Category Archives: Goldenberg

Grand Debate

[EDIT – at the end of the session, members of parliament passed a motion of censure against the Minister for Finance – Amos Kimunya, MP for Kipipiri]

Live on TV – all stations is the debate to censure Finance Minister Amos Kimunya for his role in the controversial sale of the Grand Regency Hotel.

Before a rather hostile opposition side, He’s just given a statement where he:

– Outlined his long history as an accountant and a crusader for reforms, revenue gains and tax savings for the Kenyan people numerous times such as with De La Rue, pending contractor bills, Safaricom, Telkom Kenya
– On Safaricom – Mobietelea was there long before he was in government or parliament
– On Alcazar – the reputed owner of 11% in Safaricom – he says after Vodafone (K) and the Kenya government, no one else owns more than 1% of the company (after the IPO)
– On the Grand Regency Hotel: it was sold for $45 million {~ billion shillings} in May 2008
– The Central Bank made the sale and was not under duress.
– The ministry of lands, attorney generals office, prime ministers’ office have all received various reports
– More info forthcoming tomorrow

Safaricom IPO: 
Day 18 – Deals 5,266 Turnover 439, million ($6.86) million Ave 7.29 Closing 7.25 High 7.50 Low 7.20 Last 7.30 Volume 60.3 million shares – Market still absorbing supply but its very well supported at these levels. The move higher depends on how much more de-leveraging has to be done.

Day 17 – Deals 4,671 Turnover 302 million ($4.7 million) 7.35 High 7.50 Low 7.25 Last volume of 41 million shares – orderly and some sellers came off 7.50 to sell lower. Strong demand at 7.25. Remains constructive. 6.65-8.15 range.
commentary and data courtesy of – N.S.E Data Vendor

Groups sue City Council over service delivery

Entrepreneurs in Nairobi have sued the City Council and the Attorney-General (AG) for failing to deliver services and to account for taxes collected daily. “Specifically, it has failed in the provision of the following basic services and amenities: water and sewerage, garbage collection, roads and street lighting, education facilities, health facilities and housing facilities,” the plaint said. The AG has been sued on behalf of the Minister for Local Government who is alleged to have failed to either compel the council to discharge its responsibilities of providing basic services or by performing the duties himself.

Also, the Kenya Anti-Corruption Commission (KACC) lists their success over the past year. These include: the conviction of former National Aids Control Council boss Margaret Gachara, the bringing to court of chief executives of eight parastatals on charges of irregular deposits of public funds in Euro Bank, fraud cases against former Kenya Seed Company managing director Nathaniel Tum and other officials, corruption cases against four policemen attached to Nairobi’s Kamukunji station and another against Goldenberg scandal chief suspect Kamlesh Pattni, accused of trying to bribe a judge. Some 3,552 complaints were received by KACC between 2003 and 2004, and it investigated 242 cases in its mandate and handed over the others to the relevant agencies for action. It took no action on 229 others and has 256 cases pending before it.