Adani Bribery Case: India's renowned industrialist Gautam Adani is facing renewed challenges. The Kenyan government has decided to cancel Adani Group's projects following corruption accusations made by a US court.
Kenyan President William Ruto on Thursday announced the cancellation of two major projects linked to India's Adani Group.
The move comes after a US court brought charges against Gautam Adani, his nephew Sagar Adani and other officials.
He is accused of bribing Indian government officials to get solar energy contracts.
Kenya Cancels two Important Agreements, Let's Know Why ?
The Kenyan government has cancelled a proposed $700 million power transmission deal with Adani Group.
The deal was about creating infrastructure for the transmission of electricity in the country.
In addition, the Adani Group's $1.8 billion proposal for the expansion of an international airport has also been scrapped.
Statement by President Ruto
President Ruto emphasized that his administration prioritizes transparency and honesty, refusing to support contracts that could harm the country's image or interests.
"We will not accept any contract that goes against the policies and values of our country," he said.
United States levels Significant Accusations Against the Adani Group
Adani and his executives have also been accused of misleading US investors and creditors. He lied about the company's anti-corruption policies.
By doing so, they extorted money from investors. Between 2021 and 2024, Adani raised more than $3 billion through loans and bonds. It also had money from American investors.
What was the Adani Group's response to the US accusations?
According to US officials, Gautam Adani and seven others are accused of paying $265 million (about Rs 2,200 crore) in bribes to Indian government officials.
The Adani Group has refuted these claims, stating that they will pursue legal avenues in this matter.
Previously, Kenyan Energy Minister Opio Vandayi asserted that there was no bribery or corruption involved in the transmission line project.
Regardless, this decision by Kenya is seen as a significant blow to the Adani Group.
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