installed a glorified managers at franchisees they control and have consciously obfuscated this fact in podcasts and more importantly in all of its financial reports dating back to at least [----] $GLJ #Grenke Here I try to add value by translation some segments. At 26:00 we also. discuss the franchise system: "And that is why we decided to implement an adapted franchise model. That means we gave someone who mostly came from our own team the opportunity to go to such a country. Here I try to add value by translation some segments. At 26:00 we also. discuss"
X Link 2020-09-15T13:23Z 46.5K followers, [--] engagements
"Where is @Grenke_AG's notice of delay for filing its annual report #Grenke is raising the stakes on damaging their reputation by admitting major internal issues & quietly 'kicking the can' on the reporting date by [--] weeks. Are $GLJ working out how to spin bad news again #ADhoc"
X Link 2021-02-10T19:21Z 46.5K followers, [--] engagements
"Watch this space. $GLJ Grenke just put out a statement saying it has to basically restate accounts at 3:39am. Baller move. $GLJ This is what transparency looks like. More to come from @viceroyresearch. Grenke just put out a statement saying it has to basically restate accounts at 3:39am. Baller move. $GLJ This is what transparency looks like. More to come from @viceroyresearch"
X Link 2021-02-26T05:14Z 46.5K followers, [--] engagements
"Grenke No-ones watching oclock. Our latest report is now live. #Grenke confirms our thesis & announces serious audit & internal control failures audit restatements & delays and no COVID provisioning () in 3am press release. $GLJ #thread 1/n https://viceroyresearch.wpcomstaging.com/2021/02/26/grenke-no-ones-watching-oclock/ https://viceroyresearch.wpcomstaging.com/2021/02/26/grenke-no-ones-watching-oclock/"
X Link 2021-02-26T07:33Z 46.5K followers, [--] engagements
"Mazars found serious deficiencies in Grenke Banks anti-money laundering processes. There is deafening silence on whether #Grenke Bank facilitated or continues to facilitate money laundering which given the deficiencies identified is likely the case. $GLJ 2/n"
X Link 2021-02-26T07:43Z 46.5K followers, [--] engagements
"Mazars has confirmed Viceroys assessment that restatements were needed and that previous financial reports could not be relied upon as they did not consolidate undisclosed off-balance sheet related parties. #MAJOR $GLJ #Grenke 3/n"
X Link 2021-02-26T07:49Z 46.5K followers, [--] engagements
"This assessment confirms that Grenke shareholders and bondholders have been financing related parties for over [--] years to the benefit of insiders with zero upside to the company. $GLJ #Grenke 4/n"
X Link 2021-02-26T07:49Z 46.5K followers, [--] engagements
"#Grenke will not be able to file timely audited financial statement and will be in breach of its obligations to bondholders. This will impact its investment grade status & place a serious strain on the groups liquidity which is already in a dangerous position. $GLJ #Grenke 6/n"
X Link 2021-02-26T07:57Z 46.5K followers, [--] engagements
"Mazars noted several weaknesses in Grenkes provisioning which Grenke have decided to ignore. Shockingly Grenke appears to have excluded #COVID and macroeconomic technical recessions into its leasing business provisions. #MAJOR $GLJ #Grenke 7/n"
X Link 2021-02-26T08:02Z 46.5K followers, [--] engagements
"These provisioning adjustments alone would bury Grenke profits for the foreseeable future. #Grenke $GLJ 8/n"
X Link 2021-02-26T08:02Z 46.5K followers, [--] engagements
"Grenke concurrently reported that it has closed its SME lending business due to COVID risk which is in complete contradiction to its non-provisioning of leases. $GLJ #Grenke 9/n"
X Link 2021-02-26T08:06Z 46.5K followers, [--] engagements
"The company has reported the existence of its leasing business separately to provisioning issues likely because the lease receivables likely do not exist to the extent claimed. $GLJ #Grenke 10/n"
X Link 2021-02-26T08:06Z 46.5K followers, [--] engagements
"Grenke claims Mazars found no evidence of allegations of systemic fraud by dealers. This is likely because allegations of reseller fraud were NOT in the scope of the Mazars audit. #Grenke $GLJ 12/n"
X Link 2021-02-26T08:06Z 46.5K followers, [--] engagements
"Mazars confirms that Corina Stingaciu is a related party and that her relationship with Wolfgang Grenke was known about within the group #Shocker. This is a serious compliance failure & evidence that the supervisory board was operating as Mr #Grenkes cronies for 20yrs $GLJ 13/n"
X Link 2021-02-26T08:09Z 46.5K followers, [--] engagements
"It is clear to us that Grenke is in a state of advanced decay and that BaFin ESMA Mazars and all other regulatory authorities must take further action to put an end to this farce and assess the real situation inside Grenke. #Grenke $GLJ 15/end"
X Link 2021-02-26T08:10Z 46.5K followers, [--] engagements
"News- Special audit into German group Grenke uncovers string of failings - via @FT https://on.ft.com/3bDAmw0 https://on.ft.com/3bDAmw0"
X Link 2021-02-26T11:38Z 46.5K followers, [--] engagements
"We @viceroyresearch are proud of our @grenke_ag research. The CEO of #Grenke has liabilities inc. in the US. No wonder Antje Leminsky quit $GLJ after making fraudulent statements about related party transactions controls & money laundering. $GLJ http://www.dgap.de/dgap/News/corporate/grenke-grenke-chair-the-board-directors-antje-leminsky-leaves-the-company-michael-buecker-take-over-august/newsID=1454989 http://www.dgap.de/dgap/News/corporate/grenke-grenke-chair-the-board-directors-antje-leminsky-leaves-the-company-michael-buecker-take-over-august/newsID=1454989"
X Link 2021-06-14T19:15Z 46.5K followers, [--] engagements
"Viceroy are investigating BaFins damning statements about @grenke_ag's '19 annual report. We believe this will lead to significant restatements & await further findings from their investigation. This is a total failure of compliance by #Grenke. $GLJ 1/2 https://www.dgap.de/dgap/News/corporate/grenke-enforcementverfahren-zum-konzernabschluss-abgeschlossen-den-fehlerfeststellungen-zugrundeliegende-aspekte-bereits-konzernabschluss-beruecksichtigt/newsID=1466930"
X Link 2021-07-27T16:55Z 46.5K followers, [--] engagements
"This follows S&P's negative long-term rating last week and Grenke's AGM presentation yesterday where they preached transparency but left out this key information. $GLJ 2/2"
X Link 2021-07-27T16:55Z 46.5K followers, [--] engagements
"The sale of @grenke_ag stake in @viafintech affirms our belief that #grenke is fundamentally an over-risked & obsolete lessor behind the veneer of fintech hype. Viceroy awaits the results of several investigations which have found AML accounting & risk management failures. $GLJ"
X Link 2021-08-23T09:28Z 46.5K followers, [--] engagements
"Further the Prfungsverband deutscher Banken audit of Grenke Bank is apparently occurring a year early due to the other ongoing audits. Viceroy were reliably informed that the audit is unlikely to be published in light of the recent Wirecard and Greensill fiascos. $GLJ 2/2"
X Link 2021-11-22T14:00Z 46.5K followers, [--] engagements
"Viceroy Research is short Truecaller. Our report is now live: Truecaller is a Swedish adware & spyware app which feeds a public phonebook aimed at preventing spam (not a joke). $TRUE $TRUEB #truecaller #thread 1/ https://viceroyresearch.org/2022/09/28/truecallers-true-colors/ https://viceroyresearch.org/2022/09/28/truecallers-true-colors/"
X Link 2022-09-28T09:29Z 46.5K followers, [---] engagements
"The EUs GDPR &similar legislation across the globe threatens Truecallers business which we believe is on the brink of redundancy. It now resorts to skirting regulations and/or avoiding taxes through uncreative loopholes which we believe will be inevitably cut-off. $TRUE 2/"
X Link 2022-09-28T09:29Z 46.5K followers, [--] engagements
