16th March 2017. In its latest report, released on 9th March 2017, the Norwegian Council of Ethics has again excluded Vedanta from the Government Pension Fund’s investment universe. The report is an indictment of Vedanta’s pattern of operation at four subsidiaries in Odisha, Chhatisgarh, Tamil Nadu and Zambia, finding “numerous reports of Vedanta’s failure to comply with government requirements” and concluding that “there continues to be an unacceptable risk that your company will cause or contribute to severe environmental damage and serious or systematic human rights violations.”
The Fund first divested from the company in 2007 after Vedanta Sterlite’s operations in India — Thoothukudi, Chhattisgarh and Orissa — and in other parts of the world were found to be in violation of accepted human rights and environmental norms.
The Pension Fund is “the world’s largest sovereign wealth fund with shares in 9,000 companies. . .[and] 1.3 percent of the entire world’s listed equity, giving the decisions it takes to drop or reinstate shareholdings or warn firms considerable weight among investors.”
Read the Council’s full assessment of Vedanta’s operations below. Continue reading
On 2nd September indigenous Dongria Kondh and Dalit Bahujan residents of Niyamgiri mountain held a demonstration in Muniguda, Odisha, under the banner of Niyamgiri Suraksha Samiti. The protest demanded an end to harassment, false arrests and murder of indigenous activists by police and paramilitary forces, and rejected the involvement of NGO’s in their decades long movement to prevent Vedanta and other companies mining their sacred mountain.
Protesters blocked the main road for several hours and burnt tyres.
The demonstration is part of ongoing anger at the false arrest of Dasuru Kadraka, the thirty year old Dongria Kondh youth leader of Niyamgiri Suraksha Samiti (NSS), who was picked up from the Muniguda market by the police six months ago, and subsequently brutally tortured and implicated in several false cases.
5th August 2016 Protests have been held in India and Zambia in parallel with today’s AGM of British mining company Vedanta Resources’ at Ironmongers Hall, Barbican, London. Inside the AGM dissident shareholders asked incisive questions submitted by Zambian villagers who are suing Vedanta in the UK for twelve years of polluted water, as well as displaced farmers who were never compensated for their land in Lanjigarh, Odisha, India and accuse Vedanta of murdering and harassing them with state collusion. A loud protest organised by Foil Vedanta took place outside the meeting, demanding that Vedanta subsidiary Konkola Copper Mines publish its hitherto secret annual accounts in Zambia, and accusing the company of pollution, human rights abuses and financial mismanagement in India and Afrika.
See the video of the London demo here… and of the Delhi demo here.
Please see a full report on proceedings inside the AGM bu London Mining Network entitled ‘Vedanta’s 2016 AGM: evidence, evasion and arguments‘.
and coverage in The Mining Journal, the New International, and Reuters.
At Vedanta’s London AGM activists from Foil Vedanta interrupted the meeting asking incisive questions to the Vedanta board and gathered shareholders on behalf of the Zambian Copperbelt villagers living downstream of Vedanta’s Konkola Copper Mines (KCM), who are demanding an end to twelve years of pollution by KCM, which has turned the Kafue into a ‘river of acid‘ and left them with no access to clean water. They asked why KCM has never submitted annual accounts in Zambia in accordance with national laws, and whether Vedanta’s deliberately obstructive approach to compensation cases as revealed in a recent London judgement was company policy.
Dongria Kond leader Lado Sikaka speaking to press
7th June, 2016. A seven day padyatra (foot march) involving occupants of up to 112 of the remote villages of the Niyamgiri hills ended on Sunday in Jaganathpur (Lanjigarh). The padyatra, led by the Niyamgiri Suraksha Samiti and indigenous leaders from the villages, amplified demands to decommission Vedanta’s Lanjigarh refinery and celebrated the recent victory when the Supreme Court turned down Vedanta’s appeal to the decisive 2013 referendums which had put an end to mining plans on the mountain, as well as protesting the ongoing harassment from the company and the colluding state government and police forces. Various local and national Indian media covered the major event which ended in a large rally on World Environment Day, 5th June. The Orissa Post reported that:
Coming down heavily on the government, Loda Sikaka, a member of the Samiti, said the government has unleashed a reign of terror on the foothills of Niyamgiri by deploying platoons of paramilitary forces and special operation group japans.
