News
Kenya cancels deals with Adani Group, which also has MoU with CEB
View(s):Kenya has cancelled multimillion-dollar deals with the Adani Group for airport modernisation and energy projects following the indictment by US prosecutors of its founder and chairman, Gautam Adani, for alleged fraud and bribery.
Separately, the Bangladeshi government was on Tuesday directed by the country’s High Court to form a high-level inquiry committee of energy and legal experts to re-examine a power purchase agreement (PPA) signed in 2017 with the Adani Group.
Sri Lanka’s Ceylon Electricity Board has a memorandum of understanding with Adani Green Energy Ltd to set up wind power plants in Mannar and Pooneryn but has yet to sign a PPA. Before it secured a two-thirds majority in parliament, the National People’s Power government vowed to evaluate the project (revising its position from “cancel”). Although not connected with the latest developments, the Adani project is the subject of several public interest litigation suits in Sri Lanka’s Supreme Court.
Gautam S. Adani, his nephew, Sagar R. Adani, and other executives are charged with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multibillion-dollar bribery and fraud scheme tied to a proposed solar power plant.
Breon Peace, US States Attorney for the Eastern District of New York, said that, as alleged, the eight defendants “orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars” and that Gautam S. Adani, Sagar R. Adani and another official had “lied about the bribery scheme as they sought to raise capital from U.S. and international investors.”
The indictment alleges schemes—devised between 2020 and 2024—to pay over US$250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice. These offences were allegedly committed “to obtain and finance massive state energy supply contracts through corruption and fraud at the expense of US investors.”
They allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses and “defrauded investors by raising capital on the basis of false statements about bribery and corruption, while still other defendants allegedly attempted to conceal the bribery conspiracy by obstructing the government’s investigation.”
Gautam Adani is alleged to have personally met an Indian government official to advance the bribery scheme. The defendants also extensively documented their corrupt efforts. One of them even “prepared and distributed to other defendants multiple analyses using PowerPoint and Excel that summarised various options for paying and concealing bribe payments (Bribery Analyses).”
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