"HOW IT WORKS Fundamentally Truecaller builds a phonebook and refines its spam database by: [--]. Gathering identities of users and their address books. [--]. Processing user-submitted spam numbers. [--]. Identifying numbers which have exhibited spam-like behavior $TRUE $TRUEB 3/"
X Link 2022-09-28T09:30Z 46.5K followers, [--] engagements
"Freely available bootleg copies of $TRUE's app are available with premium enabled. These likely contain malware do not push ads to free users and can still directly communicate with Truecallers data. 25/"
X Link 2022-09-28T09:30Z 46.5K followers, [--] engagements
"FUNDAMENTAL SHORT Most developed countries/regions have network spam filters operated by telecommunications agencies. These network filters now threaten underdeveloped markets where Truecaller thrive and will rapidly limit Truecallers TAM. $TRUE $TRUEB 26/"
X Link 2022-09-28T09:37Z 46.5K followers, [--] engagements
"THE SIDESHOW Truecallers constant breaches & data security failures are met with constant denial from management and are a spectacle to behold. Regulators in Truecaller target growth regions have cracked down on Truecaller out for privacy breaches. $TRUE 29/"
X Link 2022-09-28T09:38Z 46.5K followers, [--] engagements
"We believe $TRUE have evolved from many different failed shapes onto something that finally makes money. Unfortunately this shape appears to be non-compliant. We do not assign a target price for Truecaller but see significant short & medium term downside. 30/end $TRUEB"
X Link 2022-09-28T09:38Z 46.5K followers, [--] engagements
"Already the reviews are rolling in. EU user downloads Truecaller and spam calls increase "+600%". Picture censored and posted with permission. $TRUE $TRUEB"
X Link 2022-09-28T09:56Z 46.5K followers, [--] engagements
"A [----] report by @0xRogue Angry Wizard (fantastic name) claimed $TRUE's data was transmitted to external servers without user consent and that this data was easily accessible due to the method with which it was uploaded. 6/ https://web.archive.org/web/20210204184354/https:/techpoint.africa/wp-content/uploads/2019/12/Angry-Wizards-Truecaller-Explanation.pdf https://web.archive.org/web/20210204184354/https:/techpoint.africa/wp-content/uploads/2019/12/Angry-Wizards-Truecaller-Explanation.pdf"
X Link 2022-09-28T11:03Z 46.5K followers, [--] engagements
"In [----] $TRUE launched Guardians designed to share a users location and other information with contacts for their safety. $TRUE $TRUEB 7/ https://thenextweb.com/news/truecallers-guardian-app-fixes-bug-that-let-hackers-secretly-track-your-family https://thenextweb.com/news/truecallers-guardian-app-fixes-bug-that-let-hackers-secretly-track-your-family"
X Link 2022-09-28T11:03Z 46.5K followers, [--] engagements
"Yours True-ly Viceroy Research Here at Viceroy we like to keep one in the barrel in case management decide to persist with nonsense narratives. Our latest Truecaller report is now live $TRUE $TRUEB @truecaller #thread 1/ https://viceroyresearch.org/2022/10/05/truecaller-yours-true-ly-viceroy-research/ https://viceroyresearch.org/2022/10/05/truecaller-yours-true-ly-viceroy-research/"
X Link 2022-10-05T07:15Z 46.5K followers, [--] engagements
"Viceroy is short @Truecaller $TRUE 23/23 #end"
X Link 2022-10-05T07:16Z 46.5K followers, [--] engagements
"As expected: SBB LTV continues to increase despite purported disposals do decrease LTV. Ridiculous valuation fair value assessments bump $SBB performance despite yield decreasing due to disposal of high-yield assets"
X Link 2022-10-27T06:25Z 46.5K followers, [--] engagements
"gm $MPW Medical Properties Trust guided analysts that results were due this Thursday. Today $MPW have delayed the [----] earnings announcement by [--] weeks"
X Link 2023-01-30T14:57Z 46.5K followers, 12.6K engagements
"We note that Steinhoff fraudsters in South Africa walk free. The FSCA simply has no interest in actually pursuing fraud. It simply exists to pursue agendas of South Africas wealthy mafia such as Capitec who funded the similar smear piece written on Viceroy by Intellidex. 7/"
X Link 2023-04-14T14:12Z 46.4K followers, [----] engagements
"JP MORGAN The Pakistani tabloid notes that JP Morgan reported that our research quality was poor and lacked understanding of MPW. We will endeavour to send GeoNews copies of all other analysts who thought our research quality was poor. $MDXG $WDI $SBB $MPW $ADJ $GLJ $SYR etc 8/"
X Link 2023-04-14T14:12Z 46.4K followers, [----] engagements
"BAFIN BaFin authored several letters to the Frankfurt prosecutor requesting to investigate Viceroy. These were accidentally sent to Reuters journalists while BaFin employees actively traded against our German reports. Notably Viceroy were persecuted for exposing Wirecard. 9/"
X Link 2023-04-14T14:12Z 46.4K followers, [----] engagements
"We note that the entire executive team at BaFin has since been fired. $WDI 10/"
X Link 2023-04-14T14:12Z 46.4K followers, [----] engagements
"#Abalance IR are on a live youtube analyst & bagholder chat stating that they cannot release the construction permit because it is secret * private. This is a lie. Permits are easily searchable public documents. That is the entire reason they exist. https://www.youtube.com/watchv=3nms1GWWazU https://www.youtube.com/watchv=3nms1GWWazU"
X Link 2023-05-18T15:06Z 46.4K followers, 130.1K engagements
"The last companies where we exposed undisclosed related party transactions were: - Adler Group $ADJ (raided nearly bankrupt) - Grenke $GLJ (board wipe down 60%) - Home REIT $HOME (suspended NCA investigation) It's bad news. $HEXAB. Ola Rollen Hexagons current Chairman former CEO and board member since [----] sold half of his interests in Hexagon to found a investment vehicle called Greenbridge in [----]. $HEXAB 8/ https://t.co/QEailzl4Dw Ola Rollen Hexagons current Chairman former CEO and board member since [----] sold half of his interests in Hexagon to found a investment vehicle called"
X Link 2023-07-19T10:25Z 46.5K followers, 27.3K engagements
"We note that the capstone modules of all post-graduate professional certifications in business revolve around ethics. Sweden must have skipped this module. We hope Mikeal makes appropriate corrections. $HEXAB 6/"
X Link 2023-07-24T20:01Z 46.5K followers, [----] engagements
"3. We don't know a GNC Holdings. We have never been sued by them. REGULATORY [--]. The FCA has never imposed a fine on Viceroy Research. [--]. The FCA never questioned Viceroy. [--]. The SEC is not investigating Viceroy and has never charged or imposed a fine on us"
X Link 2023-11-20T12:47Z 46.4K followers, [---] engagements
"4. BaFin did indeed investigate Viceroy for its conduct in exposing Wirecard $WDI. Its entire executive team was subsequently dismissed. We now enjoy a collaborative relationship with Bafin under new management and have never been charged or paid a fine"
X Link 2023-11-20T12:47Z 46.4K followers, [----] engagements
"$MPW appoint restructuring specialists A&M to recover unimpaired rent from its largest tenant & 10% subsidiary. The writing is on the wall. https://www.businesswire.com/news/home/20240104928323/en/ https://www.businesswire.com/news/home/20240104928323/en/"
X Link 2024-01-04T22:20Z 46.5K followers, 58.2K engagements
"An excellent article by @perlindvall dismantling the fantasy valuation models utilized by forestry companies especially $SCA to value their forestry assets. https://iskogen.se/kuriosa/svenska-skogsvarderingar-grona-tillgangar/ https://iskogen.se/kuriosa/svenska-skogsvarderingar-grona-tillgangar/"
X Link 2024-04-24T10:52Z 46.5K followers, [----] engagements
"$GL- Globe Life may be unaware. After a calamity of disgusting exposs from activists & @BusinessInsider it's no surprise @SECgov are likely investigating. FOIA requests are an excellent way to assess the likelihood of issues. JPM need to do better than taking only mgmt's words"
X Link 2024-05-20T11:34Z 46.5K followers, 11.6K engagements
