Thursday, 23 February 2017
“The Indian government’s Directorate of Revenue Intelligence (DRI) is currently investigating a number of Adani Group entities, including Adani Enterprises Ltd (AEL), which is the ultimate holding company of Adani Mining Pty Ltd, the proponent of the Carmichael Mine, for illegally overvaluing imports of coal and capital equipment in order to siphon funds offshore, a practice that creates “black money.” A detailed report from a reliable media source also indicates that for more than a decade the DRI has also been investigating Adani Group entities for tax evasion and money laundering whilst trading in diamonds.”
Major Reports, February 2017:
The Adani Brief
If it proceeds, the Adani Group’s Carmichael Coal Mine and Rail Project in the Galilee Basin in Queensland will be among the largest new coalmines in the world. The associated rail infrastructure and expansion of the coal export terminal at Port of Abbot Point adjacent to Queensland’s Great Barrier Reef World Heritage Area would facilitate the shipping of coal through the Great Barrier Reef’s waters from the Carmichael Mine.
The Adani Brief: What governments and financiers need to know about the Adani Group’s record overseas suggests that governments and private stakeholders should give serious consideration to:
* the Adani Group’s global legal compliance record which demonstrates numerous serious breaches with adverse consequences for the environment and local people; and
* the possibility that if this track record continues in Australia, then supporting the Adani Group’s Carmichael Mine and the Abbot Point Port may expose governments and private
stakeholders to reputational and financial risks.
Read The Adani Brief (PDF, 1.53MB)
Read the Overview of The Adani Brief (PDF, 160KB)