Four Corners proves Adani can’t be trusted and should not receive a cent of public money

Press release - 2 October, 2017
October 3, 2017: New revelations about Adani Group’s corporate structure prove it can’t be trusted to build the proposed Carmichael mega coal mine, says Greenpeace Australia Pacific.

An expose aired last night by the ABC’s Four Corners program revealed a shadowy network of companies and trusts behind Adani’s Australian assets, which offer the Indian firm “multiple ways” to reduce their tax in Australia, experts say.

Adani Australia has previously boasted its Carmichael mine could boost Australia’s tax coffers by up to $22 billion over the life of the project.

However, Adani’s Australian assets are seemingly owned by companies domiciled in notorious tax havens such as the Cayman and British Virgin Islands, which provide a means to minimise tax paid in Australia.

The investigation also revealed that the man behind a British Virgin Islands company variously described as ARFT Holding Ltd, AFRT Holding Ltd, and Atulya Resources Family Trust, which appears to be the ultimate owner of Adani’s Australian assets, has been accused of money laundering.

Vinod Adani, the older brother of Adani Group chairman Gautam Adani, has been investigated by Indian authorities with ex-Adani Group employees and Adani companies for allegedly executing a "planned conspiracy of siphoning off foreign exchange abroad ... and Trade Based Money Laundering".

Adani has requested a $1 billion loan, currently under consideration, from the publicly funded Northern Australia Infrastructure Facility.

“The Four Corners revelations prove that Adani is a company which cannot be trusted with a taxpayer loan, or to build the world’s biggest export coal mine on the Great Barrier Reef coastline,” Greenpeace Australia Pacific Climate and Energy Campaigner Nikola Casule said.

“Now more than ever, it's time for the government to rule out any public money for Adani and say no to the proposed $1 billion NAIF loan for Adani's rail line connecting the proposed Carmichael mine and Abbot Point coal port.”

“Its secrecy, apparent use of tax havens and alleged money laundering provide the Australian government with all the evidence it needs to rule out even one cent of public money going to Adani’s rail line.”

For interviews contact:

Martin Zavan

Greenpeace Australia Pacific Media Campaigner

0424295422 /