"$SCA's CEO Ulf Larsson under fire for not knowing how to read data. This is not news to Viceroy. https://www.expressen.se/debatt/sca-dribblar-med-siffror--om-den-fjallnara-skogen/ https://www.expressen.se/debatt/sca-dribblar-med-siffror--om-den-fjallnara-skogen/"
X Link 2024-05-31T10:38Z 46.5K followers, [----] engagements
"Loan Modifications Swell 195% in [--] Months $ABR Arbor has modified $2.5b in loans this year alone. These loans are substantially impaired. https://cred-iq.com/blog/2024/06/21/loan-modifications-swell-195-in-12-months-cred-iq/ https://cred-iq.com/blog/2024/06/21/loan-modifications-swell-195-in-12-months-cred-iq/"
X Link 2024-06-21T13:21Z 46.4K followers, [----] engagements
"$ABR - has used the same tactics as many companies we have covered. It's not an exhaustive list but here are just some that have hidden behind their accounting & referenced their auditor. Note - @FBI & @TheJusticeDept are not regulators. $EBIX $ATNX $GLJ $Home #REIT $TEUM $SBB $ABR - deflects by borrowing auditor credibility. The statement doesnt deny the existence of @FBI & @TheJusticeDept investigations into loan book performance & lending practices. Arbor has impaired almost zero in real terms despite overwhelming borrower distress&delinquency. https://t.co/msZ8USQMfo $ABR - deflects by"
X Link 2024-07-15T15:54Z 46.5K followers, [----] engagements
"$MPW - Contrary to management lies. This document from March [----] shows that @Steward expected #MPT money every quarter & exhausted the $210m facility: https://www.occrp.org/assets/documents/cropped_mpt_q2_funding_redacted.cleaned.pdf https://www.occrp.org/assets/documents/cropped_mpt_q2_funding_redacted.cleaned.pdf"
X Link 2024-10-11T15:03Z 46.5K followers, [----] engagements
"$SCA often mentions that their forest assets should be valued at a premius as it is corporate owned however SCA doesnt sell to other companies. They only sell to private individuals. It is even mentioned in their prospectuses that only private individuals can buy. 1/ $SCA continue to ridiculously increase the value of its biological assets. A back envelope implied discount rate continues to show a forest yield below the Riskbank policy rate. This does not include the value of the land which is (logically) zero. 2/ https://t.co/LDWQOylF6x $SCA continue to ridiculously increase the value of its"
X Link 2024-10-25T11:14Z 46.5K followers, 11.6K engagements
"Arbor - January [----] CLO Update Delinquencies up 33% month-on-month despite Arbor re-modifying $934m of loans against [--] properties over the same period. #thread $ABR 1/"
X Link 2025-01-21T15:04Z 46.4K followers, 12.3K engagements
"$GL wants you to believe this breach is just a rogue agency problem. In reality its their failurereckless data security zero oversight and a broken agency model that put potentially [------] individuals at risk. 1/"
X Link 2025-01-31T13:43Z 44.5K followers, [----] engagements
"$GL Earnings Update (pending 10-K) Net income down 13% QoQ and 5% y/y on pro-rata basis. Not attributable to seasonality or widespread downturn. Other segments did not show similar declines. 1/"
X Link 2025-02-06T13:35Z 44.5K followers, 13.1K engagements
"$GL EPS one-time bump attributed to $GL repurchasing 10% of the total volume traded in Q3 [----] financed with expensive debt. Quarterly interest costs are up 40% y/y. 2/"
X Link 2025-02-06T13:35Z 44.5K followers, [----] engagements
"$GL future policy benefits fell by $1.3b during the quarter. Require 10-K insight to understand this better but this change conflicts with flat PIF. 3/"
X Link 2025-02-06T13:35Z 44.5K followers, [----] engagements
"No disclosure on regulatory actions but heavily implied to be ongoing with DOJ SEC and EEOC. $GL spent $12m on legal proceedings in Q4 compared to cumulative 5m in the preceding [--] months. 4/"
X Link 2025-02-06T13:35Z 44.5K followers, [----] engagements
"$GL's legal expense footnote states outflows are for settlements outside of DoJ SEC or EEOC matters suggesting ongoing investigations. More information can be found in our reports below: 5/ https://viceroyresearch.org/2024/06/14/globe-life-cyber-security-failures/ https://viceroyresearch.org/2024/06/27/globe-life-sec-enforcement-confirms-active-investigation/ https://viceroyresearch.org/2024/12/09/globe-life-legal-hold-notice/ https://viceroyresearch.org/2024/06/14/globe-life-cyber-security-failures/"
X Link 2025-02-06T13:35Z 44.5K followers, [----] engagements
"$GL's AIL lost [---] agents this Q most at the end of December conforming to VR reporting on the closure of Arias and GigAck. This will not be reflected in performance until Q1 [----]. 6/"
X Link 2025-02-06T13:35Z 44.5K followers, [----] engagements
"A redacted copy of this letter can now be found on our website. $GL 2/ https://viceroyresearch.org/2025/02/17/globe-life-further-cybersecurity-failures/ https://viceroyresearch.org/2025/02/17/globe-life-further-cybersecurity-failures/"
X Link 2025-02-17T14:05Z 44.5K followers, [---] engagements
"Instead of implementing any security measures to lock sensitive client information agencies have simply removed the live unprotected link from the new iteration of their website. $GL We note that this information contains the following: 3/"
X Link 2025-02-17T14:05Z 44.5K followers, [---] engagements
"Policyholder names policy numbers coverage types premiums and phone numbers. The status and reasons for lapses underwriting denials trial applications and modifications. Arrests incarcerations financial conditions medical prescriptions and medical conditions. $GL 4/"
X Link 2025-02-17T14:05Z 44.5K followers, [---] engagements
"We also note that information pertaining to minors is also freely accessible on non-protected links. Again: no security measures have been put in place to secure sensitive information. It is accessible in the exact same address as before. $GL 5/"
X Link 2025-02-17T14:05Z 44.5K followers, [---] engagements
"Data is updated to February [----] meaning these unprotected data are working files. $GL 6/"
X Link 2025-02-17T14:05Z 44.5K followers, [---] engagements
"Globe Life has failed to ensure the security of its policyholders data even after we reported these breaches to regulators [--] months ago. Our investigation demonstrates a clear and persistent disregard for required data protection and management practices at $GL. 7/"
X Link 2025-02-17T14:05Z 44.5K followers, [----] engagements
"We note that as of writing these tweets this data is still freely available and accessible to anyone. $GL"
X Link 2025-02-17T14:05Z 44.5K followers, [----] engagements
"Report now live on our website $ABR 2/ https://viceroyresearch.org/2025/02/21/arbor-february-2025-clo-update/ https://viceroyresearch.org/2025/02/21/arbor-february-2025-clo-update/"
X Link 2025-02-21T11:24Z 46.3K followers, [---] engagements
"Debt Service Amounts due by borrowers have fallen (annualized) $15m over this month on a comparable book size. This is in line with the concessions Arbor is making to borrowers through rate-cut modifications. $ABR 4/"
X Link 2025-02-21T11:24Z 44.5K followers, [---] engagements
"RESERVE ANALYSIS CLO borrower reserves are down 15% since November [----] when we began tracking this figure. February has represented the largest drawdown of reserves to date. More than half of Arbors book has [--] months of scheduled interest in reserves. $ABR 6/"
X Link 2025-02-21T11:24Z 44.5K followers, [---] engagements
"SPREAD ANALYSIS We observe in February that Arbor has made enormous further concessions to uncreditworthy borrowers as net interest spreads continue to dramatically fall across the entire portfolio. $ABR 7/"
X Link 2025-02-21T11:24Z 44.5K followers, [---] engagements
"We believe that this illustration of Arbors net interest spread last updated for Q2 [----] will continue to decline. The Pay Rate for $ABR's loans is already 40bps below the note rate for its structural business and 180bps below its interest-earning yield. 8/"
