'Textbook case of crony capitalism' and potential threat to national security: Cong on Adani ports
New Delhi (PTI): The Congress on Saturday cited a media report on the Adani Group's growing share in port operations to allege that this is not only a "textbook case of crony capitalism" but a potential threat to national security.
Congress general secretary Jairam Ramesh said that in the party's "Hum Adani ke Hain Kaun" series of 100 questions, it had asked Prime Minister Narendra Modi three pointed questions on how Adani had become India's largest ports operator "without engaging in any competitive bidding and with the help of government raids on owners of private ports - who miraculously decided to sell their assets thereafter to Adani".
"An Indian Express report today highlights growing concerns at the highest level of government about the strategic implications of this Modi-made Monopoly (3M)," he said.
A senior shipping ministry official has said that high market concentration brings a real risk of abuse of this dominance, Ramesh pointed out, citing the report.
"A senior official from one of the economic ministries has expressed concerns that market concentration by a firm facing serious and credible allegations of accounting fraud and stock manipulation is an issue in a strategic sector like ports," he said.
The opposition party has been questioning the financial dealings of billionaire Gautam Adani's group after the US-based Hindenburg Research alleged "irregularities" and charged it with stock price manipulation.
The Adani Group has denied all the allegations made in the Hindenburg report and claimed there had been no wrongdoing on its part.
Ramesh also pointed out that a former Competition Commission of India chairperson has stated that the "creeping acquisition of capacity by one player while the others fall or languish" is a growing concern.
"Adani has gone from 10% to 24% of total ports traffic in the past decade, and today controls a huge 57% of cargo volumes outside of India's government-owned 'major ports'," the Congress leader said.
"By brazenly handing control of a critical strategic sector to his close friend - one who faces serious accusations of criminality - the PM has made himself and India a global laughing stock," he alleged.
"A friend who has shady connections with Chinese and Emirati individuals, who are not only involved in over-invoicing and stock manipulation but also have been given exclusive rights to build ports for Adani," he said.
Ramesh asserted that this is not only a "textbook case of crony capitalism" but a potential threat to national security.
"Since PM Modi and his pet agencies can't be expected to investigate this, we reiterate our call for a JPC to look into all aspects of the Adani MegaScam," he said.
According to the media report cited by Ramesh, from just one big port, Mundra, in 2001, the Adani Group today has grown to be the largest private operator with as many as 14 ports and terminals handling a quarter of all cargo passing through the country's ports.
In another post, Ramesh said the Union Coal Ministry insists domestic production and stocks of coal are adequate but the Union Power Ministry has directed utilities to import coal.
"The beneficiary is none other than the PM's most-favoured business group," he said in an apparent reference to the Adani Group.
He also tagged a media report which said India has asked utilities to import six per cent of their coal until March.
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Real Madrid fines Valverde and Tchouaméni half a million euros each for altercation
Barcelona (AP): Real Madrid slapped players Federico Valverde and Aurélien Tchouaméni with half-a-million-euro ($588,000) fines on Friday for their altercation during practice.
The massive fines came a day after the midfielders tussled when the team trained. Valverde said in a post on social media on Thursday that no punches were thrown. But Valverde knocked his head on a table and he suffered a small cut that required a brief hospital visit.
On social media, Valverde initially called it a “meaningless fight” with a teammate and said “everything has been blown out of proportion."
His employers, however, considered it a significant enough breach of team discipline to nail both Valverde and Tchouaméni with fines that bite even the bank account of a top soccer player. The half-a-million euro penalties reflect the reputational damage the club was enduring in a chaotic end to a disappointing season.
In a statement, the 15-time European champion said its disciplinary action was concluded after both players expressed to the club “their complete remorse for what happened and apologized to one another.”
Madrid added they also apologized to their teammates, the coaching staff and club supporters, as well as showing their willingness to accept whatever disciplinary action the club deemed “opportune.”
Tchouaméni was back training with Madrid on Friday, two days before they play at Barcelona in a clasico. Madrid has to win otherwise Barcelona will be crowned La Liga champion.
After being notified of the fine, he posted a public apology to the club and its fans on social media.
“What happened this week in training is unacceptable,” Tchouaméni wrote. "I say this while thinking about the example we are expected to set for young people, whether in football or at school.
“Above all, I am sorry for the image we projected of the club.”
Valverde was not at practice due to the head knock.
Both players are set to play in the World Cup next month, with Tchouaméni playing for France and Valverde for Uruguay.
Chaotic end to a poor season
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The run-in between the players, who for seasons have played side by side in Madrid's midfield, came after they argued this week in previous training sessions. But tempers boiled over on Thursday. Spanish media was rife with reports that the players previously disagreed over the club's decision to let coach Xabi Alonso go after just months on the job.
It was not the only altercation involving Madrid players during training this week. Álvaro Carreras confirmed he was in a “minor” incident with a teammate. Spanish media said he and fellow defender Antonio Rüdiger got into a scuffle.
Álvaro Arbeloa, the coach who was promoted from Madrid's reserve team when Alonso was fired in January, will face tough questions on what went wrong inside the changing room when he gives a press conference on Saturday ahead of the clasico at Camp Nou.
Madrid is facing a second consecutive campaign without a major trophy amid rumors in the Spanish media that club president Florentino Pérez is considering bringing back Jose Mourinho to straighten out his underperforming team.
