KPC's fraudulent activities has scarred Kenya's 'reputation' as a reliable trading partner.
Rwanda is seeking alternates to Kenya for its fuel supplies. Furthermore, some idiots (newspaper journalists, KPC & the always gullible Kenyan public) claimed that the Oil Marketers were exporting fuel meant for local consumption. It turns out that both Uganda & Rwanda faced massive fuel shortfalls thanks to KPC's complicity & idiocy in the theft of fuel from their depots!
Basically, there was not enough fuel for local or export since there was no fuel... despite fake adverts in the Kenyan newspapers about the quantities 'available' or 'pumped'.
And Kenyan newspapers were also compromised or just stupid & they hardly research their business reporting. Even raila & kibz got into the act... blaming 'cartels'... notice how quiet they have been of late? Maybe they are choking on humble pie?
And KPC blamed everyone else... KPLC, Shippers, Oil Marketers, etc
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- KQ has very profitable 3Q 2008-9
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- Corruption at KPC continues unabated - Higher fuel...
- Discredited ECK employees to get 500 million
- Mega-corruption at the Central Bank of Kenya
- Rwanda - The New Hope of Africa
- Am I a fool for not stealing?
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- Why would anyone take Kenyans seriously?
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- KPC-Triton Scam: Daily Nation makes a faux pas... ...
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- Kenya's reliability suffers blow after KPC scam
- Scandal rocks KPC - Coldtusker told you...
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27 comments:
three tales
- (i) i was in western kenya town over x-mas where there was no diesel in the town until it was brought from mombasa, via a lorry tanker
- (ii) the collateral system of KPC is shot (and maybe small oil players), no bank is going to finance these oil companies without other collateral as KPC 'oil' is no longer secure (it was not supposed to be released without a banks consent) of course govt may meddle and force big oil /banks to secure shipments for for small players
- (iii) why allocate 30% to NOCK which has proved that it is not the cheapest oil marketer out there? what is the financial position of NOCK? is it making super profits that belie its mandate?
CT- annon's comments on the other post are very illuminating...
Banks-why didn't KCB extend the risk to KPC so that KPC actually acted as the loan guarantor?
Sorry for the diversion, but does anybody actually have a rough idea how much KCB is owed by Triton?
DN is today talking about loans from 2005 and I was under the impression the loan KCB has gone to court for is relating to the oil traded (or not) in Dec 2008? Mistake by DN?
Banks:
(i) Also low fuel stocks at the same time in Uganda & Rwanda
(ii) Agree. Flawed system.
(iii) As I said earlier... another scam in the making coz NOCK could be used to siphon 'profits'. NOCK will be directly & indirectly subsidized.
DN is confused... well poor reporting as usual!
1) Did KCB lend Triton more cash for other needs e.g. buying tankers, etc? (Don't know)
2) The 2bn in question is for the November/December Oil/Fuel imports.
3) KPC's role was not as a guarantor. Why would they want to do that? Of course, KPC was supposed to be the custodian of the Oil/Fuel & failed miserably. I expect KCB to sue KPC.
Anon 2.38 from prior post: May I post your comments & attribute them to you as a blog entry?
CT- I agree KPC's role was not as a guarantor, but I think KCB should have lent on the basis that KPC acted as the guarantor given it was then keeping the collateral.
Btw, what is it with KPC and financing? Remember Triple A? Now apparently some other guys wanted a piece of the action on its latest loan...
A local newspaper in Kenya has named the Prime Minister Raila Odinga as being a key player to what the weekly termed as mega oil scandal involving millions of shillings.
This is the first time in Raila’s chequered political career, and since he became the Prime Minister in Kenya in a shaky and unstable grand coalition headed by President Mwai Kibaki.
The grand coalition government came into the office early last year following peace accord negotiated by the former UN Chief Dr. Kofi Annan after the violent engulfed the country as the result of the disputed presidential election in December 2007. Close to 1500 people died ,while property worth billions of shillings torched in various parts of the country rendering more than 350,000 people internally displaced.
The article incriminating Raila Odinga and his family in suspect oil deal, which also involved a cartel of wealthy Asian wheeler dealer appeared in the latest issue of the Nairobi ’s publication, the WEEKLY CITIZEN, which is one of the mushrooming alternative press, commonly called “Gutter Press”. The paper is credited for its in-depth investigative report, making it a lethal weapons to the politicians.
In a page one leading article the articles says.”Towards the end of 2008, Kenyans were forced to grapple with an unreliable supply of fuel and artificial rise in its pricing.”