X Link 2025-02-21T11:24Z 44.5K followers, [---] engagements
"DISTRIBUTABLE EARNINGS Arbor simply does not generate enough cash flow to continue paying its dividends even without adjustments for (misreported) PIK revenues. $ABR 9/"
X Link 2025-02-21T11:24Z 44.5K followers, [---] engagements
"INCORRECT PIK The loans of Arbors heavily distressed borrowers have been modified to reflect a capitalized PIK portion of revenues. Arbor has misreported the quantum of its PIK. $ABR 10/"
X Link 2025-02-21T11:24Z 44.5K followers, [---] engagements
"Arbor claims that in December [--] [----] it had nine loans with a UPB of $167m that were less than [--] days delinquent. This is complete window dressing if not completely misreported. $ABR 2/"
X Link 2025-02-21T14:25Z 44.5K followers, [----] engagements
"Substantial headwinds over last [--] days is reflected in our CLO update today : https://viceroyresearch.org/2025/02/21/arbor-february-2025-clo-update/ https://viceroyresearch.org/2025/02/21/arbor-february-2025-clo-update/"
X Link 2025-02-21T15:16Z 44.5K followers, [----] engagements
"ABR is a top performer in this space in the sense that they completely misreport their financials and cannot afford their dividend. $ABR"
X Link 2025-02-21T15:17Z 44.5K followers, [---] engagements
"BREAKING $ABR reduce [----] guidance down 25% significantly short of already unaffordable dividend"
X Link 2025-02-21T15:22Z 44.5K followers, [----] engagements
"Will anyone ask about $ABR's enforcement investigations"
X Link 2025-02-21T15:52Z 44.5K followers, [----] engagements
"PIK cannot be 10-15m a quarter. The math does not check out. $ABR"
X Link 2025-02-21T15:54Z 44.5K followers, [----] engagements
"Arbor confirmed that it funded $41.7m in additional unsecured lines of credit but did not disclose to whom. We believe this line of credit is to existing borrowers yet it is not presented alongside other structured mezzanine loan assets. $ABR 11/"
X Link 2025-03-04T16:21Z 46.4K followers, [---] engagements
"MATURING / REPLACING CREDIT FACILITIES Arbor has increased existing repo line capacity and opened new repo facilities despite being in a loan runoff and not fully utilizing its existing repurchase facilities. $ABR 12/"
X Link 2025-03-04T16:21Z 46.4K followers, [---] engagements
"Spread Analysis Across the CLOs net interest spreads since December [----] are down: -74% in 2022-FL1 -29% in 2021-FL3 -24% in 2021-FL4 This puts unsustainable bottom-line impact on Arbor's earnings in an otherwise high-rate environment. $ABR cannot afford dividends. 8/end"
X Link 2025-04-24T13:41Z 46.5K followers, [----] engagements
"You can find more of our work on Arbor here: $ABR https://viceroyresearch.org/category/arbor-realty-trust-nyseabr/ https://viceroyresearch.org/category/arbor-realty-trust-nyseabr/"
X Link 2025-04-24T13:41Z 46.5K followers, [----] engagements
"@arbsridhar Did you not read our $EBIX work Its still on our site. What happened there https://m.economictimes.com/tech/technology/us-parent-of-ebixcash-files-for-bankruptcy-in-us-court/articleshow/106097247.cms https://m.economictimes.com/tech/technology/us-parent-of-ebixcash-files-for-bankruptcy-in-us-court/articleshow/106097247.cms"
X Link 2025-07-09T08:27Z 46.5K followers, [---] engagements
"Vedanta - Hidden Holdings BJST and PTCC $VEDL and $HZL shareholders Bhadram Janhit Shalika Trust and PTC Cables appear to be undisclosed Agarwal-controlled entities funneling intended employee benefits into politics. 1/"
X Link 2025-07-15T05:59Z 46.5K followers, 12.1K engagements
"Report now live on our website $VEDL $HZL 2/ https://viceroyresearch.org/2025/07/15/vedanta-hidden-holdings-bjst-and-ptcc/ https://viceroyresearch.org/2025/07/15/vedanta-hidden-holdings-bjst-and-ptcc/"
X Link 2025-07-15T05:59Z 46.5K followers, [---] engagements
"The Agarwal family appears to control hidden shareholdings in $VEDL and previously Hindustan Zinc Limited $HZL through Employee Welfare Trusts. These are intended to act in the interest of VEDL employees. 3/"
X Link 2025-07-15T05:59Z 46.5K followers, [---] engagements
"During its years as a $VEDL shareholder BJSTs only known activities centered on political donations and lobbying not employee welfare. The @OCCRP found that BJST made direct donations to BJP then lobbied relentlessly for the relaxation of environmental restrictions. 5/"
X Link 2025-07-15T05:59Z 46.5K followers, [---] engagements
"PTC Cables Pvt Ltd $PTCC is a low-profile entity now fully owned by BJST. Former employees stated that the Agarwal familys control of PTCC is an open secret at the company but its holdings could not be pledged as security for debt. $VEDL 6/"
X Link 2025-07-15T05:59Z 46.5K followers, [---] engagements
""Govt nominees on Hindustan Zinc board may quiz management on Vedanta tomorrow." - @EconomicTimes $VEDL $HZL"
X Link 2025-07-16T05:39Z 46.5K followers, [----] engagements
"Vedanta - Meet the Agarwals Serentica Renewables The Agarwal family has quietly built a parallel related party operating units to poach high-margin contracts from and enjoy non-arms-length financing from $VEDL $HZL and BALCO. This is fraud. #thread 1/ https://twitter.com/i/web/status/1945365702992384291 https://twitter.com/i/web/status/1945365702992384291"
X Link 2025-07-16T06:11Z 46.5K followers, [----] engagements
"Link to our latest $VEDL report on Serentica. 2/ https://viceroyresearch.org/2025/07/16/vedanta-meet-the-agarwals-serentica-renewables/ https://viceroyresearch.org/2025/07/16/vedanta-meet-the-agarwals-serentica-renewables/"
X Link 2025-07-16T06:11Z 46.5K followers, [---] engagements
"Serenticas business is to enter into a series of long-term power delivery agreements (PDAs) with $VEDL BALCO & $HZL despite having no power-generating operations of its own no track record and no the capital to fund projects. 3/"
X Link 2025-07-16T06:11Z 46.5K followers, [---] engagements
"The OCRPS are convertible after [--] years have passed from the date of issuance a period longer than the contracted delivery of power for the SPV & useful life of underlying assets. Presumably this means that the entity will be worth nothing at the date of conversion. $VEDL 7/"
X Link 2025-07-16T06:11Z 46.5K followers, [---] engagements
"During the [--] year OCRPS term $VEDL $HZL & BALCO will be paying cost-plus PDAs to Serentica. The terms of HZL BALCO and VEDLs OCRPS investments are comically unfair. 8/ https://twitter.com/i/web/status/1945365721699246559 https://twitter.com/i/web/status/1945365721699246559"
X Link 2025-07-16T06:11Z 46.5K followers, [---] engagements
"Vedanta Zinc Twice Before You Act $HZL's unapproved brand fees carry an undisclosed termination clause and appear to trigger an event of default and a sovereign call/put per its SHA with the Government of India. $VEDL #thread 1/ https://twitter.com/i/web/status/1945694965004403110 https://twitter.com/i/web/status/1945694965004403110"
X Link 2025-07-17T04:00Z 46.5K followers, 11.1K engagements
"Link to Zinc Twice Before You Act report $VEDL $HZL 2/: https://viceroyresearch.org/2025/07/17/vedanta-zinc-twice-before-you-act/ https://viceroyresearch.org/2025/07/17/vedanta-zinc-twice-before-you-act/"
X Link 2025-07-17T04:00Z 46.5K followers, [---] engagements
"BRAND FEES On October [--] [----] Vedanta Limited imposed a brand fee on Hindustan Zinc. We believe this brand fee is an uncommercial contract with VEDL who does not appear to provide any brand management or other auxiliary services to $HZL. $VEDL 3/"
X Link 2025-07-17T04:00Z 46.5K followers, [---] engagements
"What services have VEDL provided to Hindustan Zinc since October [--] [----] that were not provided over the previous [--] years $VEDL 4/"
X Link 2025-07-17T04:00Z 46.5K followers, [---] engagements
"THE SHA VEDL is party to a binding shareholder agreement (SHA)with the Government of India (GoI) which lays out provisions for matters that require Special Consent. If $HZL wants to engage in these Special Matter activities it can only do so with GoI approval. $VEDL 5/ https://twitter.com/i/web/status/1945694981018227107 https://twitter.com/i/web/status/1945694981018227107"