CRPF and SOG jawans, instead of checking Maoist activities and providing security to inhabitants, kill poor tribals under cover of encounters. They misbehave with tribal women, loot their houses, domestic animals and poultries, lodge false cases against innocent people by branding them Maoists. The most worrying factor us that the government is conspiring to snatch the livelihood of tribals by leasing out the hills to Vedanta for bauxite mining.
The procession aimed at gaining public support against alleged anti-tribal activities of the government. It also aimed at urging the government to ensure sustainable development of the region while keeping the ecology intact.
The fighting is not limited to this specific region. It is a struggle of the humanity to protect nature and civilisation, Dadhi Pusika, another member of the Samiti, said.
Please join us to oppose the 6th Annual Responsible Extractives Summit at Tower Bridge Hilton on Monday 29th June.
Expose crooked executives from Shell, Vedanta, Rio Tinto, JP Morgan, Bechtel and more, co-opting UN’s human rights mechanisms and using sustainability and CSR spin to cover up their extensive and ongoing crimes against humanity and the environment.
Monday 29th June, 12 midday. Hilton Hotel, Tower Bridge, London, SE1 2BY.
Bring drums and placards!!
download the flyer here: Responsible Extractives demo flyer
More info on the true neocolonial faces of the key speakers at the event:
31st July, 2014. Yesterday public hearings on the six fold expansion of the Lanjigarh refinery, at the base of the Niyamgiri Hills in Odisha, were disrupted by around 1000 local people including Dongria and Kutia Konds virulently opposing the expansion.
Some Konds waved their axes demanding that Vedanta (Sesa Sterlite) leave Lanjigarh immediately and citing their objection to the Niyamgiri mine (voiced unanimously in a precedent referendum last year). The Land Losers Association also registered their objection citing the false arrests and imprisonment they have suffered since losing their land to Vedanta without proper compensation or employment as Vedanta had promised. A recent report from a local activist detailed how 34 of the Land losers have died since they lost their land, attributing this to poverty and disease from the Lanjigarh plant.
See a film of the public hearing and the key points raised by opposing groups here.
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.
4th July. This explosive article appeared in today’s Post Zambia newspaper. An arbirtration hearing in the London High Court of Justice heard on Tuesday how Vedanta has used a Dubai based subsidiary called Fujairah Gold to buy under-valued copper from its subsidiary KCM, and hide its profits, in a scam known as transfer mispricing. Fujairah Gold is managed by Anil’s son Agnivesh Agarwal, and is a well hidden subsidiary, controlled by several other Vedanta subsidiaries. According to Vedanta’s 2013 Annual Report:
Fujairah Gold Gold and Silver processing is an Indirect Subsidiary of the parent Company Vedanta Resources with 58.02% shares based in Dubai, UAE which is under Copper Mines Of Tasmania Pty Limited (‘CMT’)CMT 100.00% which is under Monte Cello BV (‘MCBV’) Holding company based in Netherlands which is under Sterlite.
The article also details how Vedanta’s often claimed $2.8 billion in KCM investment is in fact a fabrication. The judgement itself states that; ‘the $2.8 billion figure was in fact made up of US$2.07 billion of internally generated cash flows and US$739 million through borrowing from banks, mainly Standard Bank. It was clear that Vedanta had not injected any capital into KCM as it was supposed to have done.’
The central question is how Anil Agarwal can claim that KCM is earning ‘$500 million per year plus an extra US$1 billion’ when accounts show a loss of $6.3 million after tax in the year ending 31 March 2013. The judgement suggests that ‘if these claims are true then it must be happening by unreported means. ‘ Transfer mispricing is one of the most common techniques for hiding profit. The Zambian Government is currently carrying out a ‘forensic’ audit of KCM’s accounts to ascertain the truth about their profits and taxes due. Watch this space for more news!
Full article below
kcm cheating on copper exports
The Post newspaper, Zambia.
By Mwala Kalaluka
Fri 04 July 2014