Tag Archives: Financial Conduct Authority

Vedanta boss avoids last AGM as protests rage

1st October 2018. Loud protests took place at the company’s last London AGM today. Company founder and Chairman Anil Agarwal was not present, creating uproar among protesters and shareholders. Vedanta Resources officially de-listed from the London Stock Exchange at 8am this morning. Inside the meeting dissident shareholders asked questions about the police shooting of thirteen protesters against Vedanta’s copper smelter in Tuticorin, Tamil Nadu in May. Another shareholder asked how much Vedanta spent on litigation or bribes, given the number of court cases they are tied up in at their various operations. Meanwhile a large contingent of Tamil people played traditional Parai drums and demanded ‘justice for Tuticorin’ outside the AGM.

See a video of the protest here…and here

See here for a full report on the AGM proceedings by London Mining Network: Vedanta AGM – a complete farce.

Coverage by Reuters here and on Moneycontrol here,and in The Hindu here,and Business Standard here, and on MSN here and Lusaka Times here.

Please download the report Vedanta’s Billions: Regulatory failure, environment and human rights here: Vedanta’s Billions ebook high res, or a lower resolution version here: Vedanta’s Billions ebook low res

Hours before the meeting a protest was held at Financial Conduct Authority (FCA) headquarters in Canary Wharf, demanding that British regulatory authorities do not let Vedanta flee the London Stock Exchange without being held to account. Representatives for FCA Directors were handed copies of a damning report Vedanta’s Billions: Regulatory failure, environment and human rights published by Foil Vedanta and a coalition of organisations days before. The report was described by Hywel Williams MP as ‘deeply concerning and disturbing’ and gives a comprehensive account of legal judgments against Vedanta across its global operations, blaming the City of London and FCA for failing to regulate or penalise the company, which is the latest in a long list of London miners linked to ‘corporate massacres’.

Reggae artist and activist Maiko Zulu in Lusaka

On Thursday 27th September popular Zambian reggae artist and public figure – Maiko Zulu – was arrested outside the British High Commission in Lusaka, Zambia, holding a banner stating ‘Hold Anil Agarwal to account for Zambian crimes before de-listing’. Zulu gave this statement to the media, referring to the Vedanta subsidiary KCM’s pollution of the River Kafue, for which the landmark case of 1,826 farmers against Vedanta will be heard in London Supreme Court in January, as well as the Tuticorin ‘massacre’:

Vedanta is being de-listed from the London Stock Exchange following serious crimes against indigenous people of India and the pollution of our own Kafue River which is a source of livelihood for thousands of peasants. The inequality that multinationals are creating can not be left unchecked and we will continue standing up and facing arrests for the good of our people. Our fellow protesters were shot at by police in India.”

Continue reading Vedanta boss avoids last AGM as protests rage

‘Vedanta’s Billions: Regulatory failure, environment and human rights’ – report released

Foil Vedanta and a coalition of organisations have released a damning report ‘Vedanta’s Billions: Regulatory failure, environment and human rights days before Vedanta Resources’ AGM and de-listing, described by Hywel Williams MP as ‘deeply concerning and disturbing’. The report gives a comprehensive account of legal judgments against Vedanta across its global operations, and blames the City of London and Financial Conduct Authority (FCA) for failing to regulate or penalise the company, which is the latest in a long list of London miners linked to ‘corporate massacres’. A protest will be held at the FCA headquarters in Canary Wharf at 11am on 1st October, handing over a copy of the report and demanding that British regulatory authorities do not let Vedanta flee the London Stock Exchange without being held to account.

The full report can be downloaded HERE: Vedanta’s Billions ebook high res

Or low resolution version for slow download speeds: Vedanta’s Billions ebook low res

The report ‘Vedanta’s Billions’, released today, is a summary of legal judgments against Vedanta across its operations, revealing its abusive modus operandi, with special focus on illegal mining in Goa, pollution and tax evasion in Zambia, as well as illegal expansion and pollution in Thoothukudi, Tamil Nadu, industrial disaster at Korba in Chhattisgarh, land settlement and pollution issues in Punjab, displacement and harassment of activists in Lanjigarh, Odisha, and a mineral allocation scam in Rajasthan.

The report is being released days ahead of the company’s final London AGM and General Meeting, at which it plans to formally de-list from the London Stock Exchange. The move follows the police shooting which killed thirteen people, including women and children, on 22nd May this year, their 100th day of protest against pollution by Vedanta’s copper smelter in Tuticorin, India. The killing is being dubbed a ‘corporate massacre’ and led to the closure of the Sterlite copper plant. Vedanta’s de-listing plans were announced shortly afterwards amidst global protests against the company.