X Link 2025-07-17T04:00Z 46.5K followers, [---] engagements
"A breach of this clause of the SHA is classified as an event of default. This then begs the questions: [--]. Is the brand fee agreement subject to Special Matter Provisions [--]. If so did $HZL seek approval from the GoI to engage in the Brand Fee Agreement $VEDL 6/ https://twitter.com/i/web/status/1945694985611026723 https://twitter.com/i/web/status/1945694985611026723"
X Link 2025-07-17T04:00Z 46.5K followers, [---] engagements
"THE PROVISIONS Provision [--] limits the ability of directors self-dealing with their own interests without approval of GoI nominated directors. HZL shares executive and non-executive directors with both VEDL and VRL. $VEDL $HZL 7/ https://twitter.com/i/web/status/1945694988626485430 https://twitter.com/i/web/status/1945694988626485430"
X Link 2025-07-17T04:00Z 46.5K followers, [---] engagements
"Provision [--] limits the ability of HZL to make the provision of guarantees or securities to other companies under the same management. The brand fees provided by HZL to VRL are used as security against VRL loans. $VEDL $HZL 8/ https://twitter.com/i/web/status/1945694991562465459 https://twitter.com/i/web/status/1945694991562465459"
X Link 2025-07-17T04:00Z 46.5K followers, [---] engagements
"Provision [--] limits the ability of the company to make any loans or advances to any person in excess of [--] crore . Brand fees also function as rolling credit to VRL. The brand fee amount is calculated based on projections and is paid as an advance. $VEDL $HZL 9/ https://twitter.com/i/web/status/1945694994775548325 https://twitter.com/i/web/status/1945694994775548325"
X Link 2025-07-17T04:00Z 46.5K followers, [---] engagements
"EVENT OF DEFAULT A breach of Clause [---] requiring approval from the GoI nominees to engage in Special Matter activities constitutes an Event of Default (EOD) under the SHA. $HZL $VEDL 10/ https://twitter.com/i/web/status/1945695000123383827 https://twitter.com/i/web/status/1945695000123383827"
X Link 2025-07-17T04:00Z 46.5K followers, [---] engagements
"In an EOD the Defaulting Party (VEDL) must remedy the Non-Defaulting Party (the GoI) within [--] days. We encourage the GoI to seek a clawback of uncommercial and unauthorized Brand Fee payments made to $VEDL and VRL. $HZL 11/"
X Link 2025-07-17T04:00Z 46.5K followers, [---] engagements
"In the event that $VEDL/VRL are unable to remedy the situation they will trigger another sovereign call or put option event at the discretion of the GoI. $HZL 12/"
X Link 2025-07-17T04:00Z 46.5K followers, [---] engagements
"OTHER RELATED PARTY DEALS Viceroy have previously detailed other significant related party transactions between HZL and promoter companies. These transactions are subject to the same Special Matter Provisions under Clause [---] of the Hindustan Zinc SHA. $HZL $VEDL 13/"
X Link 2025-07-17T04:00Z 46.5K followers, [---] engagements
"$HZL FINANCIALS $HZL's capital structure is subject to immense stress due to the PropCos looting. HZL's balance sheet has shifted from a [-----] crore net-cash position to a [----] crore net debt position in a matter of 5-6 years a delta of [-----] crore. $EVDL 14/ https://twitter.com/i/web/status/1945695015474466875 https://twitter.com/i/web/status/1945695015474466875"
X Link 2025-07-17T04:00Z 46.5K followers, [---] engagements
"HZL does not make sufficient cash flows to support enormous dividends. HZL has incurred a [-----] crore FCF shortfall against dividends since [----]. As demonstrated above $HZL has supplemented this with debt. $VEDL 15/"
X Link 2025-07-17T04:00Z 46.5K followers, [---] engagements
"$HZL faces a ticking financial time bomb in the form of massive unresolved tax and royalty disputes. As of FY25 the company disclosed a total of [-----] crore ($1.68b) in undisputed statutory dues and [----] crore ($308m) in contingent liabilities under litigation. $VEDL 16/"
X Link 2025-07-17T04:00Z 46.5K followers, [----] engagements
"QUESTIONS FOR HZL-GoI MEETING TODAY We understand $HZL's board is due to meet today due to long-standing tensions between VEDL and GoI interests. Below are some questions we suggest the GoI nominee directors ask $VEDL directors in order cut through their habitual lies. 17/"
X Link 2025-07-17T04:00Z 46.5K followers, [----] engagements
"cc. @MinesMinIndia $VEDL $HZL"
X Link 2025-07-17T05:15Z 46.5K followers, [----] engagements
"Hindustan Zinc did not take govt approval for brand fee agreement says Viceroy $VEDL $HZL Read more at: https://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/hindustan-zinc-did-not-take-govt-approval-for-brand-fee-agreement-says-viceroy/articleshow/122614768.cmsutm_source=contentofinterest&utm_medium=text&utm_campaign=cppst https://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/hindustan-zinc-did-not-take-govt-approval-for-brand-fee-agreement-says-viceroy/articleshow/122614768.cmsutm_source=contentofinterest&utm_medium=text&utm_campaign=cppst"
X Link 2025-07-17T05:37Z 46.5K followers, [----] engagements
"Our investigation into Vedanta Resources extractive practices at $HZL is still ongoing. We respectfully recommend the GoI to launch their own investigation before more value is extracted to VRLs offshore promoters and creditors. $VEDL"
X Link 2025-07-17T12:15Z 46.5K followers, [----] engagements
"Multiple whistleblowers confirm $HZLs Nov/Dec [----] brand fee was never placed before the board. The preceding BSS already breached the SHA. Misra carefully avoids saying it was approved only discussed before being finalized. No board minutes. No approval. No paperwork"
X Link 2025-07-18T15:18Z 46.5K followers, [----] engagements
"Vedanta HZL Earnings & Legal Opinions As $HZL management lie to investors amid earnings misses: the Promoter Group purchases a legal-opinion (paid by $VEDL) on Viceroys credibility as a means of self-validation. 1/ https://twitter.com/i/web/status/1947142742858944710 https://twitter.com/i/web/status/1947142742858944710"
X Link 2025-07-21T03:53Z 46.5K followers, [----] engagements
"CFO Sandeep Modis [-----] crore ($1.17b) free cash flow claim collapses under scrutiny. Cash flows are subsidized by debt. $VEDL 4/"
X Link 2025-07-21T03:53Z 46.5K followers, [---] engagements
"If $HZL's dividend remains the same as last year we estimate HZL will incur an annual FCF shortfall of at least [----] crore ($580m) and must be funded by moredebt. Disclosures suggest $HZL incurred [----] crore ($232m) of new debt in Q1 FY26. 5/"
X Link 2025-07-21T03:53Z 46.5K followers, [---] engagements
"$HZL's auditor SR Batliboi failed to investigate material concerns relying entirely on management assertions while the companys capital base deteriorated and governance collapsed. $EVDL 6/"
X Link 2025-07-21T03:53Z 46.5K followers, [---] engagements
"EARNINGS CALL HZLs CEO Arun Misra credited offshore brand fees (paid in advance) as justifiable by past risks undertaken by Vedanta as a shareholder of HZL. This is preposterous. $HZL $VEDL 7/ https://twitter.com/i/web/status/1947142761590726817 https://twitter.com/i/web/status/1947142761590726817"
X Link 2025-07-21T03:53Z 46.5K followers, [---] engagements
"Vedantas shares in HZL bear the same risk as every other equity holder including the GoI. If anything it is HZL and its non-promoter shareholders that have borne the outsized risk of HZL taking outsized loans to pay unaffordable dividends to Promoters. $VEDL $HZL 8/"
X Link 2025-07-21T03:53Z 46.5K followers, [---] engagements
"$HZL's exports of 93% pure silver sand to Fujairah Gold were downplayed or denied despite disclosures in HZLs own annual report. High-purity near-finished metal is being sent to a refinery with a questionable track record. $VEDL 9/"
X Link 2025-07-21T03:53Z 46.5K followers, [---] engagements
