CS Mbadi Addresses Adani Compensation After Ruto Cancels Deal
Treasury CS John Mbadi addresses Adani Following Presence Ruto’s decision to cancel the deal, saying they will not receive any compensation.
Mbadi was Speaking outside parliament buildings after Ruto’s State of the Nation address where he asserted that the government would not compensate the Indian conglomerate because the deal was a Privately Initiated Partnership (PIP).
Mbadi further argued that the decision by President Ruto to end the multi-billion deal was not a mutual termination to warrant the company a compensation.
CS Mbadi also outlined that the PIP format was not competitive but rather flexible, allowing the parties involved to cancel the talks at any stage before the formal agreement.
He further revealed that the deal was cancelled while in the initial stages of the agreement because the government had to conduct due diligence first.
ALSO READ: Kiharu Mp Ndindi Nyoro Finally Makes a Comeback After Kindiki Swearing-in