India’s billionaire Gautam Adani has settled its case with the US Securities and Exchange Commission (SEC) as he continues to snub Kenya talks, over compensation after the verbal cancellation of a multi-billion shilling deal to build electricity transmission lines and substations.
US enforcement agencies plan to end actions against Mr Adani and his business conglomerate, following accusation of the tycoon’s involvement in a $265 million bribery scheme.
President William Ruto, in November 2024, ordered the cancellation of a 30-year, Sh96 billion public-private partnership deal that an Adani Group firm signed with the energy ministry to construct power transmission lines citing the US indictment.
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