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Telkom Kenya Acquisition Probe: Government purchase fails to give full control
The acquisition of Telkom Kenya by the government has become the subject of controversy after it was revealed that the majority shareholder is still a company registered in the Cayman Islands and Mauritius, seven months after the government purchased the shares.
Jamhuri Holdings, owned by Helios Investment Partners, was paid KES 6.091 billion for the acquisition of Telkom Kenya. The government was supposed to take full ownership, but it only has 37.9 percent while Jamhuri Holdings retains 56 percent.
Solicitor General Ken Ogeto appeared before a parliamentary committee investigating the Buyback and Legal Status of Telkom Kenya Ltd.
Ogeto confirmed that the government had not acquired 100 percent ownership of the company, despite making the payment. Ogeto said he didn’t know the owners of Jamhuri Holdings and that the government would rely on the Mauritian government to unveil their identities.
The committees were concerned about why companies with dubious ownership and registrations from known destinations of fraudulent financial practices were allowed to transact with the government.
Molo MP Kimani Kuria wondered why a transaction without parliamentary approval was allowed to go through. He also asked if the two companies had local offices, who their local representatives were, and which account received the payment.
In 2016, Helios acquired 60 percent of Telkom Kenya after receiving regulatory approval. In September 2022, the company’s website indicated that Helios had exited the company.
Telkom Kenya CEO Mugo Kibati told the committee that the company was not involved in the transaction, as it was a deal between shareholders.
National Assembly Majority Leader Kimani Ichung’wah alleged that part of the KES 6.09 billion paid by the government to acquire stakes in Telkom Kenya was shared among powerful individuals.
Ichung’wah claimed that the money was wired to offshore accounts two days after the August 9 General Election and that the legal ownership of the company remains unclear.
Controller of Budget Margaret Nyakang’o told MPs that she refused to authorize the withdrawal of billions of shillings to complete the deal, but the Treasury overruled her. Baringo North MP Joseph Makilap wondered what her role was if every requisition by the government was approved by her office.
The controversy has raised questions about the transparency and accountability of the Kenyan government in its acquisition of state assets.
The Telkom Kenya acquisition probe is ongoing.
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