- The Kenya government has cancelled the multimillion-dollar airport expansion and energy deals with Adani Group.
- Earlier on November 19, the US prosecutors charged Indian billionaire and chairperson of the Adani Group, Gautam Adani, with helping drive a $250 million bribery scheme.
The Kenya government has cancelled the multimillion-dollar airport expansion and energy deals with Adani Group. The move comes amid the alleged bribery and fraud indictments against Indian business tycoon Gautam Adani, reports the Associated Press (AP).
According to the report, President William Ruto addressed the nation and said that the decision was made based on new information provided by investigative agencies and partner nations.
Meanwhile, the report further added that Energy Minister Opiyo Wandayi told a parliamentary committee on Thursday that Kenya did not engage in bribery or corruption in signing the deal.
As per the report, the Adani group had been in the process of signing an agreement that would modernize Kenya’s main airport in the capital, Nairobi, with an additional runway and terminal constructed, in exchange for the group running the airport for 30 years. The Adani group had also been awarded a deal to construct power transmission lines in Kenya, East Africa’s business hub.
Earlier on November 19, the US prosecutors charged Indian billionaire and chairperson of the Adani Group, Gautam Adani, with helping drive a $250 million bribery scheme. Federal prosecutors alleged that Gautam Adani and other defendants promised to pay more than $250 million to government officials in India to win solar energy contracts and concealed the plan as they sought to raise money from US investors.
Adani Green Energy, led by billionaire Gautam Adani, has issued a statement after US prosecutors charged the founder in an alleged bribe plot. In a regulatory filing on November 20, the company said that subsidiaries have decided not to proceed with the proposed USD-denominated bond offerings.
“The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani.
The United States Department of Justice have also included our Board member, Vneet Jaain, in such criminal indictment. In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings,” Adani Green Energy said in a regulatory filing.