Tag: adani

Photographic & video evidence contradicts Adani Ports denial of ties to Myanmar army: Australian Centre for International Justice

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Protest in Australia against Adani ties with Myanmar military

By SAT News Desk

MELBOURNE, 1 April 2021: The Australian Centre for International Justice has in a press release in response to Adani Ports’ denying business with the Myanmar army (Adani press release) in response to the release of the report ‘Port of Complicity: Adani Ports in Myanmar’ has said Adani Ports denial is misleading as it fails to disclose ties with the Myanmar army. (Press release)

Relevant facts

• Adani Ports is in direct business with the MEC, a United States’ sanctioned entity.

• On 23 May 2019, Adani Ports entered into a ‘build, operate, transfer’ (BOT) agreement with MEC.

• Adani Ports’ Myanmar subsidiary, the Adani Yangon International Terminal Company Limited, is constructing a container port in Yangon on MEC’s military-owned land.

• Documents from the Yangon Region Investment Commission show Adani Ports is purportedly paying land lease fees of up to US$52 million to MEC, its business partner.

• As is widely and publicly known, and is now acknowledged by US and UK sanctions, revenue from the military’s owned and controlled businesses help contribute to the military’s ability to commit atrocities in Myanmar.

• In August 2018, the UN Human Rights Council with the release of the Fact-Finding Mission’s report, issued a public warning to foreign corporations not to do business with the Myanmar military’s owned and controlled businesses. Some 10 months later, in May 2019, Adani Ports entered into an agreement with MEC, despite this public warning to foreign businesses.

• In April 2019, the UN Human Rights Council issued another warning and passed a resolution reminding foreign corporations, to respect international human rights and the UN Guiding Principles on Business and Human Rights in respect of Myanmar.

• On July 27, 2019, Adani Ports hosted Myanmar’s Commander-in-Chief and MEC leader, Senior General Min Aung Hlaing at Mundra Ports, 10 days after the US barred his entry into the US citing his role in the military’s campaign of ethnic cleansing against the Rohingya. The atrocity crimes of the military, led by Senior General Min Aung Hlaing, are being investigated at the ICJ and ICC in The Hague.

• In September 2019, after being listed in the UN Human Rights Council’s Fact-Finding Mission Report, Adani Ports remained silent about this public listing, even while other corporations listed in the FFM’s report, commenced a review of their business operations, and ultimately disengaged from the military-owned businesses in Myanmar.

• In February 2021, Adani Ports stated that it categorically denied engaging with the military leadership. This was contradicted by photographic and video evidence.

The Australian Centre for International Justice and Justice report on Myanmar has called on the National Stock Exchange of India (NSE) and BSE to take regulatory action against Adani Ports, by requiring the company to respond to Port of Complicity in full and to disclose to shareholders its business links to the Myanmar military and the associated risks, including the implications of US sanctions against Adani Ports’ business partner, MEC. Regulatory action would follow a precedent set by the Singapore Stock Exchange (SGX), which initiated regulatory action against Emerging Towns and Cities Singapore (ETC) for land lease payments to the Myanmar army.

Ahsan Haque from the Burmese Rohingya Community in Australia says, “It doesn’t inspire confidence in me, that the Adani Group claims to uphold human rights while it is still in business with military conglomerate, MEC. Adani Ports didn’t think about the human rights of the Rohingya when it went into business with MEC, a company led by General Min Aung Hlaing, who ordered genocide against my people, or when it rolled out the red carpet to him even while the whole world was beginning to act against the generals for the military’s crimes. MEC financed genocide against my people; no claims about respecting human rights are going to change that fact. Adani Ports has no choice but to end its business with the military, and because it still denies its business with MEC, we call on investors to act and divest from Adani Ports.”

Yadanar Maung, spokesperson for Justice For Myanmar says, “Adani Ports is complicit in the commission of atrocity crimes in Myanmar. Not only has the Myanmar military killed over 530 people protesting the military junta since the February 1 coup, but they are also conducting airstrikes against innocent villagers in ethnic areas that constitute war crimes and crimes against humanity. Adani Ports has shown a repeated failure to take responsibility and to be truthful, so it is time the BSE and NSE take action against Adani Ports. The Singapore Stock Exchange (SGX) has taken regulatory action against Singapore listed company ETC for a similar lease deal with the Myanmar military and we urge the BSE and NSE to take lessons from the SGX and act urgently. Action is critical now that the Myanmar military is violating international human rights and humanitarian law, by using most lethal weapons against civilians.”

Australian activists condemn Adani’s links to the Myanmar military regime; Adani denies dealings with Myanmar army

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Photo- Frontline Action on Coal

By SAT News Desk

MELBOURNE, 31 March 2021: Environmental activists in Australia have condemned Adani for their cooperation with the Myanmar military regime, this morning staging a picket outside Adani’s Abbott Point coal terminal. The activists displayed a banner saying – Adani in bed with Myanmar military. (see photo)

A report released yesterday (30 March 2021) by the Australian Centre for International Justice revealed Adani has allegedly paid over $US50 million to the military-aligned Myanmar Economic Corporation to lease land for its Yangon International Terminal. It also revealed that, though Adani last month denied ever having dealings with the Myanmar military, there is video footage of chief executive Karan Adani meeting and exchanging gifts with top general and accused war criminal Min Aung Hlaing.

