An Adani subsidiary owned in the Cayman Islands has a right to a $2 a tonne 'royalty' payment during the first 20 years of production at the massive Carmichael mine in Queensland. The royalty right means up to $3 billion dollars in payments that could flow to an entity controlled in tax haven by the Adani family, the result of what one critic calls a 'classic third world pyramid structure'.

FEATURED:

Adam Walters, Energy and Resource Insights principal researcher

Thomas Clarke, associate professor at the Centre for Corporate Governance at UTS