Adani responds to ABC 'smear campaign'
ADANI has hit back at The ABC after an article was published online early this morning containing sentiments such as "(biggest) corporate failures we've seen over the last 20 to 30 years".
The article, titled 'Adani's Carmichael coal mine surviving on lifeline from Indian parent company' was based on an interview with Professor van der Laan, a forensic accounting specialist from the University of Sydney.
ABC's story stated the Professor has a "reputation for picking corporate collapses waiting to happen".
The article made a number of claims about inter-company loans, insolvency, reliance on parent companies and being non-profitable.
Adani responded swiftly labelling the public broadcaster's article "nothing more than a smear campaign".
"Claims regarding the Adani Group's financial position by Professor Sandra van der Laan and Institute for Energy Economics & Financial Analysis (IEEFA) to the ABC are false and misleading," a spokesperson said.
"The claims misrepresent Adani's financial accounts in an attempt to discredit our business in what is nothing more than a smear campaign."
Adani said it was not provided with a "source" of the article and was unable to respond as a result.
"It was not until we had provided our statement that they were willing to provide further context and partial advice on their source," the spokesperson said.
In today's statement, the Indian miner sought to defend its financial record.
"Adani has been operating successfully in Australia for nine years and has invested more than $3.6 billion into the Australian economy during that time.
"Over nine years our contractors, employees, consultants and other business partners have been paid.
"Our operations here are Australian businesses, operating under Australian financial regulations and taxation legislation.
"Like other Australian businesses, our accounts are annually audited and tested for matters such as insolvency and assessed against other financial responsibilities and accountabilities.
"Like other Australian companies Adani Mining is required to report its balance sheet to ASIC under Australian law, and our balance sheet has been publicly available for the past eight years for people to view."
Adani said the lack of profit should come as no surprise as the mine has not begun exporting.
"Until we start producing and selling coal, we will be continuing to invest in the development of the mine and rail and therefore this will be treated as an accounting loss," she said.
"The construction stage is due for completion approximately two years after approvals were received, and production of coal will shortly follow."
The company described the Carmichael Mine Project as a "long-term investment".