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Forum => Kenya Discussion => Topic started by: Omollo on April 29, 2016, 05:07:56 PM

Title: Small Question: When and How Was PanPaper Sold?
Post by: Omollo on April 29, 2016, 05:07:56 PM

Was there an ad in the press inviting investors? How many responded? What was the selection criteria for participation if any? What were the terms to be met? Who lost and how?

Is there not a law on privatization? Were all the legal requirements met?

Or is this a deliberate plan to break the law and anybody going to court is then accused of "Killing Jobs"?

Title: Re: Small Question: When and How Was PanPaper Sold?
Post by: RV Pundit on April 30, 2016, 09:13:58 AM

Panpaper was placed under receivership long time ago by it's lenders[Banks]. The receiver manager was appointed by Banks to turn it around or sell it...and recover the lenders money. The receiver manager went ahead and invited bids for its sale. Rai group emerged the winners.

Title: Re: Small Question: When and How Was PanPaper Sold?
Post by: Omollo on April 30, 2016, 12:01:54 PM

Quote from: RV Pundit on April 30, 2016, 09:13:58 AM

Panpaper was placed under receivership long time ago by it's lenders[Banks]. The receiver manager was appointed by Banks to turn it around or sell it...and recover the lenders money. The receiver manager went ahead and invited bids for its sale. Rai group emerged the winners.

It must have been a very low key affair. I still have questions though:

1. If this was a matter of insolvency / Bankruptcy and a receiver duly appointed by Creditors/ Debenture Holders, who from the list I have are mostly Financial Institutions, how then does Uhuru Kenyatta get in?
2. Is it a Rescue (Bailout of sorts) or a sale by the Receiver on instructions from creditors?

You can imagine my confusion here.