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https://www.abc.net.au/news/2016-12-22/adani-companies-facing-multiple-corruption-probes/8140100

Adani companies facing multiple financial crime, corruption probes

AM

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Exclusive by business reporter Stephen Long

Posted WedWednesday 21 DecDecember 2016 at 6:44pm, updated ThuThursday 22 DecDecember2016 at 3:37am

A special "black money" investigation team is examining alleged fraud by Adani companies in India.(

ABC News: Nic MacBean

)

 

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.

Key points:

• Two separate investigations into allegations of trade-based money laundering by Adani companies underway
• Federal Government considering granting Adani a $1b subsidy to build a railway
• Adani denies wrongdoing

Companies under scrutiny for the alleged corrupt conduct include Adani Enterprises Limited — the ultimate parent company of the massive mine planned for the Galilee Basin.

Two separate investigations into allegations of trade-based money laundering by Adani companies are underway — one into the fraudulent invoicing of coal imports and the other into a scam involving false invoicing for capital equipment imports.

"They are very serious allegations and they are being conducted by the premier Indian government agency investigating financial crime," Australia's foremost expert on money laundering, Professor David Chaikin of the University of Sydney, told the ABC.

"The allegations involve substantial sums of money with major losses to the Indian taxpayer."

Adani denies wrongdoing.

The "modus operandi" of the claimed fraud is outlined in a circular issued by India's Directorate of Revenue Intelligence, which was obtained by the ABC.

"Intelligence obtained by the Directorate of Revenue Intelligence indicated that certain importers of Indonesian coal were artificially inflating its import value as opposed to its actual value," Professor Chaikin said.

"The objective … appears to be two-fold: (i) siphoning off money abroad and (ii) to avail higher power tariff compensation based on [the] artificially inflated cost of the imported coal."

Adani Enterprises Ltd accused of bribery of public officials

Do you know how Adani's complex corporate web is controlled?

Five Adani Group companies are among a number of power companies named in the circular as under investigation.

These include Adani Enterprises Ltd, the ultimate parent company of the Adani entity, which holds the environmental approvals for the planned Carmichael Coal Mine and a railway to the mine.

Adani Enterprises Ltd has also been accused of involvement in large-scale illegal iron ore exports and bribery of public officials.

According to a 2011 report by the ombudsman of the Indian State of Karnataka, obtained by the ABC, police seized documents from Adani Enterprises in raids "which indicate that money has been regularly paid to port authorities, customs authorities, police department, mines and geology and even to MLAs/MPs".

The revelations come as the Federal Government considers granting Adani a $1 billion subsidy to build a railway from the Abbot Point Coal Terminal to the mine site 400 kilometres inland.

Planning Australia's biggest mine

Step through the key events in the planning of Australia's biggest mining project, the Carmichael coal mine in remote central Queensland.

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Show captionAdani Group

Adani accused of ‘deceptive conduct’ in campaign criticising state government

Consumer and corporate regulators urged to investigate ‘patently false’ statements in advertisements

Ben Smee

The Australian consumer watchdog and the corporate regulator have been asked to investigate “patently false” statements made by Adani in its recent advertising campaign criticising the Queenslandgovernment.

The complaints, lodged by the Lock the Gate Alliance, relate to a series of billboard and digital advertisements by Adani, which claim the company is “ready to start work on the Carmichael mine” and criticises the state for “moving the goalposts”.

In a letter to the Australian Competition and Consumer Commission, Lock the Gate says Adani’s advertising constitutes “misleading and deceptive conduct”.

s://www.amp.theguardian.com/business/2019/mar/08/adani-accused-of-deceptive-conduct-in-campaign-criticising-state-government

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