Skip to main content

Adani's Aussie coalmining project: Greenpeace, 350.org, finance body seek probe into ownership allegation

By Our Representative
At least two prestigious and high-profile international environmental bodies -- Greenpeace and 350.org -- and a research institute,Institute for Energy Economics and Financial Analysis (IEEFA), have sought complete clarity and investigation into fresh allegations by Fairfax, Australia's leading media company, about doubtful ownership of the Adani Group's $10 billion Australian coal-mining project. A report in Australian daily "The Age" says Fairfax has raised serious objection to the "use of offshore, low-tax jurisdictions in relation to its Australian operations, and the apparent uncertainty about ownership."
The paper quotes Fairfax to say that "Gautam Adani does not ultimately control many of the companies associated with his company's Australian coal developments", and instead "his eldest brother Vinod Shantilal Adani holds pivotal positions." In fact, "Fairfax Media particularly questions Vinod Adani's antecedents, as he has been named in an Indian criminal investigation into the alleged siphoning of $1 billion from Indian shareholders in three Adani companies into offshore accounts."
According the "The Age" the allegations have been "confirmed to Fairfax by an investigator in India's Directorate of Revenue Intelligence, stem from an import scheme in which three Adani companies are alleged to have imported power equipment at an inflated price, with the excess sum siphoned into a Mauritius entity controlled by Vinod Shantilal Shah – an alias for Vinod Shantilal Adani."

Greenpeace Objection

Citing "explosive" Fairfax Media report, Greenpeace Australia Pacific has demanded "an investigation into coal giant Adani’s suitability to operate in Queensland, Australia", It has said, "The scandal revealed inconsistencies between Indian and Australian financial reports. Adani’s Abbot Point T1 coal terminal and their rail and port expansion projects could in fact be controlled by a complex network of companies run through the Cayman Islands. The investigation into the Adani companies by Fairfax Media, one of Australia’s largest media companies, suggests uncertainty about the ultimate ownership of the Abbot Point development."
Pointing out that this shows the Queensland government "may not have known if these projects were owned by a publicly listed Indian company or a shadowy group of companies run through a tax haven,” Greenpeace Australia’s Reef Campaigner Shani Tager said, “It’s critical that these explosive revelations are investigated before any of Adani’s coal developments can proceed further.” Tager adds, "In Adani’s home country of India, the company has been fined for a raft of illegal activities, including paying cash bribes to port officials, customs, police and local politicians to receive 'undue favour for illegal exports'."
Greenpace also quotes Environmental Justice Australia's recent report questioning Adani’s "suitability to operate in Queensland given their track record", saying, “We already know Adani doesn't play by the rules. This is a coal billionaire who will do whatever it takes to make a quick buck.The only sensible response to these revelations is a comprehensive investigation into the Adani Group’s suitability to operate in Queensland given the potential impact of their plans for a mega coal mine, rail line and port in the heart of the Great Barrier Reef.”

350.org calls for moratorium

Speaking out in the same vein, 350.org has called for "moratorium on Abbot Point coal port expansion in light of what it calls “Adani-gate” findings." According to 350.org, "The port expansion, which would be the world’s largest, would open up a series of nine mega coalmines in Queensland’s Galilee Basin, tripling Australia’s greenhouse gas emissions."
It adds, "Construction is slated to begin as soon as the project receives Federal approval... However 350.org believes the approval process must be halted following ground-breaking new information uncovered by Fairfax, which reveals that most of the companies associated with Adani’s Australian coal operations are not controlled by the public face of the company, Gautam Adani, but by his eldest brother Vinod."
Says 350.org, "Company documents reveal that Adani sold its stake in Abbot Point in 2013 to a Singaporean company, however this was not made known to Australian authorities or the Bombay stock exchange. Adani was also found to still control a number of Australian companies linked to its Carmichael coal project in the Galilee Basin, despite excluding these companies from its 2013-14 accounts. These disturbing new allegations about Indian company Adani call into question the legitimacy of the approvals process for Abbot Point and the Galilee Basin coal mines.”

Investigate ownership: IEEFA 

Chipping into the controversy, Tim Buckley, director of energy finance studies, Australasia, of the US-based Institute for Energy Economics and Financial Analysis (IEEFA), also said, "it is critical that a detailed inquiry and investigation by state and federal agencies commences immediately to ensure that financial markets are being provided accurate information about Adani’s proposed coal mine, rail and port projects in Queensland.” 
He insisted, “The assertions reported go to the very heart of our continued analysis of Adani’s operations here and overseas. They create even stronger doubts about the key questions of their financial viability, corporate transparency and strategic logic in the face of the structural decline of seaborne thermal coal markets.”
Buckley also said, "As IEEFA has previously documented, the Galilee coal project proposals are highly unlikely to proceed without the support of the four Australian bank majors, plus some of the nine leading global investment banks. While export-import banks like the Korean Export-Import Bank could be material players, given that their focus is more risk-tolerant towards greenfield projects, even they will be involved only if there is a clear strategic national benefit." 
He added, “These reports today should be a loud warning for any investors and financiers until an investigation has been carefully undertaken and completed. A very serious set of questions needs to be answered.”

