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Tuesday, August 28, 2007

Safaricom - 10% (not 5%) was stolen!


Mobitelea, a subsidiary of Thieves, Inc


The crescendo over the, mobitelea stolen indirect 5% ownership in Safaricom, is rising. What many commentators are missing is that it was 10% (not 5%) that was stolen from every Kenyan Man, Woman & Child.

mobitelea - often referred to as moi biwott telecoms of east africa - had stolen 10% but sold 5% in 2002 to its partners in bribery, vodafone, when moi's proxy was going to lose the elections.

The way I figure it out is that Vodafone bought 40% of Safaricom from GOK but had to cough up 10% to mobitelea as "grease" money. A pity but vivendi had to cut a deal with naushad merali (the ty"con") for the 2nd license.

Suggested remedy for the Public & Vodafone?

Well, vodafone should return the 5% to the GOK (to be sold as part of the IPO) for what they paid & a "fair" return. I can't blame them for buying what seemed a bargain. As part of coming clean, they should sell the 5% back to GOK at a discounted price to current market value.

The monies paid by Vodafone to mobitelea should be recovered from mobitelea by the GOK & vodafone.

Thhe 5% that originally "belonged" to mobitelea but then sold by mobitelea to Vodafone.

What of the 5% that still "belongs" to mobitelea?

daniel moi & biwott will support kibaki in the 2007 elections as long as this thievery is kept under wraps!

We need to go after these crooks & retrieve the stolen 5%. As well as any dividends made to them! The 5% are stolen goods!

FOLLOW THE MONEY...

6 comments:

ka-investor said...

Your suggested solution may not work since it will mean the government is in the conspiracy to steal from Kenyans. A thief steals your cow n you buy it from him at a discounted price? Hell no! It’s tantamount to endorsing the thief work and for sure he will be back to steal even more. These Mobitelea thieves should be dragged to court and no commissions this time. We want to see justice before the IPO.

coldtusker said...

ka-investor:

The repurchased shares would be from Vodafone (which in turn bought them from mobitelea).

Of course, we should go after Mobitelea for the 5% they still "own" as well as damages for the 5% sold to Vodafone.

Vodafone may not be inclined to help us (i.e. they do not care whether there is an IPO or not. In fact, they prefer there is no IPO) if they feel they will lose money in the process.

John Maina said...

kabaki managed to pull two scandals within such as short period i.e. anglo-leasing plus this mobitelea even though on the latter he is not directly invovled the money will indirectly campaign for him on his last term. if he wins, God forbid, you can imagine the number of scandals that will take place they have even moved a top notch higher the nigeria way into billions rather than millions of shillings.

But what surprises me most is how fellower kenyans are complecent in letting the mobitelea scandal go by, talk of corruption being in our DNA or is it blood cells.

Odegle said...

from opinion polls, its clear that Kenyans prefer thieves any day.

Anonymous said...

A conspiracy by Government, Mobitelea Ventures, Vodafone Plc and Telkom board to defraud the public of its shares in Safaricom

The PIC in its report noted with concern that:

There were grievous discrepancies on the date provided by the various persons on the time of reduction of TKL shareholding at Safaricom from 70% to 60%.

None of the witnesses before the Committee could ascertain whether Vodafone PLC actually wrote to TKL asking for increase in their shareholding in Safaricom.

The Management of TKL was unable to justify the need to reduce TKL shareholding from 70% to 60%.

The Management of TKL could not confirm whether TKL was paid anything in return for the 10% shareholding irregularly ceded to Vodafone PLC.

The Shareholder Agreement was first signed between Vodafone PLC and KP&TC on January 25, 1999 when policy on investments required Kenyan ownership be not less than 70%. The policy was later amended to accommodate M/S Mobitelea Ventures.

The information provided by Mr. Gavin Darby that “M/s Mobitelea Ventures was identified as a local partner of Vodafone Group for the advisory role it played on local business practices and protocol challenge associated with investigating in Kenya” was misrepresentation of the truth since Mobitelea Ventures is ostensibly not based nor does it operate in Kenya.

The Shareholder Agreement was signed on January 25th 1999 long before Vodafone PLC came by Mobitelea Ventures Ltd.

No one else was able to ascertain the existence of the “competitive” process through which Vodafone PLC bought back 5% of Safaricom shares from Mobitelea Ventures as alluded by Darby (Vodafone PLC) through his letter to the PIC.

Vodafone PLC failed to appear before the Committee despite several requests to Messers Rhys Philip and Gavin Darby.

