Nipate

Forum => Kenya Discussion => Topic started by: RV Pundit on April 05, 2023, 01:04:06 AM

Title: Super corrupt Ngumi named in Telkom scandal
Post by: RV Pundit on April 05, 2023, 01:04:06 AM

Though ruto seem afraid to take real action.
https://www.businessdailyafrica.com/bd/economy/uhuru-ally-ngumi-linked-to-sh6bn-telkom-deal--4185108

Title: Re: Super corrupt Ngumi named in Telkom scandal
Post by: RV Pundit on April 05, 2023, 01:05:06 AM

“We paid $4.5 million (Sh596.79 million) for legal, banking transactions and other fees. I do not know the specific amount each party in this transaction was paid,” said Mr Cummigharm.

He said part of the Sh6.12 billion payout went to reward top management officials at Telkom Kenya.

“This payment is typical of any private equity investments. There is a need to incentivise the management team. The payment went to both current and former employees,” he said.

Mr Cummigharm said the incentive that was instigated when the firm invested in 2016 went to the senior management team at Telkom Kenya was managed by a third party because it was structured as a trust.

“The third party was Adili Trustees based in Kenya,” he said.