Monday, October 02, 2017 6:30:10 AM
Calls for Northern Australia Infrastructure Facility to rule out loan to Adani after alleged fraud revealed
"Indigenous protest held in Brisbane against $16 billion Adani coal mine in the Galilee Basin"
THE controversial mining giant, trying to get a $1 billion taxpayer loan in Australia, has just been accused of a massive $298 million rip off.
Charis Chang@CharisChang2
news.com.auAugust 16, 20176:16pm
Adani chairman Gautam Adani. Picture: AFP Photo/Sam PanthakySource:AFP
ADANI once claimed its mega mine in Queensland would lift millions of Indians out of poverty by providing them with cheap electricity but it has now been accused of ripping off citizens through a complex fraud.
The controversial mining giant, which is trying to get a $1 billion taxpayer loan in Australia to help build its giant mine in Queensland’s Galilee Basin, is being investigated in India for allegedly siphoning 15 billion rupee ($298 million).
Details of the alleged fraud are contained in a Directorate of Revenue Intelligence file compiled in 2014 and published in The Guardian today. It sets out how Adani allegedly inflated invoices for an electricity project in India so it could shift huge amounts of money into offshore bank accounts.
If true, this would have reduced taxes Adani paid and would likely have led to higher power prices for Indian consumers.
It’s believed the DRI has passed the allegations on to the Indian agency that investigates financial crimes, the Enforcement Directorate
http://www.news.com.au/finance/business/mining/calls-for-northern-australia-infrastructure-facility-to-rule-out-loan-to-adani-after-alleged-fraud-revealed/news-story/ec638e5300acea8f658ab779b6e7f530
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Adani companies facing multiple financial crime, corruption probes
AM
Exclusive by business reporter Stephen Long
Updated 22 Dec 2016, 2:37pm
The business behind the planned Carmichael coal mine in North Queensland is facing multiple financial crime and corruption probes, with Indian authorities investigating Adani companies for siphoning money offshore and artificially inflating power prices at the expense of Indian consumers.
http://www.abc.net.au/news/2016-12-22/adani-companies-facing-multiple-corruption-probes/8140100
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Adani Carmichael coal mine: Former Indian minister sounds alarm on Adani's track record, mega-mine's viability
Four Corners
By Stephen Long, Wayne Harley and Mary Fallon
Updated 51 minutes ago
http://www.abc.net.au/news/2017-10-02/former-minister-sounds-alarm-on-adanis-track-record-in-india/9005596
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Former Indian minister 'surprised' by Australia's decision to approve Adani
Australia's decision to approve Indian miner Adani's new mega coal mine in Queensland has appalled India's former environment minister.
Source: AAP
http://www.sbs.com.au/news/article/2017/10/02/former-indian-minister-surprised-australias-decision-approve-adani
Extra opaque business structure set up for proposed Carmichael mine. Set up so that profit can be easily skimmed
to Virgin Islands tax haven. It's very concerning the proposal has got to here. Frankly a disgrace if it goes through.
"Indigenous protest held in Brisbane against $16 billion Adani coal mine in the Galilee Basin"
THE controversial mining giant, trying to get a $1 billion taxpayer loan in Australia, has just been accused of a massive $298 million rip off.
Charis Chang@CharisChang2
news.com.auAugust 16, 20176:16pm
Adani chairman Gautam Adani. Picture: AFP Photo/Sam PanthakySource:AFP
ADANI once claimed its mega mine in Queensland would lift millions of Indians out of poverty by providing them with cheap electricity but it has now been accused of ripping off citizens through a complex fraud.
The controversial mining giant, which is trying to get a $1 billion taxpayer loan in Australia to help build its giant mine in Queensland’s Galilee Basin, is being investigated in India for allegedly siphoning 15 billion rupee ($298 million).
Details of the alleged fraud are contained in a Directorate of Revenue Intelligence file compiled in 2014 and published in The Guardian today. It sets out how Adani allegedly inflated invoices for an electricity project in India so it could shift huge amounts of money into offshore bank accounts.
If true, this would have reduced taxes Adani paid and would likely have led to higher power prices for Indian consumers.
It’s believed the DRI has passed the allegations on to the Indian agency that investigates financial crimes, the Enforcement Directorate
http://www.news.com.au/finance/business/mining/calls-for-northern-australia-infrastructure-facility-to-rule-out-loan-to-adani-after-alleged-fraud-revealed/news-story/ec638e5300acea8f658ab779b6e7f530
--
Adani companies facing multiple financial crime, corruption probes
AM
Exclusive by business reporter Stephen Long
Updated 22 Dec 2016, 2:37pm
The business behind the planned Carmichael coal mine in North Queensland is facing multiple financial crime and corruption probes, with Indian authorities investigating Adani companies for siphoning money offshore and artificially inflating power prices at the expense of Indian consumers.
http://www.abc.net.au/news/2016-12-22/adani-companies-facing-multiple-corruption-probes/8140100
--
Adani Carmichael coal mine: Former Indian minister sounds alarm on Adani's track record, mega-mine's viability
Four Corners
By Stephen Long, Wayne Harley and Mary Fallon
Updated 51 minutes ago
http://www.abc.net.au/news/2017-10-02/former-minister-sounds-alarm-on-adanis-track-record-in-india/9005596
--
Former Indian minister 'surprised' by Australia's decision to approve Adani
Australia's decision to approve Indian miner Adani's new mega coal mine in Queensland has appalled India's former environment minister.
Source: AAP
http://www.sbs.com.au/news/article/2017/10/02/former-indian-minister-surprised-australias-decision-approve-adani
Extra opaque business structure set up for proposed Carmichael mine. Set up so that profit can be easily skimmed
to Virgin Islands tax haven. It's very concerning the proposal has got to here. Frankly a disgrace if it goes through.
It was Plato who said, “He, O men, is the wisest, who like Socrates, knows that his wisdom is in truth worth nothing”
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