An Australian expert is raising questions about the firm wanting to develop the Carmichael Coal project.
The ultimate ownership of facilities, which include a coal mine, terminals and the world’s largest thermal power plant, is unclear while companies closely connected with the developer are under investigation in India for massive over-invoicing.
The proposal is that a unit of India’s Adani family’s business portfolio will develop Adani Abbot Point Port.
But according to director of energy finance studies at Australia’s Institute for Energy Economics and Financial Analysis, Tim Buckley, the ownership of Adani Abbot Point Port remains opaque more than three years after the original purchaser – Adani Ports & SEZ Ltd of India – said it had sold the port to a private Adani family company.
Buckley points out that Adani Ports 2015/16 annual report states that Abbot Point Port is not a subsidiary of the group.
This apparently contradicts Australian company records that state that the Abbot Point facility remains a wholly owned subsidiary of Adani Ports.
Adani family companies are amongst several Indian entities under investigation for over-invoicing on a massive scale in the supply of coal to power producers.
They have been under intense investigation by India’s finance ministry and the Directorate of Revenue Intelligence since earlier this year (Trade-Based Financial Crimes, 18 April 2016).
Categories: Trade Based Financial crimes News