At Move Beyond Coal’s national webinar, which attracted around 170 participants, the crisis impacting the Adani Group and its implications for the Carmichael coal project in Queensland were discussed.
Tim Buckley, director of Climate Energy Finance and long-term Adani analyst, Gurridyula Gaba Wunggu (Coedie McAvoy), Waddananggu Cultural Custodian who has spent the last 530 plus days reoccupying his ancestral homelands in Ceremony at Adani’s Carmichael mine-site; and Alice Delemare Tangpuori, a coordinator of the Toxic Bonds initiative in London, were the speakers.
Buckley said Hindenburg Research’s Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History 100-page report, released on January 25, alleged Adani had undertaken accounting fraud, stock manipulation and money laundering.
“The Hindenburg Group has added new allegations of corruption, insider trading and fraud, which are even more extensive than we previously thought. The Adani Group is now in panic mode; every expansion is on hold.”
Buckley reported the Bangladeshi government has challenged the validity of the exorbitant price of Adani coal. “This 25-year contract, on behalf of 160 million people, is the basis of the export of coal from the Carmichael site in Australia. Carmichael coal now doesn’t have a destination. The implications are enormous.
“The Hindenburg report helps us to reassess the situation, and step up our campaign against Adani and the coal industry in general,” Buckley said.
According to Stop Adani, the Carmichael project in central Queensland is “floundering”.
Gurridyula Gaba Wunggu spoke about his occupation of the Adani Carmichael site on behalf of the Traditional Owners. “We said ‘No’ to the Adani mine 10 years ago and have said ‘No’ ever since.
“This is 21st century colonialism. If I leave, they will destroy everything — the scar trees, birthing trees, natural springs, the artifacts.
“I am going to continue to stay here and prepare for the Adani empire to collapse.”
Tangpuori said the Hindenburg revelations have “halted all loans from bond-holders and investment banks to Adani” and that Toxic Bonds is “currently targeting bondholders to immediately divest from Adani”.
Protesters rallied outside the headquarters of Barclays Bank in London, handing out leaflets to staff entering the office which called on management to halt all loans to Adani.
Meanwhile, hundreds of supporters of opposition parties demonstrated across India to protest the misuse of government funds for Adani, an ally of Prime Minister Narendra Modi.
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