Have lot of admiration for Gautam Adani, his company,’ says former Australian PM who backed Adani’s coal mines

1. Have lot of admiration for Gautam Adani, his company,’ says former Australian PM who backed Adani’s coal mines

2. Gautam Adani, the billionaire chairman of the embattled Adani Group, on Thursday found support from former Australian Prime Minister Tony Abbott, a known backer of Adani Group’s coal mine projects in Australia. Abbott, who had in 2015 as the Prime Minister of Australia decried a court ruling against Adani Group’s Carmichael coal mine project, said the relevant regulators will ”do their job” regarding any allegation of wrongdoing by the ports-to-power conglomerate as alleged by an US short seller firm. As much as $140 billion of the market value of the conglomerate’s listed companies was wiped out after US short seller Hindenburg Research on January 24 accused the Adani empire of ”brazen stock manipulation and accounting fraud” and using a number of offshore shell companies to inflate stock prices.

3. ”I am all in favour of Adani mine. I thank Adani and his team for what they have done to provide electricity to Indians and jobs and prosperity to Australia,” he said.fa In 2015, when a local court revoked the environmental approval for the Adani building one of the world’s largest coal mines in Queensland, Abbot had stated that it was ”tragic for a wider world” if legal safeguards are allowed to stall large mining projects. If we get to the stage where the rules are such that projects like this can be endlessly frustrated, that’s dangerous for our country and it’s tragic for the wider world,” he said. Comparison

4. While it’s absolutely true that we want the highest environmental standards to apply to projects in Australia, and while it’s absolutely true that people have a right to go to court, this is a $21 billion investment, it will create 10,000 jobs in Queensland and elsewhere in our country. On the allegations by Hindenburg Research, Abbott said that he has not seen the details of the report and ”I assume if there is anything in them, the relevant corporate regulators will do their job”. As far as I am concerned I regard Adani as a benefactor to Australia and I admire his success in building up a very large diverse business empire from scratch,” he said.

5. Attachments Original Link :- https://www.businesstoday.in/latest/corporate/story/have-lot-of-admiration-for-gautam-adani-his-company-says-former-australian-pm-who-backed-adanis-coal-mines-372050-2023-03-02 Source URL https://adaniaustralia.in/have-lot-of-admiration-for-gautam-adani-his-company-says-former-australian-pm-who-backed-adanis-coal-mines/

6. Thank You