Adani facing growing pressure on fears investors may have been misled
The amount of new coal power being built around the world fell by nearly two-thirds last year, prompting campaigners to claim the polluting fossil fuel was in freefall.
The dramatic decline in new coal-fired units was overwhelmingly due to policy shifts in China and India and subsequent declining investment prospects, according to a report by Greenpeace, the US-based Sierra Club and research network CoalSwarm.
The report said the amount of new capacity starting construction was down 62% in 2016 on the year before, and work was frozen at more than a hundred sites in China and India. In January, China’s energy regulator halted work on a further 100 new coal-fired projects, suggesting the trend was not going away.
It looks like Adani want to cheat mine investors of share of the $3 billion revenue stream from operation of the rail line.
- Which company in its complex corporate web has applied for a $1 billion subsided loan
- Fears money could be shifted to a tax haven and investors may have been misled
- The loan would finance a 400-kilometre railway from Queensland's Abbot Point Coal Terminal to a planned massive mine in the Galilee Basin
- It is "absolutely possible" investors have been misled about the loan
- In fact, the proponent of the rail project is an Australian shell company ultimately owned by Atultya Resources, an Adani family-controlled entity registered in the secretive Cayman Islands.
- The Cayman Islands-controlled rail company has rights to a royalty stream worth up to $3 billion from the proposed mine, the ABC recently revealed — a payment that would come at the expense of shareholders in the publicly listed Adani Enterprises
- "We think there is a huge public interest in the NAIF revealing which Adani entity has applied for the loan,"
Tags: Environment, Coal, Mining, Australia, Queensland, Adani, Matt Canavan