The Organized Crime and Corruption Reporting Project (OCCRP), along with its partner the Financial Times (FT), is back with an open agenda. The target was Adani Group, India's largest conglomerate. world. All in the name of investigative reporting! I have to say it's pretty embarrassing.
Their old and recycled claim is that in January 2014, the Adani Group imported low-grade coal from Indonesia and transferred it to the Tamil Nadu government-owned Tamil Nadu Power Generation and Distribution Company as high-grade coal. He received a windfall profit by handing over the money.
It is important to note what the Financial Times wrote in its report, which clearly reveals their motives: “The latest revelations come as Adani is in the midst of rebranding itself as a renewable energy giant, including building one of the world's largest wind and solar parks at Kabda, near the Pakistan border.”
Whose interests are the FT claiming to have raised the issue of Adani's coal imports because of its concern for the global environment? If the FT is serious about its environmental claims, it should praise the Adani Group for its ever-expanding green energy business. It seems the FT editors and their fanciful content purveyors certainly need guidance.
The Financial Times further said, “The findings indicate that billionaires including Gautam Adani, whose name and vast wealth have surfaced during the current election campaign as Prime Minister Narendra Modi seeks a third term in office, It could also add to India's increasingly heated political debate over the power and influence it enjoys.”
The Financial Times editorial board and OCCRP's funders (which include George Soros's Open Society Foundations, the Ford Foundation, the Rockefeller Brothers Fund and the Oak Foundation) have once again erred, trying to add rejected masala to a debate that ended months ago.
Indian National Congress leader Rahul Gandhi and his close aide and communications director Jairam Ramesh are finally taking on Prime Minister Narendra Modi ahead of the remaining two parliamentary elections. I jumped right into the problem, hoping I could get something that would work.
But the concerted effort to create a fuss over the recycled and rehashed report once again produced nothing. Unfortunately, the opposite happened: the stock market reacted favorably to Adani Group. Investors, including major foreign investors, were probably fed up with these hoax calls by the Western media and stimulated the so-called “investigative” group. In any case, the market sentiment expressed by investors is also a barometer of public sentiment.
They mistakenly believed that by hinting at closeness between PM Modi and Mr Adani, they could tarnish the current government's impeccable image.
Adani Group shares, including flagship Adani Enterprises, have had their best days in recent months since the report was released. Adani Enterprises shares rose 8.01% to Rs 3,391.20 a share on the BSE, boosted by talk of Adani Enterprises being included in the Sensex index.
Looking at other group stocks: NDTV stock price rose 7.56%, Adani Ports 4.72%, ACC 2.86%, Adani Power 2.79%, Adani Total Gas 2.3% and Ambuja Cements over 2%. Other group stocks also surged, taking the group's total market capitalisation to a whopping Rs 17.23 billion.
Apparently, investors rejected the Financial Times and OCCRP's allegations of irregularities in the supply of coal to the Tamil Nadu government-owned power utility. Iconic global financial institution Cantor Fitzgerald said the Financial Times report on Adani Group was “just noise”.
Irrespective of popular and market sentiments, the National Congress faction announced that it would form a Joint Parliamentary Committee (JPC) within a month of taking power. This clearly shows the disconnect between the party and the masses.
On August 31 last year, OCCRP's tweets gave a glimpse of collaboration and machinations with Rahul Gandhi and the Indian National Congress. “In response to our latest research, @RahulGandhi, the leader of India's largest political party, will hold a press conference on the Adani Group. Scheduled for 5pm Indian Standard Time. You can watch it live.” he tweeted. It also included a YouTube link of Rahul Gandhi's press conference.
Ironically, none of the leaders of the Congressional INDI Alliance have responded to Congress' latest allegations regarding the Financial Times and OCCRP reports.
It may be recalled that last year, Congress disrupted the entire budget session and did not even allow a debate on President Drupadi Murmu's maiden address in both houses, as required by the constitution. Even then, key allies such as Nationalist Congress Party (NCP) leader Sharad Pawar and Indian Congress Party (TMC) leader Mamata Banerjee opposed the Congress's stand.
They make clear that for Prime Minister Modi, winning elections means establishing a connection with voters through hard-earned credibility, fair and transparent policy implementation, and a long-term vision that people believe in. I forget. Congress' misguided belief in severing that link with falsified reports originating from a foreign country is no powerful weapon.
(Sanjay Singh is a senior Delhi-based journalist)
Disclaimer: These are the author's personal opinions.
(Disclaimer: New Delhi TV is a subsidiary of AMG Media Networks Limited, an Adani Group company.)
