The Kenyan government on Thursday announced the cancellation of all deals with the Adani Group. These included big projects like power transmission and airport expansion. Both deals were worth Rs 21,422 crore. The Kenyan government has taken this decision after 8 people including Indian industrialist Gautam Adani were accused of bribery and fraud worth billions of rupees in the US. President William Ruto said in Parliament on Thursday – ‘Our government works on the principles of transparency and honesty and will not approve such agreements which are against the image and interests of the country. We will not accept any such contract which is against the policies and values of our country.’ There was a deal of Rs 6,217 crore for power transmission
According to the report of news agency Reuters, the Kenyan government had signed a power transmission deal of $ 736 million i.e. Rs 6,217 crore with the Adani Group. Under this deal, infrastructure was to be created for power transmission in Kenya. Apart from this, Adani Group had also signed a deal of $ 1.8 billion i.e. Rs 15,205 crore. In this, a runway was to be built and a terminal was to be constructed at Nairobi International Airport. In return, Adani Group was to be entrusted with the operation of the airport for 30 years. But, both these deals worth about Rs 21,422 crore have now been canceled. Airport employees had gone on strike
Ruto said, ‘I have instructed the agencies of the Ministry of Transport and the Ministry of Energy to immediately stop these projects. This decision has been taken on the basis of new information and inputs given by the investigating agencies. He said that protests had started against the Adani Group in Kenya and the airport employees had gone on strike. Apart from this, on Thursday, Energy Minister Opiyo Wandeyi told a parliamentary committee that no bribery or corruption has been done by Kenya in signing the deal with Adani Group. Accused of offering bribe of ?2200 crores
Earlier this morning, news came that 8 people including industrialist Gautam Adani have been accused of fraud worth billions of rupees in the US. The United States Attorney’s Office says that Adani gave or was planning to give a bribe of $265 million (about Rs 2200 crore) to Indian officials to get a contract related to solar energy in India. This whole matter is related to Adani Group company Adani Green Energy Limited and another firm. This case was registered in the Federal Court of New York on 24 October 2024. In its hearing on Wednesday, Gautam Adani, his nephew Sagar Adani, Vineet S Jain, Ranjit Gupta, Cyril Cabanis, Saurabh Agarwal, Deepak Malhotra and Rupesh Agarwal have been made accused. According to a Reuters report, an arrest warrant has also been issued against Gautam Adani and Sagar. Sagar is an officer of Adani Green Energy Limited. The case is filed there because it is American investors’ money. Adani is accused of lying to American investors and banks to raise this bribe money. The case was filed in America because the money of American investors was invested in the project and under American law, giving that money as a bribe is a crime. Adani said – all the allegations are baseless, we deny them. Adani Group has called all the allegations baseless. The group said – ‘The allegations leveled by the United States Department of Justice and the United States Securities and Exchange Commission against the directors of Adani Green Energy Limited are baseless. We deny them. The US Justice Department itself said that these are just allegations right now. The accused are considered innocent until proven guilty. Adani Green Energy stopped the bond offering. On Wednesday, Adani Group had announced to raise $ 600 million (Rs 5064 crore) from the sale of 20-year green bonds. A few hours later, he was accused of fraud. Adani Green Energy Limited said in a stock exchange filing- The United States Department of Justice and the United States Securities and Exchange Commission have filed a criminal case and a civil complaint against our board members Gautam Adani and Sagar Adani in the New York District Court. The US Justice Department has also included our board member Vineet Jain in this criminal case. In view of this, our subsidiaries have decided not to proceed with the proposed bond offerings for the time being. Now this bond offering has also been postponed by the Adani Group. Gautam Adani’s net worth fell by ? 1.02 lakh crore in a day
