Adani's terrible year is only getting worse. Since it was accused of the "the largest corporate con in history" the world's biggest private coal company has been in free fall. It's been sued, it's had billions wiped off its value and a growing number of banks don't want to touch it. But one bank has been totally silent. Its bestie, Barclays.
Barclays has been playing a crucial role in helping the Adani group secure large sums of cash from investors for its coal expansion. In the financial world it's called Adani's “relationship bank” - which means it's there by its side through every major deal.
Right now the Adani group is in big trouble and Barclays is doing what a good bestie would do - trying to assure big investors and finance that Adani is still good. Thats why we need to show Barclays that now is not the time to stand by Adani.
Bank on our Future. 31 January 2023.
Stop Adani. 16 June 2022.
The New York Times. 30 January 2023.
Bloomberg. 30 January 2023.