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Uncovering the Mechanics of the Ksh6B Telkom Deal: A Deep Dive into the Exchange of Funds

The National Assembly Joint Committees on Finance and National Planning and Communication, Information and Innovation have resumed their investigations into the 100% shares buyback of Telkom Kenya Limited by the Government of Kenya. The committees held a session chaired by Kuria Kimani, the Chair of the Finance Committee.

During the session, the committees questioned Mr Karim Anjarwalla of Anjarwalla & Khanna Advocates, the legal advisor to Jamhuri Holdings Limited, which financed a loan of USD 51 million and made payments to various agents amounting to USD 50 million. Mr Anjarwalla’s law firm received USD 422,991 in legal fees. The committee probed his role as an escrow agent and questioned whether the procurement process was considered.

Mr Anjarwalla clarified that his firm only represented Jamhuri Holdings Limited and not the Government of Kenya. He also confirmed knowing Mr Paul Cunningham, the Director of Jamhuri Holdings Limited, and discussed his role in the Share Purchase Agreement between the government and Jamhuri.

The committee also held meetings with Adili Trustees Limited, who received USD 2,661,675 on behalf of the Telkom Kenya Management Incentive Plan. The trustees confirmed that the amount received from Jamhuri Holdings was remitted to Adili Trustees for onward transmission to the beneficiaries, and they own 5.21% of shares.

Mr John Ngumi, the Executive Director Eagle Africa Limited, who was an advisor to Jamhuri Holdings Limited, was questioned on his role and payment of USD 3,071,163 for advising Jamhuri in connection with the sale of shares in Telkom.

Lastly, the committee heard from Mr Allan Wainaina, the Chief Finance Officer for Telkom Kenya Limited, who appeared on behalf of the CEO Mr Mugo Kibati, on the disbursement of the funds injected into Telkom Kenya by Jamhuri Holdings.

The committee continues with their investigations.

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