China will finance Adani mine, insiders say, but it will cost Australian jobs

The Adani Group is close to securing finance for its controversial coal mine and railway project in outback Queensland, with an announcement expected in coming weeks that Chinese state-owned enterprises, banks, and export credit agencies are backing the venture.

China's money could mean Adani no longer
needs a loan from the Australian Government.

Australian taxpayers may be let off the hook under the deal, which could mean Adani no longer requires an Australian Government-subsidised loan of up to $1 billion for the railway it needs to transport the coal to port.

But China's money will come at the cost of local jobs.

Chinese enterprises and export credit agencies invariably require that materials for key infrastructure are sourced from China, effectively shifting work out of Australia and undermining Adani's claims its project will create many thousands of additional jobs for Queensland.

Read the story by Stephen Long on ABC News - “China will finance Adani mine, insiders say, but it will cost Australian jobs.”

Adani mining giant faces financial fraud claims as it bids for Australian coal loan

A global mining giant seeking public funds to develop one of the world’s largest coal mines in Australia has been accused of fraudulently siphoning hundreds of millions of dollars of borrowed money into overseas tax havens.

Men wearing masks of Australian prime minister Malcolm
Turnbull and Adani chairman Gautam Adani protest outside
Parliament House in Canberra. 

Indian conglomerate the Adani Group is expecting a legal decision in the “near future” in connection with allegations it inflated invoices for an electricity project in India to shift huge sums of money into offshore bank accounts.

Details of the alleged 15bn rupee (US$235m) fraud are contained in an Indian customs intelligence notice obtained by the Guardian, excerpts of which are published for the first time here.

The directorate of revenue intelligence (DRI) file, compiled in 2014, maps out a complex money trail from India through South Korea and Dubai, and eventually to an offshore company in Mauritius allegedly controlled by Vinod Shantilal Adani, the older brother of the billionaire Adani Group chief executive, Gautam Adani.

Read Michael Safi’s story on The Guardian - “Adani mining giant faces financial fraud claims as it bids for Australian coal loan.”