A cloud of controversy continues to loom over the proposed takeover of Jomo Kenyatta International Airport (JKIA) by Indian conglomerate Adani Group, as Swiss authorities have frozen assets worth over Sh39.98 billion (approximately $310 million) linked to the company.

The move comes amid escalating scrutiny surrounding the conglomerate’s alleged involvement in financial irregularities.

The Swiss Federal Criminal Court has frozen funds held in multiple bank accounts believed to be connected to Adani, following an investigation into allegations of money laundering and other criminal activities.

The decision, revealed in a report by Swiss investigative outlet Gotham City, sheds light on the growing concerns surrounding the company’s operations.

The Adani Group, led by billionaire Gautam Adani, has been the subject of intense scrutiny since January 2023 when short-seller Hindenburg Research accused it of engaging in stock manipulation and accounting fraud.

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The allegations, which the company vehemently denies, have sparked a series of investigations and legal challenges.

The proposed JKIA deal, which involves Adani Airport Holdings taking over the operations of Kenya’s largest airport and developing luxury resorts adjacent to it, has faced opposition from various stakeholders, including Kenya Airports Authority (KAA) workers and legal experts.

Concerns have been raised about the potential impact of the takeover on the airport’s operations and the country’s aviation sector.

The Swiss court’s decision to freeze assets linked to Adani adds another layer of complexity to the ongoing saga.

While the conglomerate has vehemently denied any wrongdoing, the allegations and subsequent legal actions raise serious questions about its financial practices and its suitability to manage a critical infrastructure asset like JKIA.

“The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority,” Adani stated.

“We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws."

Adani also condemned the allegations as part of a coordinated effort to damage its reputation

As the investigation unfolds, the future of the JKIA deal remains uncertain.

The Swiss authorities’ actions have added a new layer of complexity to the already contentious JKIA deal and are likely to intensify scrutiny of Adani Group’s operations and may have far-reaching implications for the company’s business interests both in Kenya and internationally.

The proposed takeover by Adani Airport Holdings has faced significant opposition from various stakeholders, including Kenya Airports Authority (KAA) workers who have staged strikes in protest.

Additionally, the deal is currently being challenged in court.

As the investigation in Switzerland unfolds, the future of the JKIA deal remains uncertain.

The frozen assets and the ongoing scrutiny of Adani Group's activities raise serious questions about the company's suitability to manage one of Africa's busiest airports.