Story by ZEDDY SAMBU
Publication Date: 11/23/2006 (Daily Nation)
My comments in RED
Vodafone Group of the UK yesterday admitted for the first time that some shares in Kenya's leading mobile phone provider Safaricom are held by another company.
It has been reported as such in the Annual Report among other filings since 2003. Vodafone is a UK publicly listed firm, they had to "show" their hand! If it was a Chinese firm, we would have NEVER found out! The Chinese are the perfect partners for corrupt African politicians!
But the owners of five percent of Safaricom remain a mystery as Vodafone refused to release any details.
Not their responsibility BUT Vodafone should make a PUBLIC disclosure since this is bad for business! Furthermore the Kenyan government should make demand that Vodafone tell us what they know. If the Kenyan government does not OFFICIALLY demand the "truth" then Vodafone could go scot-free. Wako has never been one for the "truth" & ringera is a lame duck!
Vodafone confirmed that a company called Mobitelea Ventures Limited owns the other 5 per cent. "Vodafone Group Plc has a 35 per cent interest in Safaricom held through Vodafone Kenya Limited, a Kenyan holding company," said Mr Phillip Rhys, the company's official in charge of mergers and acquisitions in a statement sent to the Nation.
The other 60 per cent of Safaricom is held by Telkom Kenya. The government has recently been in negotiations with Vodafone which wanted to increase its stake.
The Government has been equally evasive about the identity of Safaricom's mystery shareholder.
This is where it gets interesting!
Why is the Government stalling?
Is this why the kanu & narc governments delayed the privatisation of Safaricom?
Why did moi & kibaki have this meeting all of a sudden?
After the story was broken exclusively by the Nation's sister paper, The EastAfrican, Information and Communications minister Mutahi Kagwe said the government was not interested in the details of the Vodafone shares, but only in the 60 percent held by Telkom.
Kudos to the East African. WTF is kagwe talking about? If Vodaphone would paid $55 Million for 30%, then Kenya lost an additional $5.5 Million from Mobitelea's 10%. Something is FISHY. Some ex-kanu (& current NARC) members are involved!
Contacted by the Nation, Investment Secretary Ms Esther Koimett: "I am not aware. We have got no such information. I have no idea and I'm not sure if the information is true." She said the Treasury did not know of any other arrangement apart from a 2000 shareholders agreement that, she noted, could have been renegotiated to include a third shareholder.
Wow, what insight! I am gagging on this! I see someone hiding the family silver!
Telkom Kenya, the main shareholder in Kenya's biggest mobile company, was equally in the dark. Managing director Sammy Kirui said their records show that Safaricom has two shareholders, themselves and Vodafone. "That was the position in 2000 when Telkom's shares were unbundled . As far as we know, the shareholding portfolios remains that way," the MD said.
Well, he better do some more reading! He should push to "recover" the 5% since Telkom can use the extra cash from the sale! Telkom is borrowing money for its restructuring & the money is being stolen right under their noses!In Parliament, MPs Justin Muturi (Kanu, Siakago) and Joseph Lagat (Eldoret East, Kanu) differed with Information and Communication minister Mutahi Kagwe over the owners of Safaricom.
But Mr Kagwe said that records at the Registrar of Societies showed that Telkom and Vodafone were the only two companies owning Safaricom. "There are only two shareholders, Telkom and Vodafone," he said.
Well, someone is lying. Can't kagwe get the "ownership" details of Mobitelea?
I am surprised awori isn't making one his idiotic statements to protect the thieves!
I think the anglo-fleecing hyenas are back!