The report notes that Vedanta is now the latest in a string of London listed mining companies linked to the murder or ‘massacre’ of protesters, including Lonmin, Glencore, Kazakhmys, ENRC, Essar, GCM Resources, Anglo Gold Ashanti, African Barrick Gold and Monterrico Metals. As such, the report names the role of the City of London and the Financial Conduct Authority in ‘minimising the risks associated with Vedanta’s legal violations and human rights and environmental abuses’ and failing to investigate or penalise any London listed mining company on these grounds.

A protest will be held outside the FCA headquarters on the morning of the AGM on 1st October, demanding that the body finally investigates the company and holds them to account for the various crimes detailed in the report. The report will be handed to a member of FCA staff at the event.

The report concludes that;

Some companies have de-listed due to a legitimate need to pursue long term company strategy, which may not be supported by shareholders’ emphasis on short term profitability. However in this case, Vedanta’s track record of human rights, environmental and financial violations, together with its already complicated financial structure, strongly suggests that de-listing is part of a policy to further limit public scrutiny of its operations.”

The report also includes a detailed diagram of Vedanta’s corporate structure, as it has evolved over the years, revealing the disproportionate number of shell companies registered in various tax havens, reflecting their opaqueness, contrary to their claim of being transparent.

Continue reading ‘Vedanta’s Billions: Regulatory failure, environment and human rights’ – report released

Fraud at the highest level: Tom Albanese and Guy Elliot may be banned from directorships

Albanese with Zambian government ministers on behalf of Vedanta in 2014
Albanese with Zambian government ministers on behalf of Vedanta in 2014

20th October 2017. On Tuesday the Securities and Exchange Commission filed a fraud case against Rio Tinto and two of its executives Tom Albanese (until recently Vedanta’s CEO) and Guy Elliot for inflating the value of a misguided coal deal with Mozambique in 2011. Rio Tinto was immediately fined £27.4 million by the Financial Conduct Authority in the UK for breaching UK listing rules. Albanese and Elliot now face major fines for ‘ill gotten gains’ plus interest, as well as a ban on serving as directors of any public company.

.
Albanese presided over multiple human rights violations while serving as Rio Tinto CEO, and was finally forced to leave in 2011 following the disastrous $44 billion dollar decision to merge with Alcan in 2007 that had written off $9 billion, followed by the failed Mozambique coal deal (see previous article on this website). Guy Elliot has exercised considerable influence  over India’s mineral policy, telling Indian decisions-makers it should include a fast-track clearance procedure, and allow ‘security of tenure’, i.e. grant long-term lease rights to foreign mining companies in a speech at the India-UK Business Leaders’ Forum in June 2006.

Please read the Financial Times article: Rio Tinto charged with fraud in US and fined in UK  for more information.

MPs hear evidence for de-listing Vedanta and other UK listed mining companies

 

Miriam Rose, Samarendra Das, John McDonnell MP and Richard Solly in the House of Commons
Miriam Rose, Samarendra Das, John McDonnell MP and Richard Solly in the House of Commons

Speakers from Foil Vedanta and London Mining Network yesterday presented evidence in the House of Commons on the criminal behaviour of some London Listed mining companies, and called for better accountability measures and the de-listing of criminal companies. Focusing on contentious UK miner Vedanta Resources, they exposed new evidence of tax evasion, illegal land grabs, displacement, major pollution and water poisoning, as well as the UK’s role in promoting and protecting the company, and called for its immediate investigation and potential de-listing in London.

In a packed meeting hosted by John McDonnell MP in the House of Commons speakers told MPs, journalists, diplomats and members of the public attending that high risk mining companies like ‘the world’s most hated company’ Vedanta Resources are bringing shame on the London Stock Exchange, and demanded better accountability measures and the de-listing of criminal companies. MPs attending were Jeremy Corbyn, Eric Joyce and John McDonnell.

Continue reading MPs hear evidence for de-listing Vedanta and other UK listed mining companies

International protest call out! Vedanta AGM, Friday 1st August

Guardian front page August 2012Protest call out!                                 Join us at Vedanta’s AGM,                                                        Friday 1st August. 14:00-16:00        

The Lincoln Centre, 18 Lincoln’s Inn Fields, London WC2A 3ED
Join us for our major annual demonstration at Vedanta’s AGM.
We will bring the defiant energy of communities fighting (and winning) against Vedanta around the world to London: from the miners associations, to the looted people of Zambia, and the Dongria Kond tribe.
Parallel demonstrations are already planned in Zambia, Odisha and Delhi in India on this international day of action. Please contact us on foilvedanta@riseup.net if you would like to plan a demonstration at any Vedanta affected community, or in solidarity ANYWHERE!
.
Please find more info on the Delhi demonstration here.
.
download leaflets for your community and spread the word here:

Bring drums, placards, banners and lots of energy!

Continue reading International protest call out! Vedanta AGM, Friday 1st August