shocks
Elder Lister
"There were several meetings between Britam directors and Mauritian officials in Nairobi and Port Louis but the most consequential was a secret one between Mr Munga and Bhadain (the then Mauritius’ Minister of Financial Services) on Saturday, November 14, 2015.
“This was the meeting that changed the course of history of this sale which would ultimately end with the big fall from R4.3bn (Sh11 billion) to R2.4bn [Sh7.1 billion at the agreed exchange rates],” the report says. The rival bids of Sh11 billion each were from South Africa’s insurance firm MMI Holdings and Barclays Bank (now Absa Group).
Mr Munga told the participants that the Kenyan government would not welcome a foreign investor. He was repeating a message that had been communicated by former Treasury Cabinet Secretary Henry Rotich, who wrote to Mauritius’ Ministry of Finance asking the shares to be sold to Kenyan investors.
After buying the shares, Mr Munga would later sell them in two tranches to other foreign investors at undisclosed prices that are expected to have earned him billions of shillings in capital gains."
Munga secret Britam deal leaves Mauritius with Sh3.9bn loss
Tycoon bought seized shares for Sh7.1bn in a secret deal that ignored Sh11 billion rival offers.
www.businessdailyafrica.com
Million dollar boss moves, cut ya Uhuru na Rotich mnadhani ilikuwa ngapi hapo?
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