"$HZL Management promoted its R&D Venture which spent just [--] ($4m) crore on R&D over [--] years less than 2% of what it has paid in unjustifiable brand fees to its promoters over the same period. $VEDL 10/"
X Link 2025-07-21T03:53Z 46.5K followers, [---] engagements
"ICRA ICRA reaffirmed $HZL's A1+ rating on the day of the Q1 FY26 call citing the financial strength of a company being pillaged by its Promoter group. Arriving late to corporate collapses is an ICRA specialty on tomorrows menu. $VEDL 11/ https://twitter.com/i/web/status/1947142773443846564 https://twitter.com/i/web/status/1947142773443846564"
X Link 2025-07-21T03:53Z 46.5K followers, [---] engagements
"Ironically: it appears that VEDL has borne the cost of obtaining a legal opinion for the sole intention of disproving that its Promoters are kleptocrats. $VEDL 13/"
X Link 2025-07-21T03:53Z 46.5K followers, [----] engagements
"BONUS ROUND: EBIX $EBIXQ EBIX is now bankrupt and it has been widely reported that its Promoter CEO Robin Raina is under investigation by SEBI. Another silver platter delivery from Viceroy Research. 14/"
X Link 2025-07-21T03:53Z 46.5K followers, [----] engagements
"To the GoI: This is not the first time the Government of India has had to intervene. Its position on HZL's board leaves the GoI as not just a shareholder but the only credible steward of $HZL's value. It is time for the GoI to act again to safeguard public interest. $VEDL fin/"
X Link 2025-07-21T03:53Z 46.5K followers, [----] engagements
"Vedanta Meet the Agarwals Minova Runaya Agarwal-owned JV siphons margins from $HZL by marking-up commoditized goods and selling them to HZL on an exclusive uncommercial contract. Minova Runaya has been stealing profits from HZL for over [--] yearsandcounting. $VEDL 1/ https://twitter.com/i/web/status/1947891905179627599 https://twitter.com/i/web/status/1947891905179627599"
X Link 2025-07-23T05:29Z 46.5K followers, [----] engagements
"STRUCTURE Minova Runaya was announced in July [----] as a 51:49 joint venture between Minova Minetek Pty Ltd and Runaya Metsource LLP respectively. $VEDL $HZL 3/"
X Link 2025-07-23T05:29Z 46.5K followers, [---] engagements
"FINANCIAL DISCREPANCIES According to its financials Minova Runaya produces resin capsules rock bolting systems and wire mesh. These products are standardized commoditized and globally competitive. They do not justify a 30% margin. $VEDL $HZL 4/ https://twitter.com/i/web/status/1947891914042200300 https://twitter.com/i/web/status/1947891914042200300"
X Link 2025-07-23T05:29Z 46.5K followers, [---] engagements
"HZL is contractually obligated to procure its entire requirement of ground support products from Minova Runaya. HZL bears input cost risk for Minova Runaya. Pricing is governed by a formula-based mechanism guaranteeing Minova Runayas profits. $VEDL $HZL 5/"
X Link 2025-07-23T05:29Z 46.5K followers, [---] engagements
"In FY24 sales to HZL exceeded Minova Runayas total revenue amounting to 114% of total revenue. This is a mathematical impossibility. $VEDL $HZL 6/"
X Link 2025-07-23T05:29Z 46.5K followers, [---] engagements
"Since FY21 Minova Runaya has disclosed [---] crore ($63.5m) in tangible asset sales to HZL while only carrying [--] ($7.7m) crore of tangible assets on its balance sheet. $VEDL $HZL 7/"
X Link 2025-07-23T05:29Z 46.5K followers, [---] engagements
"MANUFACTURING Minova Runayas accounts acknowledge that it manufactured nothing until at least FY24. Even then the only product it manufactured was wire mesh a product so simple and cheap a fully automated line can be set up for under [--] crore ($117006). $VEDL $HZL 8/ https://twitter.com/i/web/status/1947891925643559178 https://twitter.com/i/web/status/1947891925643559178"
X Link 2025-07-23T05:29Z 46.5K followers, [---] engagements
"Photos uploaded by Minova Runaya employees show an operation that is more suited to warehousing finished or near-finished products instead of serious manufacturing. $HZL $VEDL 9/"
X Link 2025-07-23T05:30Z 46.5K followers, [---] engagements
"While revenues (and presumably output) have increased 2.1x since FY22 operating unit costs and overheads remain deflated inconsistent with a manufacturing business $VEDL $HZL 10/"
X Link 2025-07-23T05:30Z 46.5K followers, [---] engagements
"Minova Runaya sourced [--] crore ($4.2m) worth of materials in FY24 directly from ESL Steel another $VEDL entity. This is nearly one-third of its cost base in FY24 being sourced from inside the group and then resold back into the group to HZL at a 30% margin. $HZL 11/"
X Link 2025-07-23T05:30Z 46.5K followers, [----] engagements
"CONCLUSION The Agarwal family claim they want to build Indias industry. Minova Runaya shows what they really build when people are not looking: a factory as empty and cynical as the promises they make. $HZL $VEDL [--] https://twitter.com/i/web/status/1947891939128365460 https://twitter.com/i/web/status/1947891939128365460"
X Link 2025-07-23T05:30Z 46.5K followers, [----] engagements
"Runaya Metsource's own filings with @MCA21India confirm Anil Agarwal as the beneficiary. $HZL $VEDL & $VRL must answer: Why do they enable margin theft from minority shareholders inc @mygovindia Another undisclosed related party Yet Agrawal questions people's credibility MCA documents confirm that as of March [----] Runaya Metsource the 49% owner of Minova Runaya JV is 99% owned by Twinstar Overseas whose ultimate beneficiary is Anil Agarwal. This proves that Anil is the beneficiary of margin theft from @Hindustan_Zinc @SEBI_updates https://t.co/B0PapOKom9 MCA documents confirm that as of March"
X Link 2025-07-23T10:37Z 46.5K followers, [----] engagements
"Vedanta Viceroys Letter to the Government of India on the Looting of Hindustan Zinc In the absence of a response we are publishing our letter to the Government of India about the rampant looting at Hindustan Zinc Limited. $HZL $VEDL"
X Link 2025-07-24T05:49Z 46.5K followers, [----] engagements
"Delinquent loans have risen sharply since our last update in May [----] from $750m to $1048m an increase of 40%. Delinquent loans now represent 25% of the CLO loan book. $242m of these delinquencies are [--] days. $ABR 4/"
X Link 2025-07-24T13:20Z 46.5K followers, [---] engagements
"Vedanta Our Letter to SEBI On July [--] [----] Viceroy Research submitted the attached letter to various offices within SEBI. Despite the gravity of the issues raised we have received no response or acknowledgment. $HZL $VEDL 1/"
X Link 2025-07-25T04:05Z 46.5K followers, [----] engagements
"Report now live $VEDL $HZL 2/ https://viceroyresearch.org/2025/07/25/vedanta-our-letter-to-the-securities-and-exchange-board-of-india/ https://viceroyresearch.org/2025/07/25/vedanta-our-letter-to-the-securities-and-exchange-board-of-india/"
X Link 2025-07-25T04:05Z 46.5K followers, [---] engagements
"Our concerns are not new. Dr E.A.S. Sarma has been rightfully calling out the looting of $HZL and its consequencesto the GoI foryears. $VEDL 3/"
X Link 2025-07-25T04:05Z 46.5K followers, [---] engagements
"Dr E.A.S. Sarma is a distinguished civil servant and intellectual known for his integrity environmental advocacy and policy expertise. He was Secretary of Ministry of Power Secretary of Ministry of Finance and Principal Energy Adviser to the GoI. $VEDL $HZL 4/"
X Link 2025-07-25T04:05Z 46.5K followers, [---] engagements
"Vedanta just slapped a homepage pop-up touting a week-old legal opinion one already skewered by us and others prominent figures for being lazy bought and irrelevant. The kicker It defends promoters extracting billions from India. $VEDL $HZL Ironically: it appears that VEDL has borne the cost of obtaining a legal opinion for the sole intention of disproving that its Promoters are kleptocrats. $VEDL 13/ Ironically: it appears that VEDL has borne the cost of obtaining a legal opinion for the sole intention of disproving that its Promoters are kleptocrats. $VEDL 13/"