Comments

TRENDING

North Gujarat gram panchayat bars villagers from dealing with Muslim hawkers, traders

By Our Representative  A gram panchayat in North Gujarat has barred its residents not to buy anything from Muslim traders and hawkers. An order of the Waghasan group gram panchayat of Tharad taluka of Banaskantha district dated June 30 states that the decision has been taken in the wake of beheading of a Hindu tailor after he posted a derogatory writeup on Prophet Mohammad in Udaipur. The gram panchayat resolution says, anyone seen buying or selling any commodity from a Muslim hawker or trader would be fined Rs 5,100. Bringing this to light, Mujahid Nafees, convener, Minority Coordination Committee, in a letter to Gujarat chief minister Bhupendra Patel, says, the state government should take legal action against the panchayat chief who has signed the “unjust” order. The letter says, the act of the sarpanch and other signatories is a violation of rule of law of the state and threat to peace, pointing out, the move is in violation of Article 15 of the Constitution, which says that none

Technocratic globalism, tyranny? Health Ministry warned: bill to 'enslave' Indians

Sandeep Pandey, Tushar Gandhi By Rosamma Thomas*  Union of Concerned Citizens, a group comprising Magsaysay Award winner Prof Sandeep Pandey, human rights activist Tushar Gandhi, former judge of the Bombay High Court BG Kolse Patil, pediatrician Dr Jacob Puliyel and several renowned Indian citizens have written to the Union Health Minister cautioning him against tabling the draft Public Health Bill in the Monsoon Session of Parliament. “The Public Health (Prevention, Control And Management Of Epidemics, Bio-Terrorism And Disasters) Bill, 2017 and a Prospective Bill of 2022 as discussed in news articles, is straightforwardly violative of Fundamental Rights of the citizens of India and therefore, Ultra Vires of the Indian Constitution. It contravenes several International Treaties and Conventions including the Nuremberg Treaty of 1947 which was enacted to ensure that no country would repeat such inhuman medical atrocities on fellow human beings”, the 12-page letter reads. “Strangely, t

Unlike Soviet Union, Russia is no friend to India: Ukrainian scholar tells 'Indian friends'

Counterview Desk In an open letter to "dear Indian friends", Anastasia Piliavsky, born in Odessa, Ukraine, studied at Boston and Oxford Universities (on a Rhodes Scholarship), and now teaches at King’s College, London, has said that she faces "deep moral dilemma", personally and professionally, over the "astonishingly unified Indian response to the war in Ukraine." Based on her interaction with a "number of thoughtful and caring Indian friends", in this letter, she says, she is "reeling at the ubiquitous silence at, justifications of or outright support for Putin’s terror, which now prevails in India, at the ubiquitous #IStandWithPutin and #istandwithrussia hashtags." She insists, India must understand, "Unlike the Soviet Union, Russia is no friend to India. Soviet leaders, beginning with (the Ukrainian) Nikita Khrushchev – who declared hindi rusi bhai bhai – built up deep political and cultural exchange with India." Text : I

'Drop all falsed charges': 150 citizens demand early release of AltNews co-founder

Counterview Desk  About 150 concerned citizens have demanded the release of Mohammed Zubair, co-founder of the fact-checkng newsportal AltNews, arrested over a 2018 tweet which allegedly hurt religious sentiments, even as booking for criminal conspiracy and having received foreign funds in violation of the Foreign Contribution Regulation Act (FCRA). Denied bail last weekend and sent to 14-day judicial custody, the concerned citizens, in a statement, regretted that while the Delhi High Court issued notice to the Delhi police on a petition filed on behalf of Zubair challenging the legality and propriety of his police remand and the seizure of his electronic devices, the “frivolous case” continues. Excerpts: The illegal arrest of Mr. Mohammed Zubair happened on June 27, 2022, by the Delhi Police for allegedly hurting religious sentiments and promoting enmity over a tweet from 2018. The IPC Sections included 153(a) (Promoting enmity between different groups on grounds of religion, race,

Chennai residents 'suffering': Faulty design, implementation of storm water project

