Commonwealth Bank of Australia (CBA), the country's largest lender, said it's advisory role has concluded. "As part of Adani's refocusing of the project on gaining the various outstanding approvals, the financial advisory mandate has ended," a newspaper quoted a bank spokesperson as saying.
No further details were given by the bank on the circumstances of its withdrawal but sources said the environmental controversy surrounding Carmichael Mine project and its financial risk in the face of tumbling coal prices had been concerns.
The exit of CBA comes on the heels of a court decision yesterday revoking the Australian government's environmental approval for the coal mine, one of the world's biggest under construction. The court put development on hold due to a bureaucratic bungle involving yakka skink and ornamental snake.
Adani, which recently suspended work in a number of areas on the mine as it awaits government approval, said it was 'inaccurate' to suggest CBA had walked away, insisting the group itself had terminated the mandate.
It had done so 'on the basis of its own concerns over ongoing delays to a now five-year long approvals process here in Australia', he said.

"In the event the Commonwealth approvals framework is not further undermined by activists seeking to exploit legal loopholes - thus enabling the project and the thousands of jobs and billions of dollars of investment it would bring to be delivered - Adani would happily work with the bank in future," the firm's spokesperson said.


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