X Link 2025-07-25T04:54Z 46.5K followers, 10.4K engagements
"$SCA back to same old tricks. Won't revalue forest down. Ramps harvesting 11%. Borrows 700m SEK to pay dividend"
X Link 2025-07-25T06:25Z 46.5K followers, [----] engagements
"Vedanta Meet the Agarwals Runaya Green Tech A 3rd Agarwal-owned margin thief: how many times have HZL management looked the other way $VEDL $HZL 1/ https://twitter.com/i/web/status/1950057799917994325 https://twitter.com/i/web/status/1950057799917994325"
X Link 2025-07-29T04:56Z 46.5K followers, [----] engagements
"Runaya Green Tech appears to operate as an integrated HZL subsidiary despite being 99% owned by the Agarwal family . It performs strategic processing functions at high margins to enrich $HZL's promoter group. This is margin theft and constitutes fraud. $VEDL 3/"
X Link 2025-07-29T04:56Z 46.5K followers, [---] engagements
"Runaya Green Tech is reliant on financing from HZL in order to engage in capital projects. This includes advances from $HZL. Over 90% of Runaya Green Techs revenue and payables are with HZL with [---] days of receivables and [---] days of payables. $VEDL 4/"
X Link 2025-07-29T04:56Z 46.5K followers, [---] engagements
"India Ratings and Research (Ind-Ra) rated Runaya Green Tech for five years without addressing the underlying conflict. The only risk they identified was that the promoters and Anil Agarwal might extract too much from VEDL too quickly. $HZL $VEDL 5/"
X Link 2025-07-29T04:56Z 46.5K followers, [---] engagements
"Three separate entities have now been identified around $HZL using the same value extraction method. Each is privately controlled by the Agarwal family financially opaque and operates through related party pricing and captured contracts. $VEDL 6/"
X Link 2025-07-29T04:56Z 46.5K followers, [----] engagements
"HZLs greatest loss is not the margin it forfeits to Agarwal-owned vendors like Runaya Green Tech today it is the future value of the businesses it has handed away. $HZL 7/end"
X Link 2025-07-29T04:56Z 46.5K followers, [----] engagements
"Vedanta The Secret Enforcement Directorate Meeting What if $VEDL's "brand fee" was a means of remitting a secret interest-free loans to its parent co We dive into allegations that India's Enforcement Directorate (ED) is scrutinizing $VEDL & its payments to VRL. $HZL 1/ https://twitter.com/i/web/status/1950420099938070859 https://twitter.com/i/web/status/1950420099938070859"
X Link 2025-07-30T04:56Z 46.5K followers, [----] engagements
"It reportedly started in July [----] when the ED summoned $VEDL's CEO & CFO over "improper brand fee payments". The ED found the fees unjustified under FEMA & corporate governance norms. Talk about a "Brand Fee Freakout." $HZL 3/"
X Link 2025-07-30T04:56Z 46.5K followers, [---] engagements
"To dodge immediate ED action parent co VRL quietly agreed to refund [----] crore ($123m) to $VEDL. Was this ever disclosed to bondholders or the market $HZL 4/"
X Link 2025-07-30T04:56Z 46.5K followers, [---] engagements
"So what are these "brand fees" Whistleblowers allege they aren't for services. Instead whenever VRL faced a liquidity crunch it triggered ad hoc payments from $VEDL under this banner. A convenient undisclosed credit line. $HZL 5/"
X Link 2025-07-30T04:56Z 46.5K followers, [---] engagements
"The scale is massive. In FY25 alone over $361m (3085 crore) in brand fees were paid to VRL. That's 15% of $VEDL's net income used to service VRL's $4.9B debt. All while investors were kept in the dark. $HZL 6/"
X Link 2025-07-30T04:56Z 46.5K followers, [---] engagements
"Brand fees are a "rolling credit facility from VEDL to VRL with zero interest zero collateral and zero transparency". Fees are paid in advance for no quantifiable benefit. $HZL 7/"
X Link 2025-07-30T04:56Z 46.5K followers, [---] engagements
"Bondholders were allegedly never told about the ED investigation or the forced repayment. Instead they were told they had a fallback: the sale of $VEDL's steel assets to cover debts. $HZL 8/"
X Link 2025-07-30T04:56Z 46.5K followers, [---] engagements
"About that steel asset sale. that sale was cancelled internally MONTHS before the bonds were restructured. A key fallback for lenders was apparently already "functionally off the table". More on ESL Steel in our original report: $VEDL $HZL 9/ https://viceroyresearch.org/2025/07/09/vedanta-limited-resources/ https://viceroyresearch.org/2025/07/09/vedanta-limited-resources/"
X Link 2025-07-30T04:56Z 46.5K followers, [---] engagements
"It gets stickier. Getting a new brand fee agreement executed by the board of $HZL proved "impossible". "Captive HZL directors who were railroaded in meetings" were told to "sign this or else". $VEDL 10/"
X Link 2025-07-30T04:56Z 46.5K followers, [---] engagements
"And who processed these multi-million dollar transfers ICICI Bank allegedly conducted "no due diligence" on the remittances a direct contravention of RBI expectations. $VEDL $HZL 11/"
X Link 2025-07-30T04:56Z 46.5K followers, [---] engagements
"Crucially there was NO formal settlement with the ED. The matter remains open the risk is unresolved and future enforcement action is "firmly on the table". The absence of news is not an absence of risk. $VEDL $HZL 12/"
X Link 2025-07-30T04:56Z 46.5K followers, [---] engagements
"Remember Xiaomi The ED seized [----] crore after finding the company routed funds to foreign entities as "royalty payments". The report suggests this is a significant regulatory precedent for the situation at $VEDL. $HZL 13/"
X Link 2025-07-30T04:56Z 46.5K followers, [----] engagements
"This report raises serious questions about governance disclosure and hidden risks for creditors and shareholders. When a brand fee looks like a bailout it's time to ask questions. Read the report. $VEDL $HZL 14/end https://twitter.com/i/web/status/1950420138693366205 https://twitter.com/i/web/status/1950420138693366205"
X Link 2025-07-30T04:56Z 46.5K followers, [----] engagements
"Vedanta [--] Unanswered Questions for the Company and Management $VEDL's Q1 FY26 earning call tomorrow arrives at a critical juncture. The Company has failed to answer mounting questions over governance failures capital misallocation and related-party transactions. $HZL 1/ https://twitter.com/i/web/status/1950497949626118191 https://twitter.com/i/web/status/1950497949626118191"
X Link 2025-07-30T10:05Z 46.5K followers, 16.3K engagements
"Preliminary questions now live $VEDL $HZL https://viceroyresearch.org/2025/07/30/vedanta-62-unanswered-questions-for-the-company-and-management/ https://viceroyresearch.org/2025/07/30/vedanta-62-unanswered-questions-for-the-company-and-management/"
X Link 2025-07-30T10:05Z 46.5K followers, [---] engagements
"Financial $VEDL's Q1 FY26 call is critical. Investors need to ask: How can you justify dividends with a cumulative $5.6B free cash flow deficit And what explains the $368m discrepancy between your effective interest rate (12.7%) and the reported 9.1% $HZL 3/ https://twitter.com/i/web/status/1950497956601196935 https://twitter.com/i/web/status/1950497956601196935"
X Link 2025-07-30T10:05Z 46.5K followers, [---] engagements
"Governance Governance at $VEDL & $HZL is under the microscope. Why did the parent company CEO lead the $VEDL AGM Has the board reviewed its appointment of inappropriate or sanctioned auditors for key subsidiaries Has the company received any regulatory inquiries 4/ https://twitter.com/i/web/status/1950497959516258750 https://twitter.com/i/web/status/1950497959516258750"
X Link 2025-07-30T10:05Z 46.5K followers, [---] engagements
"Expansions & Capex Promises vs. Reality. How will mgmt cover cash flow shortfalls What $ of assets was generated by capitalizing environmental violation penalties What is the true status of the semiconductor venture and why is it trading copper and gold $HZL $VEDL 5/ https://twitter.com/i/web/status/1950497962464813267 https://twitter.com/i/web/status/1950497962464813267"