Mr. Michael Joseph, Chief Executive of Safaricom Ltd, tabled a letter dated 26th May 2000 before the Committee, ostensibly from VKL forwarding a bankers draft of US$ 22 million. The letter was found to be fictitious as it purported that the postal address of VKL was P.O. Box 40034-00100 Nairobi. In the year 2000 Kenya had not effected the postal coding 00100.

The 7th final Board of Directors meeting held on 27th September 1999 abetted the outright theft of public shares in Safaricom.

The meeting of Board of directors of Safaricom on 5th October 1999 was not properly constituted, as only the Chief Executive and the Company Secretary of KP&TC were present.

Safaricom Ltd is a Capital Investment by TKL. Any divestiture ought to be sanctioned by the parent Ministry and the Treasury. There was neither such request sought nor approval given.

Agreements entered between Vodafone (K) Ltd and Telkom (K) Ltd on Safaricom and those between the latter and the two shareholders were not authenticated by way of company seals. Some amendments made on the agreements were actually handwritten and may not have force of law.

TKL failed to invoke clause 12.3 (a) (Right of the first refusal) of the original cooperation and shareholders agreement. TKL and Safaricom management alluded not to know the nature of transactions between Vodafone PLC and Mobitelea Ventures.

It is appalling that Vodafone PLC a UK company involved itself in underhand activities of corrupt nature aimed at depriving Kenyan citizens of billions of shillings through M/S Mobitelea Ventures despite the fact that UK has been in the forefront of campaigning against corruption in developing countries.

The Parliamentary Investments Committee in its report held that “there appears to have been a conspiracy by some officers of Government, Mobitelea Ventures, Vodafone Plc and Telkom board to defraud the public of its shares in Safaricom. Neither the Management of Safaricom nor that of Telkom could produce the written request by Vodafone asking for increase in Vodafone’s’ shares from 30% to 40%. This supposition is further affirmed by the inexplicable disappearance of the records of Vodafone (K) from the Registry of Companies”.

Anonymous said...

