The Kenyan government on Thursday announced the cancellation of all deals with Adani Group. These included big projects like power transmission and airport expansion. Both the 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 America.
President William Ruto said- '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 contract which is against the policies and values of our country.
President William Ruto addressing the Parliament of Kenya.
There was a deal worth Rs 6,217 crore for power transmission. The Government of Kenya had signed a power transmission deal worth $736 million i.e. Rs 6,217 crore for 30 years with Adani Group. Under this deal, infrastructure for electricity transmission was to be created in Kenya. Apart from this, Adani Group also had a proposal of $ 1.8 billion i.e. Rs 15,205 crore, in which an international airport was to be developed, but both these deals worth Rs 21,422 crore have now been cancelled.
Allegation of offering bribe of ₹2200 crore Earlier this morning, news had come that 8 people including industrialist Gautam Adani have been accused of fraud worth billions of rupees in America. The United States Attorney's Office says that Adani paid or was planning to pay bribes of $ 265 million (about Rs 2200 crore) to Indian officials to get contracts related to solar energy in India.
This entire 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 Cabenis, Saurabh Aggarwal, Deepak Malhotra and Rupesh Aggarwal have been made accused.
According to Reuters report, arrest warrants have also been issued against Gautam Adani and Sagar. Sagar is an officer of Adani Green Energy Limited.
American investors' money, hence the case there Adani is accused of lying to American investors and banks to collect this bribe money. The case was registered in America because the money of American investors was invested in the project and under American law, giving that money as bribe is a crime.
Adani said – all allegations are baseless, refuted Adani Group has termed all the allegations as baseless. The group said – 'The allegations made 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 refute them.
The US Justice Department itself said that right now these are just allegations. The accused are considered innocent until proven guilty.
Adani Green Energy stops bond offering Adani Group had announced on Wednesday itself 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 in the New York District Court against our board members Gautam Adani and Sagar Adani.
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 Adani Group has also postponed this bond offer.
Gautam Adani's net worth decreased by ₹1.02 lakh crore in a day Due to the fall in the shares of companies after allegations of bribery and fraud, the net worth of Adani Group Chairperson Gautam Adani has declined by $ 12.1 billion (about Rs 1.02 lakh crore) in a day to $ 57.7 billion (Rs 4.87 lakh crore). With this, Adani has moved straight from number 25 to number 22 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 shares of Adani Group declined Out of 10 shares of Adani Group, 9 closed with decline and 1 with rise. Adani Enterprises fell the most by 23.44%. Whereas, Adani Green Energy shares closed with a fall of 18.95%.
Some interesting facts related to Gautam Adani and his journey…
Tried luck in diamond industry: Born on 24 June 1962, Gautam Adani, a college dropout, is from Gujarat. Tried his luck in Mumbai's diamond industry in the early 1980s. After this, Adani Group was started in 1988 with a small agri trading firm.
It has now transformed into a conglomerate spanning 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 crore) by 2030 to make his group the world's largest renewable energy producer.
Adani Foundation was 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 improve the lives of 34 lakh people annually in 18 states of the country. Preeti is a doctor by profession, she has done graduation in Dental Surgery (BDS).
Controversy related to Gautam Adani…
First controversy: Hindenburg Research accused of money laundering : It is from January 2023. Gautam Adani's flagship company Adani Enterprises announced a follow-on public offer of Rs 20,000 crore. This 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 reduced by about $ 12 billion (about Rs 1 lakh crore). However, Adani denied allegations of any wrongdoing. In such a situation, Adani Group also canceled 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 case.
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, had claimed that in January 2014, Adani Group had purchased 'low-grade' oil from an Indonesian company at a reported price of $28 (about Rs 2360) per tonne. 'Purchased coal.
The report alleges that this shipment was sold to 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 rigging the coal import bill.
- Financial Times in one of its reports alleged that Adani Group imported coal from Indonesia at a lower rate and showed higher prices by rigging the bills. Due to this, the group sold the electricity generated from coal to the customers at a higher price.
- The Financial Times examined 30 coal shipments Adani Group imported from Indonesia to India over 32 months between 2019 and 2021. The import records of all these shipments found prices higher than the export declarations. The amount was increased by about ₹582 crore.
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related to Gautam Adani…
Gautam Adani will leave the post of chairperson at the age of 70: Will hand over command to sons and cousins in 2030
Adani Group Chairperson Gautam Adani plans to step down at the age of 70, currently he is 62 years old. News agency Bloomberg had quoted an interview as saying that Adani may hand over the command of the company to his sons and cousins in the beginning of 2030. Read the full news…
Hindenburg's allegation – Adani's ₹ 2600 crore freeze in Swiss banks: Adani Group said – all claims are false, this is an attempt to bring down our market value.
Hindenburg Research made new allegations against 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 Adani Group.
Hindberg has made these allegations citing a news report by Swiss media outlet Gotham City. The report states that Swiss authorities have seized this amount as part of a money laundering and securities fraud investigation. Read the full news…
Adani is trending on Google
In the hearing held 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 for Adani has increased rapidly.
Source- GOOGLE TRENDS
Graphics Source: VaskarAssets
