Professor van der Laan, a forensic accounting specialist who heads the discipline of finance at the University of Sydney, notes: “a labyrinth of trusts interposed between private companies and Indian stock market-listed companies with ties to, and in some cases ownership in, tax havens stretching from Singapore to Mauritius, on to the Cayman Islands and the British Virgin Islands.” The group has a complex corporate structure involving: The Carmichael Coal Mine was proposed in 2010 by Adani Mining Pty Ltd, a subsidiary of the Adani Group from India operating as Adani Australia for its Australian projects (Adani). Those cases are not the focus of this case study but are explained below to minimise confusion over the different cases against this mine and associated infrastructure.įour cases in the Federal Court of Australia for judicial review of the Commonwealth Environment Minister’s decisions to approve the mine and associated water infrastructure are the subject of a separate case study. Some of those cases that have received heavy media coverage. In addition to the enormous political campaign against the mine and its financial difficulties, it has faced multiple court cases. In the Land Court hearing considered in this case study, Adani’s own economic expert, Mr Jon Stanford, agreed the mine is “ an extremely risky project” financially. “keeping the project on life support helps avoid a painful billion-dollar writedown perhaps a sufficient level of taxpayer subsidy might be enough to salvage something from the wreckage.” Adani has become shorthand for ‘are you serious about climate change?’.”( Labor figure, May 2017)Īfter obtaining approval, the mine struggled to obtain finance from banks and other lenders, leading to speculation that Adani’s promise to self-fund the mine was: This case study involves a major dispute in the Land Court of Queensland over the Carmichael Coal Mine (commonly known as the “Adani Mine”) proposed in the Galilee Basin of central Queensland and a subsequent judicial review challenge to the mine’s approval in the Supreme Court of Queensland.ĭue to its enormous scale (as originally proposed) and its potential contribution to the climate crisis and ongoing collapse of ecosystems such as coral reefs, the campaign against it became the biggest environmental campaign seen in Australia since the Franklin campaign in the 1980s:
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