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Photo-Australian Centre For International Justice

The military regime overthrew the democratically elected Myanmar government in a coup on February 8th. Since then the military has killed over 500 protesters, including over 100 last weekend. The US government last week became the latest international organization to announce boycotts and sanctions against the regime.

Frontline Action on Coal spokesperson Andy Paine said “this should come as no surprise to those who have been following Adani’s operations in India or Australia. In both places, they have been criticized for abusing the human rights of indigenous people and for consistently lying to the public.

“Adani tries to paint itself as a good corporate citizen, but this once again shows them for what they are: a company that will put its profits ahead of all other considerations. That’s why people of conscience are opposing Adani’s projects from India to Australia. That’s why over 90 corporations have ruled out working on the Carmichael mine. That’s why Adani are ashamed to use their own name, instead of engaging in ludicrous rebranding exercises.

If Adani is serious about democracy and human rights, they should immediately pull out of their port in Yangon. And the Australian people should demand an end to Adani’s destructive Carmichael mine – to support those struggling for democracy in Myanmar, and to stop our climate from becoming the latest thing sacrificed for Adani’s profits.”

READ FULL Australian Centre for International Justice report

HSBC shareholders to decide Adani ties on May 28

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Photo- #StopAdani

By SAT News Desk

MELBOURNE, 12 March 2021: Shareholders of HSBC will decide at its AGM on 28 May 2021, a plan to exit coal financing related to the Adani Group, as it begins digging the Carmichael mega coal mine in Australia.

StopAdani campaigners are calling on HSBC to commit to no further financing for The Adani Group, and for the bank to speak out against the proposed AUD$1 billion State Bank of India loan for the destructive Carmichael coal mine in Australia.

HSBC is a major bondholder in Adani Ports which owns the company that will operate the coal haulage from Adani’s Carmichael mine to its port on the Great Barrier Reef. HSBC is also a key financial partner for the State Bank of India, which is considering an AUD$1 billion loan to Adani for the Carmichael coal mine in Queensland.

Julien Vincent, Campaigner at Market Forces says: “HSBC’s shift out of coal must include divestment from The Adani Group. Adani’s planned Carmichael project will open a massive new thermal coal basin in the midst of a climate crisis.”

Protests were held recently by the Stop Adani movement at HSBC branches, sent thousands of emails to HSBC executives and environmental finance experts have criticised HSBC’s connections to Adani.

Details on HSBC’s new commitment to end coal financing is here on the ShareAction website.

A copy of the statement from HSBC investors is available here.

The three core investor demands of HSBC, according to Stop Adani media release, are:

• A prohibition of general corporate financing and underwriting to companies that are highly dependent on coal mining and/or coal power, as well as companies planning new coal mines, coal plants, and coal infrastructure;

• A commitment to help clients develop, publish and implement coal phase-out plans in line with the 2030/2040 timelines by a specific date and no later than December 2023;

• A commitment to focus on the entire coal supply chain, including coal equipment manufacturers and any other coal supply chain function that contributes to the expansion of coal-related activities.

Where do Ambani, Adani stand in a global visualisation of top richest people?

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The last table excludes the US and China

By Rajiv Shah

Visual Capitalist, in its latest survey in order to “visualize” the richest people in the world, has suggested that India’s billionaire Mukesh Ambani is the 11th richest person the world with an accumulated wealth of $90.9 billion, failing to make in the top ten. Even singling out two countries China and India, to identify their richest persons, the commentary refuses to comment on Ambani’s wealth.

Gautam Adani, India’s second richest billionaire of India, has an accumulated wealth of $35.9 billion, less than half that of Ambani. Not without reason, Adani does not even figure in the list of 10 richest persons outside the US and China. Figures suggest he would be the 11th richest person outside the US and China.
This what the survey’s comment states:

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Over $567 billion has been amassed by the 10 richest people in the world in less than a year.
To put that into perspective, that’s more than sevenfold the wealth accumulated by the top 10 in the time period prior. As just one example, Elon Musk witnessed his wealth increase at least 500% in the last year. Meanwhile, Amazon’s Jeff Bezos, has earned a cool extra $68.6 billion.

With data from the Forbes Real-Time Billionaires List, we navigate how the wealth of various uber-affluent groups have changed since the beginning of the pandemic.

The 10 Richest People in the World

With a net worth of $182 billion, Jeff Bezos is the wealthiest in the world.
After 26 years, Bezos announced he would step down as Amazon CEO to become executive chairman to focus on Blue Origin, among other endeavors. The private company states that it is “opening the promise of space to all” and is planning to launch New Glenn, its first rocket in the second half of 2022.

Top 10 Wealth Growth

With a stunning 1,172% growth rate year-over-year, Daniel Gilbert, CEO of the largest mortgage lending company in the U.S., has seen his wealth multiply the fastest.
Gilbert, who founded Quicken Loans at 22, took its parent company public in August.
With his cult-like following, Elon Musk has also seen tremendous wealth growth. At one point Musk even briefly surpassed Jeff Bezos as the richest person in the world.
This is impressive since Jeff Bezos’ wealth ballooned over 70% in the same time frame. Similarly, Zuckerberg, Gates, and Buffett have all seen double-digit growth.

