Story saver4/30/2023 ![]() ![]() The investment was part of a “passive” allocation, whereby the fund appoints external fund managers to invest on its behalf in a particular country or sector, often tracking an index. The Australian Retirement Trust, a Brisbane-headquartered manager with more than $200bn in assets, was exposed to at least six Adani entities worth several million dollars before the report was released. ![]() Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup “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 said. Shares in seven listed Adani companies have shed about US$125bn (A$182bn) since the report, representing well over half the value of the ports-to-power conglomerate that runs Australia’s contentious Carmichael coalmine and rail project in Queensland. Analysis of superannuation holdings by the climate activist group shows that the investments are collectively worth tens of millions of dollars, but only represent a small fraction of an individual fund due to the diversified nature of their stock holdings.Īdani companies have been subject to relentless selling since a 24 January report by US investor Hindenburg Research accused the conglomerate of stock manipulation and accounting fraud.Īdani Group published a 413-page rebuttal of the allegations, likening the US short-seller’s report to an attack on India, but it has been unable to arrest a relentless slide in the value of the company. ![]()
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