French energy firm TotalEnergies has suspended new investments in the Adani Group following serious bribery accusations against the company’s executives. The allegations involve Gautam Adani, the billionaire chairman of the Adani Group, and other senior officials allegedly paying bribes to Indian government officials to secure solar energy contracts.
TotalEnergies, which owns a 19.75% stake in Adani Green Energy, stated that its investments were made in compliance with all relevant laws but decided to stop further financial contributions until the matter is clarified.
Adani Deal with Kenya
The move comes during the rising tensions in East Africa, where Kenya’s President William Ruto recently ordered the cancellation of several deals with the Adani Group. These include projects worth over Ksh. 350 billion aimed at expanding Kenya’s energy and aviation infrastructure. President Ruto’s decision was based on credible evidence from both local and international investigations into the corruption claims.
Adani Deal with Tanzania
In Tanzania, the Adani Group is pursuing a $900 million project to build high-voltage power lines. However, the ongoing legal issues surrounding the company may impact its future investments in the region.
Both Kenya and Tanzania are closely monitoring the situation, with their governments taking steps to ensure transparency and integrity in public infrastructure projects, as well as protecting public resources and maintaining accountability in large-scale development efforts.