The net worth of Adani Group Chairman Gautam Adani has fallen by $ 12.1 billion (about Rs 1.02 lakh crore) to $ 57.7 billion (Rs 4.87 lakh crore) in a day due to the fall in the shares of companies after allegations of bribery and fraud. With this, Adani has come directly from number 22 to number 25 in the Forbes Real Time Billionaires List. However, even after this, Gautam Adani remains the second richest Indian after Mukesh Ambani. 9 out of 10 stocks of Adani Group declined
Out of 10 stocks of Adani Group, 9 closed with a decline and 1 with a rise. Adani Enterprises fell the most by 23.44%. Whereas, Adani Green Energy stock closed with a decline of 18.95%. Some interesting facts related to Gautam Adani and his journey… Tried luck in diamond industry: Born on 24 June 1962, college dropout Gautam Adani is from Gujarat. Tried his luck in the diamond industry of Mumbai in the early 1980s. After this, in 1988, he started Adani Group with a small agri trading firm. It has now turned into a group that extends to coal trading, mining, logistics, power generation and distribution. Adani Group is also in green energy, airports, data centers and cement industry. Gautam Adani has committed to invest $70 billion (Rs 590848 crores) by 2030 to make his group the world’s largest renewable energy producer. Adani Foundation established in 1996: Adani Foundation was established in 1996 under the leadership of Gautam Adani’s wife Preeti. Adani Foundation is working in rural areas of India. Currently, the foundation is helping to improve the lives of 34 lakh people annually in 18 states of the country. Preeti is a doctor by profession, she has graduated in Dental Surgery (BDS). Controversies related to Gautam Adani … First controversy: Hindenburg Research alleges money laundering: It is of January 2023. Gautam Adani’s flagship company Adani Enterprises announced a follow-on public offer of Rs 20,000 crore. The offer was to open on January 27, 2023, but just before that, on January 24, 2023, Hindenburg Research released a report, in which Adani Group was accused of money laundering and share manipulation. By January 25, the market value of the group’s shares fell by about $12 billion (about Rs 1 lakh crore). However, Adani denied allegations of any wrongdoing. In such a situation, Adani Group also cancelled its follow-on public offer of Rs 20,000 crore. The Supreme Court formed a 6-member committee to investigate the case and SEBI also investigated the matter. After the court’s decision, Adani Group Chairman Gautam Adani had said, ‘The court’s decision shows that truth has won. Satyamev Jayate. I am grateful to those who stood with us. Our contribution to India’s growth story will continue. Jai Hind.’ Second controversy: Allegation of selling low-grade coal as high-grade: A month ago, the Financial Times, citing a report by the Organized Crime and Corruption Reporting Project, claimed that in January 2014, the Adani Group bought ‘low-grade’ coal from an Indonesian company at an alleged price of $28 (about Rs 2360) per tonne. The report alleges that this shipment was sold to the Tamil Nadu Generation and Distribution Company (TANGEDCO) as high-quality coal at an average price of $91.91 (about Rs 7750) per tonne. Adani Group was earlier accused of fraud in the coal import bill… ……………………………………………… Read this news related to Gautam Adani too… Gautam Adani to step down as chairperson at the age of 70: Will hand over the command to sons and cousins in 2030 Adani Group chairman Gautam Adani has planned to step down at the age of 70, he is currently 62 years old. News agency Bloomberg had reported, quoting an interview, that Adani may hand over the command of the company to his sons and cousins in early 2030. Read full news… Hindenburg’s allegation – Adani’s ?2600 crores frozen in Swiss banks: Adani Group said – all the claims are false, this is an attempt to lower our market value Hindenburg Research made new allegations against the Adani Group on September 12. Hindenburg said that Swiss authorities have frozen more than $310 million (about Rs 2602 crore) from 6 Swiss bank accounts linked to the Adani Group. Hindenburg has made these allegations citing a news report by Swiss media outlet Gotham City. The report states that the Swiss authorities have frozen this amount as part of money laundering and securities fraud investigation. Read full news… Adani is trending on Google In a hearing in the Federal Court of New York, 8 people including Gautam Adani have been accused of fraud and bribery worth billions. After this news, Adani is being searched continuously on Google. If we look at the Google trends of the last 30 days, it is clear that the graph of searching Adani has increased rapidly. Source- GOOGLE TRENDS
