What else is up with #ADANI? An exhaustive search of company filings & documents across the globe has cast light on this opaque structure of ownership & control.
Adani bought a 99-year lease over the coal port in 2011 for $1.8 billion through a company listed on the Bombay Stock Exchange, Adani Ports & Special Economic Zone Ltd (AZPEZ). That company said it "sold" the port three years ago to a Singaporean-based Adani family company "subject to regulatory & lenders approvals". BUT the sale has not been completed, because of objections by the State Bank of India, which lent Adani $1.1billion for the port purchase.
In its latest filings with the Australian corporate watchdog, Adani still lists the port as being owned by the Bombay-listed company. Yet ASPEZ's 2016 annual report said it had "recorded the divestment" of the port to Abbot Point Port Holdings Pte Ltd, Singapore: an entity which lists as its sole director Vinod Shantilal Adani who conveniently happens to be the brother of Guatam Adani, head of the Adani Group & which is ultimately owned by Atulya Resources in the Cayman Islands.
Aside from killing the reef & cooking the climate, in basic corporate business terms this means the advantage of having the money in tax havens is that you are able to conceal the source of money, the use of money & also to minimise tax & due to the offshore location transferring ownership of the critical port infrastructure means it will be unregulated & unaccountable. Adani gets away with it whilst the reef, our environment, culture, heritage & livelihoods suffer. What's it worth to YOU? Start talking #Australia.
Image| Abbot Pt- Adani Coal Port & stock piles, located within the #greatbarrierreef marine park.