The energy cabinet secretary Opiyo Wandayi says the indictment of Adani group USA does not affect the current Ketraco deal kenya has entered with the conglomerate.
Speaking when appearing before a joint energy committee, Wandayi argues that Kenya Electricity Transmission Company conducted a two-phased due diligence exercise on the suitability of the firm allaying fears of corruption and bribery.
According to Wandayi, neither government through taxes or borrowing of loans can finance the ketraco masterplan worth 650 billion shillings
His remarks come hours after Adani Group directors were charged in the United States in a Ksh 32 billion bribery scheme sparking concerns from different squatters.
In the indictment, prosecutors alleged the tycoon and other senior executives had agreed to the payments to Indian officials to win contracts for his renewable energy company expected to yield more than $2bn in profits over 20 years.
USA Deputy Assistant Attorney General Lisa Miller stated that the bribes were to facilitate the officials lying to investors and banks to raise billions of dollars and to obstruct justice.
The Adani-KETRACO deal was a $736 million contract between India’s Adani Energy Solutions Limited and Kenya’s state utility KETRACO to develop, finance, construct, and operate transmission lines and substations across Kenya
The deal was signed on October 11, 2024. The Adani lines would represent 6.8% of KETRACO’s total network as of June 2023. The annual revenue requirement for the deal was USD 164 million (KSh 21.32 billion
Billionaire businessman Guatman Adani has described as baseless fraud allegations pressed against him
In a statement, the Adani Group spokesperson denied the allegations by the US Department of Justice and the US Securities and Exchange Commission.
The spokesperson stated that Adani remains innocent until proven guilty.
The Group affirmed its respect for the rule of law in all jurisdictions that it operates in saying all possible legal recourse will be sought.
According to court records, a judge has issued arrest warrants for Gautam Adani and Sagar Adani, and prosecutors plan to hand those warrants to foreign law enforcement.
Seven of the eight defendants are Indian citizens and lived in India, while the eighth, Cyril Cabanes, is a dual French-Australian citizen who lived in Singapore, prosecutors said.