AUSTRALIA: TENS OF MILLIONS OF DOLLARS IN RETIREMENT SAVINGS EXPOSED TO ADANI STOCK PRICE FALL

Protesters on Bondi Beach in Sydney wear masks of Australia’s ex-Prime Minister Malcom Turnbull and Gautam Adani (right). Photo: (EPA)

Thu 23 February 2023:

The recent freefall in the Adani group’s stock prices has exposed tens of millions of dollars in Australian retirement savings, The Guardian reported. The group companies have been facing a continuing decrease in stock values after a report released on January 24 by US-based short-seller Hindenburg Research, alleging large-scale fraud and stock manipulation.

A number of big superannuation funds in Australia reportedly invested in Adani group companies, including those that cater for government workers in Queensland and employees at the Commonwealth Bank.

“Any super fund investing in Adani Group companies has failed its members on climate action and due diligence,” Will van de Pol, a Market Forces asset management campaigner, told The Guardian.

“These funds have used members’ money to prop up Adani’s unacceptable coal expansion plans, including the disastrous Carmichael mine, and failed to see glaring investment risks that existed for years before being outlined in the Hindenburg report,” Van de Pol continued.

For example, according to The Guardian, the Brisbane-based Australian Retirement Trust was exposed to at least six Adani entities worth several million dollars before the release of the Hindenburg report.

In addition, “following a freedom-of-information request by former senator Rex Patrick, the Future Fund recently disclosed it had a $33.1m investment in two Adani companies before the share price collapse,” The Guardian reported.

-The Wire

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