X Link 2025-07-30T10:05Z 46.5K followers, [---] engagements
"Brand Fees The $1.16B in "brand fees" paid to parent co. VRL demands answers. What tangible services justify this cost especially with VRL's London office for lease Were minority shareholders ever asked to approve these related-party agreements $VEDL $HZL 6/ https://twitter.com/i/web/status/1950497965589557463 https://twitter.com/i/web/status/1950497965589557463"
X Link 2025-07-30T10:05Z 46.5K followers, [---] engagements
"ED Interview On transparency: Why was the July [----] Enforcement Directorate interview & resulting $123m brand fee refund from VRL never disclosed to $VEDL shareholders or the market Why were auditors reportedly kept in the dark about this regulatory intervention $HZL 7/ https://twitter.com/i/web/status/1950497968601104399 https://twitter.com/i/web/status/1950497968601104399"
X Link 2025-07-30T10:05Z 46.5K followers, [---] engagements
"Demerger The demerger timeline continues to slip. With new objections from the Ministry of Petroleum is the plan still viable Will management stand by the September [----] completion date Which of the demerged entities would be financially self-sustaining $VEDL 8/"
X Link 2025-07-30T10:05Z 46.5K followers, [---] engagements
"HZL Key risks at $HZL need clarity. What is the status of the GoI's sovereign put/call options What is the Board's response to the ongoing criminal investigation into HZL's original disinvestment How is the 788cr 0.0001% coupon investment in Serentica valued $VEDL 9/ https://twitter.com/i/web/status/1950497974590546008 https://twitter.com/i/web/status/1950497974590546008"
X Link 2025-07-30T10:05Z 46.5K followers, [---] engagements
"Fujairah Gold The $VEDL Board must address serious allegations of gold laundering at its Fujairah Gold subsidiary. Have external firms been engaged to review its supply chain and compliance protocols in light of claims of implausible feedstock and criminal associations 12/"
X Link 2025-07-30T10:05Z 46.5K followers, [---] engagements
"Runaya How does the $HZL board justify funding at least three separate Agarwal-owned entities (Serentica Minova Runaya Runaya Green Tech) Why were critical functions outsourced allowing Promoters to extract profits from HZL instead of being developed in-house $VEDL 13/ https://twitter.com/i/web/status/1950497986829574403 https://twitter.com/i/web/status/1950497986829574403"
X Link 2025-07-30T10:05Z 46.5K followers, [---] engagements
"International Zinc Assets What due diligence justified a $504m impairment reversal at Black Mountain Mining despite its deteriorating operational and financial performance $VEDL 14/"
X Link 2025-07-30T10:05Z 46.5K followers, [---] engagements
"ESL Steel Regarding the steel asset sale: When did VEDL decide to halt the process Was this decision made before VRL's debt restructuring during which the sale was presented to creditors as a key source of repayment Why was the deal ultimately cancelled $VEDL 15/"
X Link 2025-07-30T10:05Z 46.5K followers, [----] engagements
"We will post a more thorough update tomorrow post earnings results. More to come $VEDL $HZL 16/end"
X Link 2025-07-30T10:05Z 46.5K followers, [----] engagements
"A quick $VEDL financial analysis of Q1 [----] coming right up before this conference call. Management's circus continues its next act"
X Link 2025-07-31T11:02Z 46.5K followers, [----] engagements
"Our list of questions that analysts should ask on today's call can be found here $VEDL https://x.com/viceroyresearch/status/1950497949626118191 Vedanta [--] Unanswered Questions for the Company and Management $VEDL's Q1 FY26 earning call tomorrow arrives at a critical juncture. The Company has failed to answer mounting questions over governance failures capital misallocation and related-party transactions. $HZL 1/ https://t.co/K1cmEpskrr https://x.com/viceroyresearch/status/1950497949626118191 Vedanta [--] Unanswered Questions for the Company and Management $VEDL's Q1 FY26 earning call tomorrow"
X Link 2025-07-31T11:18Z 46.5K followers, [----] engagements
"We will write up a more thorough report on Q1 [----] earnings post-conference call. $VEDL $HZL More to come"
X Link 2025-07-31T11:18Z 46.5K followers, [----] engagements
"SEBI chairman Tuhin Kanta Pandey commits to combat financial fraud. Welcome to the show @SEBI_India $VEDL $HZL 1/"
X Link 2025-08-04T11:37Z 46.5K followers, [----] engagements
"Article link: $VEDL $HZL 2/ https://www.business-standard.com/markets/news/sebi-chief-commits-combat-financial-fraud-auditors-directors-125080101216_1.html https://www.business-standard.com/markets/news/sebi-chief-commits-combat-financial-fraud-auditors-directors-125080101216_1.html"
X Link 2025-08-04T11:37Z 46.5K followers, [----] engagements
"The Sebi chief shared instances of fraud that the regulator has uncovered. For instance a listed entity transferred assets to its subsidiary and used a loan secured against these assets to repay the outstanding obligations of a promoter-linked entity $VEDL $HZL 3/"
X Link 2025-08-04T11:37Z 46.5K followers, [---] engagements
"$VEDL is systematically borrowing against its assets in order to pay unaffordable dividends to a heavily indebted promoter group. The Promoter Group debt imposes liens on $VEDL 4/"
X Link 2025-08-04T11:37Z 46.5K followers, [---] engagements
"He elaborated on how certain companies artificially inflated their financial statements by engaging in circular transactions with name-lending entities. This ultimately allowed promoters to siphon off shareholder funds $VEDL $HZL 5/"
X Link 2025-08-04T11:37Z 46.5K followers, [----] engagements
"He warned that such incidents severely undermine investor confidence and erode shareholder wealth. $VEDL $HZL 6/"
X Link 2025-08-04T11:37Z 46.5K followers, [----] engagements
"Vedanta Q1 FY26 Analysis We look beneath the headline profits to reveal eroding margins negative free cash flow and a capital structure under severe stress. $VEDL $HZL #thread 1/ https://twitter.com/i/web/status/1952599887075332180 https://twitter.com/i/web/status/1952599887075332180"
X Link 2025-08-05T05:17Z 46.5K followers, [----] engagements
"Report link $VEDL $HZL 2/ https://viceroyresearch.org/2025/08/05/vedanta-q1-fy26-analysis/ https://viceroyresearch.org/2025/08/05/vedanta-q1-fy26-analysis/"
X Link 2025-08-05T05:17Z 46.5K followers, [---] engagements
"Letter to the RBI We have published our formal letter to the Reserve Bank of India @RBI. We believe the sustained siphoning of capital from Indian entities to offshore creditors is a direct threat to Indias financial sovereignty and regulators must act. $VEDL #thread 1/"
X Link 2025-08-07T07:14Z 46.5K followers, [----] engagements
"Report link $VEDL $HZL 2/ https://viceroyresearch.org/2025/08/06/vedanta-our-letter-to-the-reserve-bank-of-india/ https://viceroyresearch.org/2025/08/06/vedanta-our-letter-to-the-reserve-bank-of-india/"
X Link 2025-08-07T07:14Z 46.5K followers, [---] engagements
"We've asked the @RBI to investigate how $VEDL paid out over $8B in dividends in [--] years while running a $5.6B free cash flow deficit. This isn't a return of profit; it's a debt-fueled drain on India's FX reserves designed solely to service offshore loans. 4/"
X Link 2025-08-07T07:14Z 46.5K followers, [---] engagements
"This worthless asset is critical to #Vedanta's valuation fiction. It is being used to implicitly support a $1 billion valuation for the Black Mountain/Gamsberg project which is supposed to use the non-existent converted smelter. $VEDL 12/ https://eccenvironmental.com/download/amendment-to-the-namzinc-refinery-to-increase-output-production-to-300-000-tonnes-per-annum-of-refined-zinc-metal/ https://eccenvironmental.com/download/amendment-to-the-namzinc-refinery-to-increase-output-production-to-300-000-tonnes-per-annum-of-refined-zinc-metal/"
X Link 2025-08-11T05:14Z 46.5K followers, [---] engagements
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