Julius Kiprop
- President Ruto cancels JKIA PPP and KETRACO deals with Adani Group.
- The decision follows U.S. revelations of a $265 million bribery scheme involving Gautam Adani.
- President emphasizes commitment to fighting corruption and protecting Kenya’s interests.
- Adani Group faces global backlash, with its bonds and reputation in decline.
In a bold move, President William Ruto has ordered the immediate cancellation of two major deals involving the Adani Group. These include the JKIA Public-Private Partnership (PPP) and the KETRACO energy project. The announcement was made during his State of the Nation Address, citing “credible evidence” of corruption uncovered by investigators and international partners.
The decision follows serious allegations against Gautam Adani, the chairman of the Indian Adani Group. U.S. prosecutors have accused him and others of paying $265 million in bribes to secure solar energy contracts in India, expected to yield $2 billion in profits. Arrest warrants have been issued for Adani and his nephew, with plans for international law enforcement involvement.
President Ruto stated, “I have directed the Ministries of Transport and Energy to cancel the ongoing processes for the JKIA PPP deal and the KETRACO deal.”
The KETRACO project, worth KSh95.68 billion, had given Adani Energy Solutions control over Kenya’s critical power transmission infrastructure. Signed in October 2024, the deal faced public criticism, even as Energy CS Opiyo Wandayi defended it before the Senate, insisting due diligence was conducted.
The global fallout has been swift. Adani Green Energy has canceled plans to raise $600 million, and its bonds have sharply dropped in value. President Ruto’s decision marks a significant shift in policy, reflecting his pledge to ensure transparency in public-private partnerships.
President Ruto’s cancellation of Adani Group deals sends a strong message about his commitment to fighting corruption and safeguarding Kenya’s interests. As investigations continue, the focus shifts to restoring public trust and ensuring accountability in government contracts.