On more than one occasion, the Managing Director of the National Oil Pipeline Mr George Okungu gave a widely televised interviews to reassure Kenyans that there was no fuel shortage or crisis as such in the country. But between December 28 and 29th,December 2008 most filling stations upcountry had no fuel to supply to the motorists. Workers returning from Holiday, particularly those travelling from Western Kenya back to the City got briefly stranded in Kisumu and other towns..
During the same period, a medium sized oil firm called Triton Limited, which is run by Kenyan of Asian origin, Mr Yagnes Devani and another trader Mr Pankaj Somaia was reported to have allegedly rendered legally bankrupt, suddenly appeared in the oil trading scene.
The duo, according to CITIZEN’’s article have their roots in the lakeside Kenyan City of Kisumu and it is in Chemelil area within the Nyanza sugar belt, where the first few Triton Limited outlets were set up. What was most intriguing is that in-spite of its definite inability to source and service the largest oil order in the country, Triton Ltd, is alleged to have secured the government tender to purchase national oil supplies for a six month quota through the alleged intervention of the Prime Minister Raila Odinga, who is said to have personal and family interests in the oil industry as a major player.
Triton Ltd beat all other seasonal firms such as OilLibya{formerly Mobil} and She/BP.
Yagness Devani is the brother to the late Harish Devani who owned the multimillion complex, Simmers Plaza in in a Nairobi suburbs of Westlands, but alleged to have committed suicide a couples of years ago after swindling those close to former President Daniel Arap Moi billions of shillings in tenders scams supplies at the Kenyan Ports Authority {KPA}and Kenya Power and Lighting Company {KPLC}
.
The CITIZEN’S article further alleged that Yagnes Devani is a well known drug addict, but he still allowed to do roaring business with the KPA!.
“Indeed Triton Ltd had no capacity, to deliver on such a huge consignment of oil to the nation, but immediately after securing the government tender set upon sub-contracting the same to its rivals companies at a profit without any actual direct importation,”
In addition, Triton Ltd, according to the report was that oil suppliers refused to give in to the Triton’s sordid machinations, and this is what caused the brief artificial fuel shortage in Kenyan , which in turn raised the fuel prices even much higher..
To compound the saga, Afri Global Ltd, a firm belonging to Raila Odinga’s elder brother Dr. Oburu Oginga MP who is the Finance Assistant Minister and which is run by Dr. Oginga’s son a pint sized fellow called Elijah Abonyo Oburu was one of the key beneficiaries.
After this scam Elijah Oburu had since bought a brand new show room Mercedez Benz limousine 350 valued at colossal amount of Kshs 24 million which he now drives around Kisumu City ..
Another firm, African Oils Ltd, which belong to the Prime Minister’s son Fidel Castro Raila Odinga was also occasioned adequate favor to profiteer from the scandal, charged the paper article.
And not to be out done was the Prime Minister himself with his company Bakri Ltd, operated by one Mr. Mike Njeru who joined the lists of compliant firms that allegedly benefited from the tender pool sharing and in turn sold the same to the highest bidder!.
Raila Odinga’s younger sister Adhiambo is the managing director of the Petro Plus firm that has been involved in bulk oil sales in the high seas, a host received from Nigeria thanks to the closeness of the Prime Minister with the former ruler Gen. Olusegun Obasanjo. Libya and Southern Sudan government as donations to finance democratic pursuits in Kenya .
So entrenched is the Odinga family interests in the oil industry the players advise that it is practically impossible to do serious oil business in Kenya without roping in a family member.
At the centre of the scheme, says the paper, is Pankaj Somaia, a wheeler-dealer in the Moi regime era and alleged wanted in various countries for questioning on an array of criminal activities.”
In any oil sale scheme of the magnitude, Triton Ltd dabbed in the returns, kick-backs included run into hundreds of million of shillings.” the report says.
It is widely rumoured that Devani heavily funded last year’s 2007 general campaign for ODM team an that those who benefited by Devani earl this year were only return ing a favor.
“Indeed the grapevine has it that some senior Ministers in the grand coalition cabinet drive vehicles donated by Devani early this year. It is also an open secret that two MPs have been on Devani’s payroll ostensibly so that they extend favors for their benefactors as and when needed.” adds the paper.
Meanwhile Citizen reported that Mr. Devani himself is said to be holed up in some undisclosed destination abroad, but he keep in constant touch with the Prime Minister through one called Collins Odhiambo [formerly of Citi Bank}, and up to fortnight ago Triton Ltd, commercial director.”
Mr Odhiambo is said to be in big panic since Triton Ltd, went burst and placed under the official receivers as in the case with an array of high placed personalities in the government.
Another employee who took cover only before the take-over of Triton Ltd, is a Mr Kioko who was in charge of the firm’s operations at the KPA in the Kenyan port city of Mombasa .
