News

Story by SAMWEL KUMBA

A number of companies have been mentioned in the 110-page report by the international risk consultancy Kroll Associates UK Ltd, with some having their ownership brought into question.

One that has been mentioned and has hit headlines before regarding its ownership is Safaricom Kenya Limited which the Government plans to float part of its shareholding through initial public offer (IPO).

What has been in the public domain is that by 2003, the Government owned 60 per cent of Safaricom, Vodafone Kenya Limited had 35 per cent while a third company possessed the remaining five per cent of the shares.

Not disclosed

The third shareholding company has been identified as Mobitelea Ventures. However, the shareholders of the company have not been disclosed so far. Safaricom CEO Michael Joseph is on record saying he is unable to disclose the direct and indirect shareholders of Mobitelea.

According to the report, before 2004, Nicholas Biwott, Charles Field Marsham and Gideon Moi owned 40 per cent while Post Office owned 60 per cent of Safaricom.

Eveready Company in Nakuru, which then operated under the name of H. Young and which belonged to Schwartzman, First American Bank, Equatorial Bank, Cartrack Kenya Ltd, Eagle Airlines, Mugoya Construction and Regent Management, according to the Kroll report had, among others, Joshua Kulei who is said to have represented President Moi interests.

Others companies where Kulei shareholding is alleged include the National Airport Services, Rai Plywood of Eldoret, Kobil and Kenol Petroleum where Moi is said to own half the stake with the other part is held by Biwott.

Other companies whose names feature with similar shareholding include African Cargo Handling which the report says has since been sold to Kenya Airways. Kenchic is said to have been owned by Moi, Charles Njonjo, P.K. Jani and Kiereini.

Under liquidation

Banks said to have been used for transaction and are now under liquidation include Eurobank, Trust Bank and Trade Bank. Giro Bank, City Bank, ABN-AMRO, Trans National Bank, Middle East Bank and First American Bank, according to the report, were involved in one way or the other at some point.

Regional Air, according to the report, was managed by Biwott’s son in-law Charles Field-Marsham.

Further the report says companies where Naushad Meralli shared stake with the Moi include First American Bank of Kenya, Wilson Airport and the then Firestone East African. On his own, Meralli is said to have interests in Ryce Motors, Commercial Bank of Africa, Sameer Industries, Sameer Investments, Eveready Batteries and Kencel, which has since been bought by Celtel International.

Another company also mentioned is Symphony Global Technologies which, according to the report, belong to Horatius Da Gama Rose. All the details are restricted up to 2004 when the Kroll report was documented and shareholding might have since changed.