Indian billionaire Gautam Adani accused of allegedly paying KSh32 billion in bribes to obtain tenders

• On Wednesday, November 20, the U.S. Attorney’s Office in Brooklyn, New York filed charges against Gautam Adani and other Adani Group suspects
• The defendants were charged with paying bribes of KSh32.4 billion to Indian officials who expected to make profits of $2 billion (KSh259.2 billion).
• Adani and his co-defendants allegedly kept records of their bribes, using “codenames” in their communications.

TUKO.co.ke journalist Japhet Ruto has over eight years of experience in the financial industry, businessand technology reporting, and offers deep insight into economic trends in Kenya and the world.

India’s second-richest man, Gautam Adani, has been charged with fraud by United States (US) authorities based on allegations that he and other accused co-conspirators bribed Indian officials with $250 million (KSh32.4 billion) to secure energy contracts solar.

Why other Adani suspects have been charged in the US

On Wednesday, November 20, the U.S. Attorney’s Office in Brooklyn, New York, charged the suspects with obtaining money from American investors and other foreign lenders “based on false and misleading statements.”

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Why is Indian tycoon Gautam Adani facing bribery charges in the US?

US Attorney Breon Peace said the incidents occurred between 2020 and 2024 and the Adani Group, headed by Adani, expects to make profits of $2 billion (KSh259.2 billion).

“The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure billions of dollars in contracts,” Peace said, as reported by The Times. NBC News.

According to CNBCThe 62-year-old billionaire and two executives of Adani Green Energy Limited – his nephew Sagar Adani and Vneet Jaain – were accused of misleading U.S. and foreign investors about their company’s compliance with anti-corruption and anti-bribery laws while raising more than $3 billion ($388.7 KSh billion) financing.

New York Times said the defendants kept records of their bribes using “codenames” in communications with Indian officials.

Why the court suspended Adani’s electricity contract in Kenya

On Friday, October 25 this year. TUKO.co.ke announced that the High Court has stayed the government’s Adani-KETRACO electricity transmission contract worth KSh95.68 billion, citing constitutional objections.

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EACC interrogates Moi University VC Isaac Kosgei over alleged embezzlement of KSh 2.2b

Justice Bahati Mwamuye issued a conservatory order suspending the implementation of the contract pending further legal review.

The Law Society of Kenya (LSK) questioned the contractclaiming it lacked transparency, public participation and accountability.

Azimio La Umoja One party of the Kenyan coalition also filed a lawsuit contest the leasing of Jomo Kenyatta International Airport (JKIA) by the Indian company Adani Group.

Proofreading by Asher Omondi, current affairs journalist and copy editor at TUKO.co.ke.

Source: TUKO.co.ke