Immigration Minister Gerald Otieno Kajwang’ who has also been a regular visitor in Devani’s office is together with his personal assistant{PA} is said to be working day and night to cover up five senior employees of Asian extractions who were irregularly employed by Triton Ltd over the last 10 months
Very interesting information provided by Annonymous.
CT:
What are you going to do now that your tribal God has proven to be just as corrupt as the others?
At least I've acknowledged that my tribal God is now a zombie!
Can I put a link back on my blog to this story? I'll put a link to your blog, then copy Annon's story on my blog, with attribution of course.
Annon -- email me at kenyanentrepreneur@gmail.com
Kenyanentrepreneur.com
Hello Coldtusker
I am new to this blogging thing but I wanted to contribute to you discussion on the Triton saga (I was recommended to this blog by Ryan at Twitter.com http://twitter.com/ryanshenhoover ). I hope I make sense and if I don’t please feel free to correct me.
From what I understand Triton was involved in the importation of oil and the financing agreement would probably involve KCB providing a letter of credit which it would place on deposit in a foreign bank abroad as security for oil imports. So the oil companies abroad would deal with the foreign bank who have a better financial base (I am not an expert in these things, but I think that’s how it would work).
Another thing I noted some time ago was that Total Kenya run a piece of their website (was removed sometime last year) where they mentioned that they had secured a lucrative oil deal with KenGen to provide fuel for the EPPs. I am an research analyst by profession so I naturally took interest in this. The following is an extract of the piece that was on their website.
Total Kenya is investing in additional fuel storage facilities at booster power plants in Kenya, as part of a plan that will provide 110MW of additional power to the national grid.
This was announced last week when KenGen Managing Director Eddie Njoroge signed contracts with Triton and Total Kenya for the supply of 24 million litres of diesel per month to fuel the extra generators in Nairobi and Eldoret.
The power source will be the Emergency Power Plants (EPPs) which were installed in 2006 to make up for hydro power shortfalls following severe drought. This programme has now been extended until November 2009, and expanded to maintain a cushion against any hydro shortfalls and to meet higher demand for electricity as a result of vigorous economic growth.
The previous EPP capacity of 60MW, provided by AGGREKO, is being augmented by a further 50MW plant. Triton and Total have been responsible for all fuel deliveries from the start of the programme, and have won the open tender contract for the next 21 months.
The diesel is procured by Triton, and distributed by Total through storage in Mombasa, pipeline to the Nairobi and Eldoret terminals, and then road tanker transport to on-site storage at the plants.
Total Managing Director Bertrand Fontanges said: "Winning this contract extension of course represents a major business success for us, but no less importantly – where the stakes are so high for everybody involved, including all industry and private consumers – it is testimony to the confidence, professionalism and trust that has been developed and honoured on all sides."
Kenya's current power consumption is over 1,000MW with a projected growth rate of 10% per year. Mr Njoroge said KenGen had an "ambitious transformation strategy" to provide 2000MW primarily driven by geothermal capacity to cushion the economy from volatile oil prices."
End of extract
This could be the reason why Triton was given additional storage space by KPC (at least that’s what I hear). I also begs the question as to whether Kenya will witness more power problems in the coming year given that there is already a drought and KenGen’s supply of fuel for the EPPs generators may have been severely affected. Providing fuel for power generation is becoming extremely influential to the power sector. By my estimates power generated by EPPs constituted 5.62% in 2006 and 8.27% in 2007 (according to the Economic Survey 2008 Stats); however, looking at stats from www.cbs.go.ke monthly economic indicators (August 2008) EPPs account for about 11.82% of power generated in 2008. The economic survey 2008 goes on to indicate that net domestic sales of petroleum to the power sector increased from 7.1% to 12/8%. So I think it’s contracts like these that create scandals.
One has to wonder whether it's Government contracts that are to blame for current supply shortages and consequent scandals. Looking at both the (rumoured) grain handling scandal as well as the Triton case, is taxpayers money simply being used to enrich the pockets of a few. You have to wonder why the government gives such contracts to small players if not to manipulate them into creating artificial shortages. Taking the recent figures from the Petroleum Institute of East Africa places Tritons' market share at just over 0.39% (in march it was 0.53%) and they were a fairly small players in the market. Why would they be given such lucrative contracts to import oil when bigger multinationals could do the same job.
Hoped I helped!
Anon 2.05am:
Yes, it all points to scandals all over. I think Triton was skating on thin ice & concluding as many deals as possible to entrench themselves.
As for ullage, the diesel stocks should have NOT been left at the KOSF for an extended period of time...
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