Kenya’s president says he has cancelled multimillion-dollar airport expansion and energy deals with Indian tycoon Gautam Adani after U.S. bribery and fraud indictments against one of Asia’s richest me

The cancellation of Adani’s deals by Kenya has raised questions about the financial implications for taxpayers, with a tax expert weighing in on potential outcomes.

Kenyan President William Ruto canceled two deals with Adani Group worth about $2.6 billion over alleged corruption, hours after the company’s billionaire founder was charged by the US authorities in a separate bribery scheme.

Kenyan President William Ruto sought Thursday to turn the page on a difficult year, cancelling controversial deals with India's Adani Group and vowing to tackle corruption, police kidnappings and gender-based violence.

Kenya's President William Ruto has cancelled two major deals involving Indian billionaire Gautam Adani, after the tycoon was indicted for fraud by US prosecutors. In his state-of-the-nation address on Thursday, Ruto said the deals had been cancelled based on "new information provided by our investigative agencies and partner nations".

Indian billionaire Gautam Adani has been indicted for fraud by U.S. prosecutors and arrest warrants issued for him and his nephew for their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply deals.

The president’s announcement came a day after Gautam Adani, the chair of the Indian conglomerate, was indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme.

Kenyan President ordered the cancellation of a procurement process that had been expected to award control of the country's main airport to India's Adani Group