Adani Group in a statement on Monday warned against the circulation of a press release being linked to its recently announced projects in Kenya, calling it fraudulent, and threatened legal action against those "involved in spreading false narratives."
The Indian conglomerate led by Gautam Adani has flamed protests by airport staff at Nairobi's Jomo Kenyatta International Airport (JKIA), following reports of a planned lease of the airport to the Adani Group for 30 years. Shortly after, the Adani Group was also awarded a concession of $1.3 billion from Kenya Electricity Transmission Company Limited (Ketraco) to construct power transmission lines in Kenya under a public-private partnership with an entity of the African Development Bank.
As reports of these major projects hit the news, a press release started circulating on social media purportedly of Adani Group admitting to giving bribes to government officials in return for the tender from Ketraco and for the the JKIA takeover.
The release started with the group calling out the protests as harmful to its reputation, and stating that its bidding process has been transparent. It then goes on to suddenly state that if such "threats" from protests continue, they will be forced to reveal names of officials who benefited from Adani Group.
The following part of the press release is seen highlighted with a red circle in the viral images on social media platforms and WhatsApp:
"Furthermore, we would like to caution those planning to participate in these demonstrations that such actions could have series consequences. If these threats persists, we will have no choice but to reveal the names of government shareholders who have benefited from our investments. Additionally, we will also publish the names of individuals who have received substantial bribes from our company."
"Vested interests with malicious intent"
Adani Group came out with a statement, terming the viral press release as fake, and calling it fraudulent, spread by "vested interests with malicious intent."
"We categorically state that neither the Adani Group nor any of its companies or subsidiaries have issued any Press Releases related to Kenya," an Adani Group spokesperson stated, adding that the group "will take legal action against anyone involved in spreading false narratives."
Group Under Fire
The Adani Group has faced significant controversies following allegations of insider trading, money laundering and stock price manipulation by US-based short-seller firm Hindenburg Group in January 2023, which had wiped out around $100 billion in market cap under a week.
In August 2024, Hindenburg further accused Securities and Exchange Board of India chairman Madhabi Puri Buch of have stakes in offshore funds tied to Adani Group, thus raising serious questions around conflict of interest.
Shortly after, the short-seller firm cited reports by Swiss media to state that Swiss authorities had frozen $310 million of the the group's funds in Swiss bank accounts, which was denied by Adani Group.