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'Allegations don't necessarily equate to truth': Ex-Aussie PM Tony Abbott on Hindenburg's negative report on Adani
Adani Group
Image: Wikimedia Commons

'Allegations don't necessarily equate to truth': Ex-Aussie PM Tony Abbott on Hindenburg's negative report on Adani

| @indiablooms | 05 Mar 2023, 02:01 pm

Former Australian PM Tony Abbott has rubbished the allegations of grave irregularities against Adani Group by US-based short seller Hindenburg Research and said it is "easy to make allegations, but just because something has been alleged, doesn't make it true."

Abbott said that the truth in the matter is being investigated by the regulators and as far as he is concerned, he is "grateful for the faith Adani group has shown in Australia."

"It's easy to make allegations. Just because something has been alleged, doesn't make it true. My recollection of the principles of the common law is you're innocent until proven guilty," Abbott told NDTV in an interview on Saturday.

"So, if there is anything in it, I'm sure the regulators will look into it and let the cards fall where they may. But as far as I am concerned, I am grateful for the faith Adani group has shown in Australia," he said, referring to Adani investments worth billions of dollars in his country.

He also emphasised how the Narendra Modi-led government ensured round-the-clock power to millions of Indians with the help of Australian coal mined by Adani which was facilitated by duty-free imports.

"Well, obviously, as someone who very much supported Adani mining in central Queensland, am very delighted that Adani coal is now coming to India to help with electrification of the country because you can't have a modern life without 24x7 electricity. That's what Australian coal from Adani mining is helping to provide, as a result of that deal that our government finalised late last year," Abbott told NDTV.

The former Aussie PM said he is "very pleased" that Australian coal from Adani is now helping to provide 24x7 power to millions of people in India.

"Adani coal is coming to India with zero tariffs. Thanks to that deal that removed tariffs on Australian coal. Obviously, there's more to energy markets than just coal. Adani, to his credit, is a renewable energy magnet as well as a fossil fuel energy magnet. These days it's important to have both in the mix. And certainly, if India is looking for energy security, Australia can help supply it," said Abbot, who is also a member of the UK government's Board of Trade since 2020.

"I know as an Australian that the Adani group has invested billions of dollars in Australia, they have created jobs and wealth in Australia... I admire the way Adani and his team have shown perseverance in Australia. As for the claims that have been made about various market dealings and so on, I'm confident that if there is anything in them, it will be referred to the relevant regulator, who will deal with it because Adani is a company that operates under the law. India is a country that operates under the rule of law," Abbott said.

The Carmichael mine and rail project, Adani Mining's primary venture, is situated roughly 300 km west of the Queensland coast.

This project involves the mining of thermal coal and the transportation of coal from the Galilee Basin to Asian countries, including India. This initiative has created numerous job opportunities for residents of Queensland.

After the fraud allegations made by Hindenburg sent shockwaves across the Indian stock market, the Supreme Court established a committee consisting of six subject matter experts to investigate the matter.

The Carmichael coal mine operated by Adani has been the subject of protests for several years, with critics asserting that it would significantly exacerbate global warming and cause harm to the Great Barrier Reef.
 

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