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

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

Former Australian Prime Minister Tony Abbott came out in support of billionaire Gautam Adani stating that he had a lot of admiration and respect for the Indian business tycoon and his company.

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

On the allegations made by Hindenburg, former Australian Prime Minister Tony Abbott said he has not seen the details of the US-based research firm’s report. (File photo)

By India Today News Desk: Former Australian Prime Minister Tony Abbott came out in support of billionaire Gautam Adani stating that he had a lot of admiration and respect for the Indian business tycoon and his company.

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

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The Adani Group received a massive blow as close to $140 billion was wiped out from the share market after a US-based shortseller research firm Hindenburg accused the group of “account fraud” and “stock manipulation” last month. The group has, however, refuted all the allegations and has even approached the Supreme Court, seeking action against Hindenburg founder for causing massive losses.

ABBOT AN ARDENT SUPPORTER OF ADANI SINCE 2015

In 2015, when a local court in Australia revoked the environmental approval for Adani Group’s Carmichael coal mine project – one of the world’s largest coal mine in Queensland – Abbot had stood in support of the business tycoon stating that it was “tragic for a wider world” if legal safeguards are allowed to stall large mining projects.

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In 2019, the Adani Group received the final and last approval for the project and coal mined from Carmichael is routinely shipped to Indian power plants to produce electricity.

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

‘RELEVANT REGULATORS WILL DO THEIR JOB’

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

Also Read | Meet the six-member expert 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 said.

(Inputs from PTI)