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Adani is still significant investor in Australia, investment fully functional: Aussie Envoy Barry O'Farrell
Barry O'Farrell
Image Credit: File photo by Local Government and Shires Associations of NSW on Flickr via Wikimedia Commons

Adani is still significant investor in Australia, investment fully functional: Aussie Envoy Barry O'Farrell

| @indiablooms | 07 Mar 2023, 02:49 pm

New Delhi: Australian High Commissioner to India Barry O'Farrell on Monday said that Adani group still remains a major investor in the country.

"Adani's investment is fully functioning in Australia. No reports I see from Australia of any effect on business, he is still a significant investor," O'Farrell said on Monday as quoted by ANI.

Adani Group is an Indian multinational conglomerate that was founded by Gautam Adani.

Recently, Hindenburg Research had raised concerns about high debt at the Adani Group and accused it of improper use of entities set up in offshore tax havens - a charge the group denies, according to Reuters.

The report alleged corporate misgovernance, stock price manipulation, and high leverage of the group.

The Supreme Court in its verdict last week said it is constituting a committee to look into the Adani-Hindenburg issue.

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.

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