Adani Group hit again: Kenyan govt cancels multi-million-dollar contract
US prosecutors have accused the group of orchestrating a $265 million bribery scheme, alleging that it conspired with executives of a former New York-listed company to bribe Indian officials and secure solar energy contracts.
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FollowThe Kenyan government has cancelled a $700 million deal with the Adani Group following allegations of bribery and fraud brought against the conglomerate by US authorities. On Thursday, Kenyan President William Ruto announced the decision, directing the termination of the contract for constructing power transmission lines.
President Ruto also ordered the cancellation of a procurement process to expand Nairobi's Jomo Kenyatta International Airport, which included a proposal from the Adani Group.
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This development comes as Adani executives, including founder Gautam Adani, face legal action in the United States. US prosecutors have accused the group of orchestrating a $265 million bribery scheme, alleging that it conspired with executives of a former New York-listed company to bribe Indian officials and secure solar energy contracts.
Adani Group has denied the allegations. In an official statement, a spokesperson described the charges as "baseless".
"The allegations made by the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) against directors of Adani Green are denied. These are merely allegations, and the defendants are presumed innocent unless proven otherwise. We will pursue all possible legal recourse," the statement read.
The group reiterated its commitment to governance, transparency, and regulatory compliance, seeking to reassure stakeholders and employees of its adherence to the law.
The controversy has taken a toll on Adani Group stocks, with significant declines reported across its portfolio. On Thursday, shares of Adani Enterprises, Adani Energy Solutions, Adani Ports, and Adani Green Energy plummeted, with losses reaching nearly 23%.
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