By NS Venkataraman*  The Greater Chennai Corporation is now implementing storm water drainage project in 559 roads, covering a distance of 1033 kilometres, which cost around Rs 4,070 crore. For this massive project, which is targeted to be completed between April and September this year, huge loan has been availed from World Bank, Asian Development Bank and others. Several technocrats have pointed out that the project has been designed with outdated technology and quality of the implementation is so poor that the residents have been put to great hardships. As part of the project, digging of the road has been done to around 5 to 6 feet deep and width of around 4 to 5 feet. The drains are being constructed using steel reinforced cement concrete with two walls on either side with provisions for manhole, chute etc. This has been done in front of several houses leaving little space between the gate of the house and that of the drainage structure. As the work has been going on for mor

Prime Minister's 'affordable' housing policy fails to help Gujarat slum dwellers: Study

By Rajiv Shah  A new study on the implementation of one of the major policy initiatives for the urban poor by the Narendra Modi government after it came to power, Pradhan Mantri Awas Yojana (PMAY), has said that in Gujarat, which happens to be the Prime Minister’s home state, has quoted state officials as “confirming” that no progress towards tenure regularization, a key requirement for providing housing to the state’s slum dwellers. Stating that this particularly true of smaller town, the study, carried out by the non-profit Homes in the City (HIC), which is based in Bhuj, district headquarter of Kutch that saw a devastating earthquake in 2001, says, the failure to provide affordable housing is there despite the fact that there has been “significant demand” in all the 83 out of 153 Gujarat municipalities studied by experts involved in the study. According to the study, out f a total of 1.41 lakh demands for housing under the Beneficiary Led Construction (BLC) category, 94,232 (66.7%)

Buddhist shrines were 'massively destroyed' by Brahmanical rulers: Historian DN Jha

Nalanda mahavihara By Our Representative Prominent historian DN Jha, an expert in India's ancient and medieval past, in his new book , "Against the Grain: Notes on Identity, Intolerance and History", in a sharp critique of "Hindutva ideologues", who look at the ancient period of Indian history as "a golden age marked by social harmony, devoid of any religious violence", has said, "Demolition and desecration of rival religious establishments, and the appropriation of their idols, was not uncommon in India before the advent of Islam".

Electricity Bill: Centre's reform measures contain 'carrot and stick package' for states

Counterview Desk  The Peoples’ Commission on Public Sector and Public Services (PCPSPS), claiming to be a network of eminent academics, jurists, erstwhile administrators, trade unionists and social activists, seeking consultations with stakeholders with those who are against the government’s decision to monetise, disinvest and privatise public assets/enterprises, has said that the proposed Electricity (Amendment) Bill-2022 will have far-reaching impacts on the finances of states. Insisting that the proposed Bill would lead to “assault on India’s federal structure”, in a statement, it says, it would weaken the finances of states’ power distribution companies, have adverse impact on utility employees, cripple the states' finances, impose a heavy cost burden on the smaller subsidized consumers (especially farmers), and benefit only corporate business houses. “States cannot afford to ignore the far-reaching implications of the Bill on their economy, finances, agricultural and industria

'Contractor-official nexus led to RTI activist's murder': Fact-finding team seeks probe

Courtyard inside of PWD office where Ranjeet Soni was killed Counterview Desk  A fact-finding team* visited Vidisha, Madhya Pradesh (MP) on June 19, 2022 to meet with the family of Ranjeet Soni, who was shot dead on June 2, 2022 inside the premises of the PWD office in Vidisha. The objective was to gather information about the circumstances surrounding the death of Ranjeet Soni and his work on exposing corruption through the use of the Right to Information (RTI) Act. A report prepared by the team members says that Ranjeet had been extensively using the RTI Act to access information from the government, and upon receiving documents showing misuse of public funds or corruption, he was filing complaints to various authorities including the Lokyukta, Publi Works Department (PWD) and the Chief Minister’s Office. It notes, Ranjeet used to work as a contractor and often undertook government works in collaboration with other contractors, including those being investigated for his murder. A f

'Highly abnormal': AltNews journo's arrest suggests 'deterioration in media freedom'

By Bharat Dogra*  Leading media organizations have come out in strong support of recently arrested journalist Mohammed Zubair. These organizations include, among others, the Editors Guild of India, the Press Club of India, the Delhi Union of Journalists and DIGIPUB, a platform for several important digital media organizations. All these organizations have condemned the recent arrest of the noted journalist and demanded his immediate release. While leading human rights organizations and political parties have also made somewhat similar statements, the strong support of media organizations is particularly important as the effort of the authorities has been to try to present the arrested journalist as someone who has been indulging in irresponsible journalism.  In such a situation the support of those media organizations who are familiar with his work and who are most capable of judging the quality of his work is very important. In this context it is important that some media organization