Kenya cancels airport expansion and power line projects with Adani group
Kenyan Government Cancels Airport Expansion Project
Key Decision by President William Ruto
In a significant move, the Kenyan government has halted the procurement process for expanding the Jomo Kenyatta International Airport in Nairobi. This decision was announced by President William Ruto during a joint session of the Kenyan parliament. The cancellation affects the Adani Group, which was involved in the project to add a second runway and upgrade the passenger terminal.
Implications for Adani Group
The announcement follows recent bribery allegations against Gautam Adani and others by US prosecutors. The Adani Group was also involved in a separate deal with Kenya's Energy Ministry to construct power transmission lines, which has now been cancelled. Despite these developments, Energy Minister Opiyo Wandayi stated that there was no corruption in the awarding of the transmission lines contract.
Adani Group's Response
The Adani Group has strongly denied the bribery allegations, calling them baseless. They emphasized that the charges are merely allegations and that the defendants are presumed innocent until proven guilty. The group has also decided to defer planned US dollar-denominated bond offerings due to these developments.
Legal Proceedings
US prosecutors have charged Gautam Adani and others in a bribery case related to a solar energy contract. A criminal indictment has been filed in the United States District Court for the Eastern District of New York, implicating several Indian executives, including Adani.
Doubts Revealed
Kenyan President
The Kenyan President is the leader of Kenya, a country in Africa. His name is William Ruto.
Adani Group
The Adani Group is a big company from India that works in different areas like energy and infrastructure. It is owned by Gautam Adani.
Bribery Allegations
Bribery allegations mean that someone is accused of giving money or gifts to influence a decision unfairly. In this case, it involves Gautam Adani and his company.
US Prosecutors
US prosecutors are lawyers in the United States who work for the government to prove if someone has broken the law.
Bond Offerings
Bond offerings are a way for companies to raise money by borrowing from people. The company promises to pay back the money with interest after some time.
Solar Energy Contract
A solar energy contract is an agreement to build or manage solar power projects, which use sunlight to produce electricity.
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