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”.

The day before, Mr Adani, India’s second-richest man, was charged with fraud by US prosecutors for allegedly orchestrating a $250m (£198m) bribery scheme and concealing it to raise money in the US.

Representatives from Adani Group have denied the allegations from US prosecutors and called them “baseless”.

Source:BBC