Ex-Australian PM backs Gautam Adani, says regulators will do their job

Former Australian Prime Minister Tony Abbott got here out in help of billionaire Gautam Adani stating that he had a variety of admiration and respect for the Indian enterprise tycoon and his firm.

New Delhi ,UPDATED: Mar 2, 2023 23:46 IST

On the allegations made by Hindenburg, former Australian Prime Minister Tony Abbott mentioned he has not seen the small print of the US-based analysis agency’s report. (File photograph)

By India Today News Desk: Former Australian Prime Minister Tony Abbott got here out in help of billionaire Gautam Adani stating that he had a variety of admiration and respect for the Indian enterprise tycoon and his firm.

“I have a lot of respect and admiration for Adani and Adani Group,” Mr Abbott mentioned at a media briefing right here. “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,” Tony Abbott mentioned.

Also Read | Adani Group rejects report of $400 million fund elevate towards Australian belongings

The Adani Group obtained an enormous blow as near $140 billion was worn out from the share market after a US-based shortseller analysis agency Hindenburg accused the group of “account fraud” and “stock manipulation” final month. The group has, nevertheless, refuted all of the allegations and has even approached the Supreme Court, in search of motion towards Hindenburg founder for inflicting huge losses.

ABBOT AN ARDENT SUPPORTER OF ADANI SINCE 2015

In 2015, when a neighborhood courtroom in Australia revoked the environmental approval for Adani Group’s Carmichael coal mine challenge – one of many world’s largest coal mine in Queensland – Abbot had stood in help of the enterprise tycoon stating that it was “tragic for a wider world” if authorized safeguards are allowed to stall giant mining initiatives.

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In 2019, the Adani Group obtained the ultimate and final approval for the challenge and coal mined from Carmichael is routinely shipped to Indian energy vegetation to supply electrical energy.

The coal produced from Adani’s Carmichael mines in Australia “will certainly be part of the ongoing process of electrification here in India”, mentioned Abott, who has served because the Prime Minister of Australia in 2015.

‘RELEVANT REGULATORS WILL DO THEIR JOB’

On the allegations made by Hindenburg, Abbott mentioned he has not seen the small print of the US-based analysis agency’s report. “I assume if there is anything in them, the relevant corporate regulators will do their job.”

Also Read | Meet the six-member knowledgeable committee overseeing Adani-Hindenburg case

“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 mentioned.

(Inputs from PTI)

Edited By:

Raajnandini Mukherjee

Published On:

Mar 2, 2023