50 QUESTIONS FOR KIBAKI TENA NOISE MAKERS
1. Who renegotiated and signed the agreement granting a 20 extension for the British military to continue training in Kenya around Laikipa, Nanyuki and Archers post?
2. Why do we find it necessary to allow foreign troop to bomb the crap out of our landscape, littering it leaving huge amounts of ordinance and making these prime games reserve areas practically inhospitable
3. Who sold the oil prospecting rights to the entire Kenyan offshore including Lamu (A UN historical site)?
4. Who further parceled out huge tracts in North Eastern Kenya to the Chinese government for huge amounts of money, none of which the residents of Northern Kenya will ever see?
5. Was there any competitive bidding for these rights?
6. How many other companies were willing to pay significantly higher sums for these rights in open bidding?
7. Why was the Kenya Sugar Board boss fired?
8. Did you know that by law only the board of directors can do this?
9. Did you know that he was fired for sticking to procedure and opening tender documents at the pre-assigned time and date?
10. Did you know he refused to allow a late and low bid by a certain consortium?
11. Did you know the treasury has no legal mandate to take over the bidding for these sugar companies?
12. Did you know that for 40 years the GOK has appointed MDs for Miwani, Muhoroni, Chemelil and Sony sugar factories?
13. Did you know that for those 40 years they deliberately appointed inept managers so long as you were willing to help the rulers siphon out money from these companies and kill these industries?
14. Did you know that the GOK wrote of billions of shilling in debts owed by coffee farmers?
15. Did you know that the same was done for Dairy Farmers?
16. And tea farmers?
17. BUT not the Sugar Industry?
18. Do you know why?
19. Do you know how much money from Western Kenya goes into the government’s budget (consolidated fund)?
20. Of this do you know how much goes back to the same region in terms of recurrent and development expenditure/
21. Who owns Mobitelea?
22. Did you know if the Safaricom IPO goes through, these illegal and corrupt owners who should be in jail in any civilized society stand to get up to Ksh 2 billion in COLD HARD UNEARNED CASH – FROM POOR ORDINARY KEYANS?
23. Who is trying to sell TELKOM Kenya NOW?
24. Did it take 5 years to realize you want to privatize this company?
25. Or did it take five years to line your pockets enough to make an embarrassingly low bid for this dull jewel (never the less a jewel)?
26. Who said a 50% stake in Telkom Kenya is worth Ksh 2 billion?
27. Who did that valuation?
28. Did you know that some of the biggest land owners in Kenya are Kenya Telkom and the now ripped off Kenya Railways?
29. So you PRIVATISED Kenya Railways to a nobody with ZERO experience in rail management, are the trains moving?
30. What about the KR land – is it still there?
31. Did you know we (via our taxes) refurbished Sagana State Lodge for a mesmerizing Ksh 600,000,000?
32. Did you know that the work is still INCOMPLETE?
33. Did you know that the Head of State has never spent a night at the SAGANA STATE LODGE?
34. Did you know that Ksh 600,000,000 could buy and/or build any residential property in Nairobi – Yes including the State House?
35. Do you know who signed the financing agreement (read loan!) to buy so called frigates for the Kenya Navy?
36. Did you know that what was purchased were OLD FISHING VESSELS fitted with a few motor and torpedo launches?
37. Do you feel any safer with these schooners protecting our waters?
38. Do you remember the unveiling of the UHURU HIGHWAY PROJECT by the PRESIDENT? Have you seen any progress? You may have seen the grading of the road sides? What else?
39. Do you know that the financing was arranged by the Chinese government?
40. And you, your children and your grand children will be paying for this non starter of a project?
41. Did you know that the Goldenberg scandal cost Kenya 90 billion shilling or 20% of our current budget? Yes I thought you would say that – It was Moi! What then is Kibaki doing with this man? Why the sudden legitimacy to a known and acknowledged criminal and fraudster?
42. DID YOU KNOW that the Kibaki government signed several agreements (Anglo Leasing) for projects to be paid by Internationally Accepted Promissory notes and THESE ARE LEGALLY BINDING?
43. DID YOU KENYA KNOW THAT THESE WILL BE REDEEMED IRRESPECTIVE OF WHO IS IN THE STATE HOUE?
44. DID YOU KNOW THE GOVERNMENT HAS MORTGAGED ME AND YOU VIA ANGLO LEASING PROJECTS TO THE TUNE OF KSH 80 BILLION? AND PENDA IT OR NOT IT WILL BE PAID BECAUSE IT IS LEGALLY BINDING. CANCELLING THE PROJECT DOES NOT REMOVE THE OBLIGATION? HERE ME WELL – KIBAKI TENA TEAM – IT IS WORSE THAN GOLDENBERGE!!!
45. Did you know that no body in this government has balls enough to arrest and prosecute Mr. Pattni? Of course he would finger them all!!
46. DID YOU KNOW THAT THE ONLY MAN CLEARED BY THE GOLDENBERGE COMMISSION WAS MUSALI MUDAVADI?
47. DID YOU KNOW THAT THE GOVERNMENT OF KENYA can nail Mr. Ruto, but will not because the can prosecute a case and it will inevitably touch their new found buddy Mr. Moi?
48. Did you know who proposed the amendment to the Kenya Constitution making Kenya a one party state?
49. Do you know what a crime of omission is? It is sitting and doing nothing when evil is all around you.
50. Can anybody tell me what role Kibaki played in the second liberation and the fight for freedoms that we now enjoy? I remember Oginga Odinga, Gitobu Immanyara, Charles Rubia, Raila Odinga, Martin Shikuku, Okii Ombaka and Kenneth Matiba. I remember Koigi Wamwere, Kijana Wamalwa and Masinde Muliro. I remember the forgotten ones – Miguna Miguna, Wahome Mutai (Yes cartoons kept us going!), a jungu called Smith Hempstone (I could swear huyu alikuwa Kenya damu!), Prof Oyugi, Ngugi wa Thiongo, Okongo Arara, Adungosi Titus and Shem Ogola. I remember Adam Mathenge, Willy Mutunga, Wachira Kamonji, Maina wa Kinyati, Mukaru Nganga, Anyona George, Khaminwa John, Otieno Mak Onyango, Onyango Paddy, K’Oale Muga, Wahinya Bore, Mutuse Thomas, Mugo Micere, Kimani Gecao, Ngugi wa Mirii, Ngweno Hillary, Mwachofi Mwakudua, P.L.O., Gikenya Waititu, Peter “Young” Kihara, Theuri Mugo, Kathangu Njeeru and Wafula Buke.

My dear Kenyans, if you can honestly define crimes of omission or commission, then you can understand where Kibaki was and what he was doing. He has stood for nothing but maintaining the status quo and ku fuata nyayo. Kumbuka walala heri na walala hoi ni nani.



Would these great Kenyans sit in a Kibaki Government?

'We did not attain independence to have a country of ten millionaires and ten million beggars' - JM Kariuki
"Whose Kenya is it?" shouted Tom Mboya. "Ours!" shrieked 20,000. Now the mob's chant was in throbbing rhythm. "Are you tired of asking for freedom?" asked Tom Mboya. "Never!" came the resounding answer. (1960)
"What all of us wanted was to show people that we were all one family and that there was no difference between all the tribes of Kenya” – Harry Thuku