Kenya: Adani Group Denies Allegations Amid Blow From Kenya's Termination of Nairobi Deals

22 November 2024
Business Day Africa (Nairobi)
By Lynet Igadwah

The Adani Group has denied allegations made by US authorities, even as it faced a significant setback with Kenya cancelling its deals involving the Jomo Kenyatta International Airport (JKIA) and the Kenya Electricity Transmission Company (Ketraco).

The group dismissed accusations from the US Department of Justice and the Securities and Exchange Commission against directors of Adani Green as "baseless and denied," vowing to seek all possible legal remedies.

"As stated by the US Department of Justice, the charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty," the company said in a statement.

Adani emphasised its commitment to governance, transparency, and regulatory compliance across its operations. "We assure our stakeholders, partners, and employees that we are a law-abiding organisation, fully compliant with all laws," the statement added.

The crisis deepened on Thursday when Kenyan President William Ruto ordered the immediate cancellation of Adani-related projects, citing concerns over alleged corruption.

In his State of the Nation address to Parliament, Dr Ruto directed procurement teams in the Ministries of Transport and Energy to halt the Public-Private Partnership (PPP) procurement processes tied to JKIA's expansion and Ketraco's electricity transmission projects.

"In the face of undisputed evidence or credible information on corruption, I will not hesitate to take decisive action," Ruto told lawmakers.

"Accordingly, I now direct... that the procurement agencies within the Ministry of Transport and the Ministry of Energy and Petroleum immediately cancel the ongoing procurement process for the JKIA expansion PPP transaction as well as the recently concluded Ketraco transmission PPP."

The President's directive followed information provided by investigative agencies and foreign partners, according to government officials.

Adani Group, led by billionaire chairman Gautam Adani, is already under scrutiny amid corruption charges in the US, which have triggered global attention on the conglomerate's governance practices.

Read the original article on Business Day Africa.

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