Australian news, and some related international items

Adani quietly rebranding Abbot Point terminal as company hit with $107m damages bill

Adani quietly rebranding Abbot Point terminal as company hit with $107m damages bill

Exclusive: Queensland supreme court says company engaged in ‘unconscionable conduct’, Guardian  Ben Smee @BenSmee, Fri 28 Aug 2020 Adani has quietly begun planning to rebrand its Abbot Point coal terminal – removing all reference to Adani in its company name and branding – as financiers continue to abandon the business and a Queensland court orders it to pay $106.8m in damages.

The Queensland supreme court this week ordered Adani to pay four terminal users damages for “unconscionable conduct” in a judgement that was scathing of Adani’s actions to advantage its own financial interests over other coal companies.

In the 93-page decision, the supreme court justice Jean Dalton said Adani’s ports business “attempted to disguise its behaviour in complex transactions”, engaged in conduct outside the boundaries of normal commercial behaviour, and “pleaded matters which were false”.

Name change planned as more investors pull out

Guardian Australia can reveal that Adani reserved two new company names with the Australian Securities and Investments Commission on 18 August – eight days before the court judgement. The Asic documents flag its intention to rebrand Adani Abbot Point Terminal and its holding company as the “North Queensland Export Terminal”.

In July, an Adani employee registered the web domain on behalf of Adani Abbot Point Operations, a separate company that manages the operations of the export terminal.

Climate campaigners say the move appears to be Adani “changing what has obviously become a toxic brand” amid its ongoing difficulties refinancing the port’s debts.

The Guardian can also reveal two additional Korean investors have, under pressure from climate activists, said they will dump their investments in Adani’s port, which has total debts of $1.5bn.

In recent days, Korean Investment Securities and Industrial Bank of Korea have written to activist groups confirming they will not offer further finance to the port, which would export coal from Adani’s controversial Carmichael coalmine……….

August 29, 2020 - Posted by | AUSTRALIA - NATIONAL, climate change - global warming

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