The deal between the Kenyan government and Adani Airport Holdings Ltd has raised a storm due to the controversial nature of the supposed agreement.
The case surrounding the Adani Group JKIA takeover has now intensified, with Swiss authorities freezing Ksh 39.9 billion ($310m) in assets as part of an ongoing investigation.
The Geneva Public Prosecutor’s Office had been investigating alleged wrongdoing by the Adani Group even before Hindenburg Research’s report brought widespread attention to the conglomerate’s activities.
The investigation was later taken over by the Office of the Attorney General of Switzerland (OAG).
Reports from the Financial Times suggest that offshore funds, which own significant portions of Adani’s free-floating stocks, were secretly controlled by associates of Vinod Adani.
This concealed ownership was allegedly hidden by using two sets of financial records, one for regulators and one for investors.
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These findings support Hindenburg’s accusations that entities connected to Vinod Adani manipulated share prices, resulting in over $90 billion in losses for the Adani Group’s valuation.
While the Adani Group has consistently denied any wrongdoing, asserting compliance with all relevant laws, the companies involved in setting up the investment structures have also refuted the accusations.
Over the past months, the Kenyan public has come out in solidarity with the Kenya Airport Authority staff rejecting the handing over of JKIA to the management of the Indian company, terming it unlawful due to the lack transparency in the deal.
