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Monday, April 30, 2012

Kenya Airways - Commissions Payment Scam

Why is the Government of Kenya going through a Standard Investment Bank to exercise its Rights?

http://www.businessdailyafrica.com/Brokers+protest+over+Sh70m+KQ+rights+contract/-/539552/1393156/-/tnhkfyz/-/index.html

Stockbrokers have protested over the award of a Sh70 million deal to buy Kenya Airways (KQ) rights shares on behalf of the Treasury to a single investment bank, arguing that the contract should have been tendered through competitive bidding.


KQ will pay KES 70mn to SIB. GoK owns 23% of KQ. In essence, the cost to GoK is 23% of KES 70mn = KES 16,100,000 for SIB to stamp a piece of paper? Of course, as a Director on the Board, GoK should NOT have used any stockbroker.

It seems nothing has changed in the 'new' Kenya.

*** I wonder what the status is of the application by KLM & IFC. If its KQ's staff that worked on these deals (as indicated by the executives at KQ) then something is stinky fishy if these applications gone through stockbrokers.

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