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Tuesday, November 21, 2006

Vodafone's 2005 Annual Report

WIZI...

Here is Vodafone's 2005 Annual Report that shows the purchase of 5% of Safaricom from Mobitelea Ventures... It is a large file so download only if you have a speedy connection...

It is on Page 25 (using adobe's page numbering system) which is Page 23 of the Annual Report.

This is a one-pager that shows significant acquisitions in 2003. Go to the bottom of the page.

So does Mobitelea still own 5%?
Who owns Mobitelea?
Did Vodafone essentially "pay" a bribe?
How did Mobitelea acquire the 10%?

WAKO knows... I betcha he knows...

Note that the date of purchase was 10 Jan 2003... just after kanu lost the elections!

WIZI...

11 comments:

Kudrinketh said...

Sounds more like a moi-biwwott partnership in crime.This should be easy for the govt to resolve, if they want to, just take back what was stolen from us(aka the notorious 10% bribe)but i bet you nothing will be done coz thieves do not go out of their way to catch fellow thieves.

coldtusker said...

celtel is merali who was a front for moi so... moi had his effing feet in both pies!

kudri - I agree. They will find a way to split 50/50 yaani let us keep the chumz for the 5% we stole & sold... and you keep chumz for the 5% we stole but haven't sold yet!

Anonymous said...

lol sunkuli ntimama are the real pups on this one

pesa tu said...

U r barking up the wrong tree.Vodafone Plc stake is where the changes occur not TKL's.check my post on this.

coldtusker said...

pesa - Check my rebuttal on your post! Even though I have posted it below... it needs to be read in the context of your post.

How Kenya loses:

If Mobitelea is NOT owned 100% by Vodafone, it means someone else got 10%. Who are they?

Basically, Vodafone was brought in as a STRATEGIC shareholder who was to provide financial & technical assistance.

If you just wanted a "shareholder" there were MANY Kenyan firms who could have stepped in. Again, just as a SHAREHOLDER.

Furthermore, Yukos among other Russian natural resources/assets were fradulently obtained at throwaway prices by insiders.

Yes, we are waiting to know who owns Mobitelea!

Gathara said...

Posted this comment at pesa tu's as well.

If I'm not mistaken, Safaricom had to go through a tendering process before they were allowed to set up shop as Kenya's first mobile phone service. If Mobitelea's 5% stake existed then and was not declared during the tender process, it then amounts to a bribe paid by Vodafone to Moi and his cronies.
In that case, it is possible that Kenya did not get the best deal (I think Safaricom paid $55M for the licence) and it would constitute a rip-off for Kenyans as a whole.
Secondly, if a 65-35 (or 70-30) split between the public-owned Telkom and Vodafone was available we weren't told about it and the former regime pocketed the proceeds of the extra 5-10% that should have been rightfully ours. Either way, the public loses.

Ssembonge said...

Gathara got it right.

It is unlikely that Mobitelea paid a dime for the 10% share it held in Safcom. Now that the information is out in the open, GoK should repossess the remaining 5% of their share as it was acquired fraudulently.

Econet seems to have been caught in the same predicament. They cut a deal with the KANU government that NARC government has refused to honor. Instead, they want their share too.

It's called making money out of the air.

Kudrinketh said...

WTF! what's with these propagandists.They must not be smart because if they were they'd just post small comments here and there instead of writing a thesis which we all ignore anyways.

@CT i bet you Kibaki and Moi set up a meeting to split that 10% they stole from us 50/50.you called this one,congrats!

coldtusker said...

kudri - I am leaving the anon option open but I delete NARKist ramblings!

I betcha there will be a "commission" or some botched investigation. The whole thing will die...

Kenyans will be offered a "cheap" IPO price & they will forgive/forget the stolen 10%...

Klara said...

I love dis debate!!!

coldtusker said...

klara - Welcome! Please feel free to contribute!