Who’s In and Who’s Out?

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Visual Capitalist on top Indians

Among the newest to join the billionaire’s club is Whitney Wolfe Herd, CEO of Bumble at 31 years old.
Wolfe Herd is the youngest American woman to take a company public ever, with the February 2021 IPO raising $2.2 billion. Bumble is the second-largest dating company to go public after Match Group, which owns 45 dating companies including Tinder.
By contrast, last year’s youngest billionaire, Kylie Jenner, fell off the list after allegedly inflating her net worth. Interestingly, the Kardashian’s took great lengths to show Forbes the extent of her wealth, including showing them their tax returns along with invitations to their mansions.
Still, Jenner’s net worth stands at roughly $700 million.

A New Gilded Age?

Given the staggering growth of the ultra-wealthy in recent years, today’s wealth concentration is now comparable to America’s Gilded Age.

At the time, John D. Rockefeller was the richest person in the world – worth roughly $285 billion in today’s terms. His businesses produced 1.6% of total U.S. economic output.
By comparison, Jeff Bezos, at $182 billion, still has a little way to go just yet.

Source- counterview.in, 10 March 2021.

Australian Govt invests taxpayers money in Adani’s Carmichael coal project: Stop Adani

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By SAT News Desk

MELBOURNE, 16 December 2020: The ‘Stop Adani’ environment organization has alleged: “Australia’s sovereign wealth fund, the Future Fund, is investing taxpayer money in an Adani Group company that is funding critical aspects of the controversial Carmichael Coal Project and holds business ties to the Myanmar military”.

In a statement emailed today to South Asia Times (SAT), Stop Adani says, ” Rohingya community, human rights, and environmental groups are calling on the Future Fund to divest its equity holdings from Adani Ports and Special Economic Zone, because of critical environmental, social and corporate governance failings of the company in Myanmar and Australia.

In January 2019 Adani Ports entered into a commercial relationship with Myanmar Economic Corporation (MEC), a Myanmar military holding company, to build an international port in Yangon on military-owned land.

Adani Ports entered into a lease with MEC for 50 years for an investment of USD $290 million for the construction of Ahlone International Port Terminal 2. The Myanmar military owns four commercial ports in Yangon that are currently operational. The first phase of Adani’s port is scheduled for completion in 2021.”

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Photo- Stop Adani, Twitter

Pablo Brait, a campaigner with Market Forces said: “The Future Fund should be investing in the companies building our future, not those that are destroying it. Adani Ports’ role in the Carmichael coal project – a project that will fuel the climate crisis and the extreme weather that it is causing – shows it is a terrible investment for the Future Fund to be making with our money. It is clear that Adani Ports has a very concerning environmental, social, and governance risk profile beyond its role in climate-wrecking coal.

The media statement says:

“Adani Ports’ business with the Myanmar military, in disregard of human rights, follows its recently revealed direct role in the Carmichael coal project in Australia, which is a major threat to the environment and Traditional Owners of the land, the Wangan and Jagalingou people. Adani Ports has recently established the subsidiary Bowen Rail Company to transport coal from the Carmichael mine.

The groups submitted a Freedom of Information request to the Future Fund, to disclose any holdings it has in Adani Ports and Special Economic Zone Ltd. The Future Fund disclosed AUD$3.2 million in equity holdings, invested despite the company’s widely known and heavily criticized environmental and human rights record.

In August 2019 UN Human Rights Council’s Fact-Finding Mission on Myanmar warned that companies involved with the MEC risked being complicit in funding the financial operations of the Myanmar military and urged companies to sever ties.”

Mohammad Junaid from the Burmese Rohingya Community in Australia says, “It is shocking to the Rohingya people that Australia’s Future Fund has invested in a company that is doing business with the Myanmar military. The UN has condemned foreign companies profiting at our expense.”

Member of the UN Fact-Finding Mission on Myanmar, Australian lawyer, Chris Sidoti said: “Adani is in bed with the Myanmar military and now it seems the Future Fund is in bed with Adani.

“Australia’s sovereign wealth fund should follow the lead of similar funds in other countries and of increasing numbers of pension funds, moving towards disinvesting from companies in league with Myanmar’s murderous military.

Rawan Arraf, Director of the Australian Centre for International Justice said: “Despite United Nations condemnation of Adani Ports’ business ties with the Myanmar military, the Australian government is investing in Adani Ports. The Future Fund is at risk of contributing taxpayer money to the financing of Myanmar military activities through its investment in Adani Ports.”

Meanwhile, “In October 2020 it was announced that global shipping giant, Maersk, will end its use of the military-owned ports in Myanmar, leaving Adani Ports, currently constructing a new military-owned port in Yangon, in serious commercial trouble, as shipping companies are under increasing pressure to end business with Myanmar’s military-owned ports. Adani Ports SEZ has been taking on debt from international banks including US, UK, Germany and Japan to finance projects including in Myanmar.”