Indian coal miner Adani does not need the financial backing of an Australian bank, Rio Tinto's former chief executive Sam Walsh says.
Mr Walsh, speaking at a business forum in Brisbane, was asked whether he would endorse Adani's controversial Carmichael coal mine in Queensland if he was in charge of one of the nation's big four banks.
"I don't think Adani actually needs any finance from any Australian bank," he replied.
"I think that's bit of a furphy."
In April Westpac effectively ruled out financing Adani's coal mine as part of a new climate change policy restricting lending to such projects - a refusal that put it in line with the three other major banks.
Adani has now postponed its final investment decision on the huge mine while the Queensland government decides on its royalties scheme, which could include a controversial "royalties holiday" as an incentive.
Mr Walsh, who stepped down as Rio's CEO in July 2016, told the QUT business leaders' forum that he brought back checks and balances around investment decisions when he took on the top job in 2013.
Asked about his predecessor Tom Albanese's leadership, Mr Walsh said the company had stopped delivering for shareholders during Mr Albanese's tenure.
"Clearly it was a failure - my predecessor was fired," he said.
He said Mr Albanese removed a review process around projects in favour of growing the business and without a filter, every project was on the table.
The result of not having the review process to filter proposals was that Mr Albanese "had no ability to see which was a good project and which was a bad project", Mr Walsh said.
Rio Tinto announced in 2013 that Mr Albanese had stepped down by mutual agreement with the board, following a $US14 billion writedown on aluminium and coal assets.
Mr Walsh also addressed the "elephant in the room" and said he acted legally and ethically in relation to a mining project in the West African country of Guinea.
In March, Rio deferred some of Mr Walsh's outstanding bonus payments while Australian, UK and US authorities investigate allegations of bribery in Guinea in 2011, in which time he headed the miner's iron ore division.
Mr Walsh said Rio has not made any accusations against him and that he did not expect the company to do so.
"I have acted ethically and legally at all times during my 25 years at Rio," he said.
"I am positive the truth will ultimately prevail and I have no fear of the truth at all, hence why I come here today with my conscience absolutely clear."
Rio's own investigation into $US10.5 million of payments made in 2011 to a consultant providing advisory services on the Simandou iron ore project in Guinea resulted in the dismissal of two of its top executives
