DragonLogos
Expert Member
Were do we start? - here are a few quotes, have a read at the full story to get all the info
Let have a look at what the BBC has to say about SafariCom - Please note that references to Telkom are Telkom Kenya and not Telkom SA
http://news.bbc.co.uk/2/low/business/7318238.stm
The Kenyan government has launched a share flotation of Safaricom, the country's largest mobile phone network
It will be the largest flotation ever on the Kenyan stock market. The BBC's Karen Allen in Nairobi says that banks were packed with investors looking to buy shares
While the government insists it currently owns 60% of Safaricom with the other 40% in the hands of UK giant Vodafone, opposition groups say another firm called Mobitelea also has an interest
Registered in Guernsey in the Channel Islands, Mobitelea's owners remain unknown. Media reports in Kenya have speculated that Mobitelea owns as much as 10% of Safaricom
Well that sounds interesting: Perhaps this will shed some light
http://www.marsgroupkenya.org/pages/stories/vodafone/index.php
The explosive Parliamentary Committee Report on Public Investments wants the Director of KACC to immediately institute investigations on the circumstances and manner in which the shares were transferred to Mobitelea with a view to taking appropriate action against any persons found culpable
The Shareholder Agreement was first signed between Vodafone PLC and KP&TC on January 25, 1999 when policy on investments required Kenyan ownership be not less than 70%. The policy was later amended to accommodate M/S Mobitelea Ventures
The information provided by Mr. Gavin Darby that “M/s Mobitelea Ventures was identified as a local partner of Vodafone Group for the advisory role it played on local business practices and protocol challenge associated with investigating in Kenya” was misrepresentation of the truth since Mobitelea Ventures is ostensibly not based nor does it operate in Kenya
So who are these Mobitelea people then?
http://guernseyblogger.blogspot.com/2007/06/plagiarism-at-press.html
The identity of those behind Safaricom’s mystery shareholder continues to confound Kenyans many months after a parliamentary investment watchdog began to look into the matter.
Mobitelea Ventures Ltd is a shell company registered in Guernsey that in 2003 was allowed by Vodafone to acquire a five per cent stake in Safaricom, the country’s biggest mobile operator. The shares, held through Vodafone Kenya, are now worth at least $100m (Sh6.7 billion).
The companies are the creation of the Mercator Group, a family of businesses led by Mr David Preston, a chartered accountant who once worked for Deloitte and Touche in London and Guernsey. The group specialises in creating and running international dummy companies, offshore trusts and other services
But wait there's more
http://www.nationmedia.com/dailynation/nmgcontententry.asp?category_id=1&newsid=120120
Safaricom made 46 per cent of what all banks operating in Kenya realised the whole of last year — in just nine months. But when the 12-month results are ready, it may turn out that the mobile telephony firm made an equivalent of 60 per cent of the total banking industry profit.
Even if they do not manage that incredible feat, they have so far made more money than Barclays, Standard Chartered, and Co-operative Bank together. Last year was the best for all banks, which made Sh33 billion, but appears to have been better for the seven-year-old teleco
Apparently, banks have handed over their mantle of making ‘‘obscene’’ profits to the New Economy giant. Those rushing to buy the firm may be pleased to know that in 2007, the firm paid out dividends of Sh4 billion. What may be less pleasant is that their shadowy partner-to-be, the Guernsey-registered Mobitelea, was entitled to 5 per cent of this, adding up to Sh200 million!
Let have a look at what the BBC has to say about SafariCom - Please note that references to Telkom are Telkom Kenya and not Telkom SA
http://news.bbc.co.uk/2/low/business/7318238.stm
The Kenyan government has launched a share flotation of Safaricom, the country's largest mobile phone network
It will be the largest flotation ever on the Kenyan stock market. The BBC's Karen Allen in Nairobi says that banks were packed with investors looking to buy shares
While the government insists it currently owns 60% of Safaricom with the other 40% in the hands of UK giant Vodafone, opposition groups say another firm called Mobitelea also has an interest
Registered in Guernsey in the Channel Islands, Mobitelea's owners remain unknown. Media reports in Kenya have speculated that Mobitelea owns as much as 10% of Safaricom
Well that sounds interesting: Perhaps this will shed some light
http://www.marsgroupkenya.org/pages/stories/vodafone/index.php
The explosive Parliamentary Committee Report on Public Investments wants the Director of KACC to immediately institute investigations on the circumstances and manner in which the shares were transferred to Mobitelea with a view to taking appropriate action against any persons found culpable
The Shareholder Agreement was first signed between Vodafone PLC and KP&TC on January 25, 1999 when policy on investments required Kenyan ownership be not less than 70%. The policy was later amended to accommodate M/S Mobitelea Ventures
The information provided by Mr. Gavin Darby that “M/s Mobitelea Ventures was identified as a local partner of Vodafone Group for the advisory role it played on local business practices and protocol challenge associated with investigating in Kenya” was misrepresentation of the truth since Mobitelea Ventures is ostensibly not based nor does it operate in Kenya
So who are these Mobitelea people then?
http://guernseyblogger.blogspot.com/2007/06/plagiarism-at-press.html
The identity of those behind Safaricom’s mystery shareholder continues to confound Kenyans many months after a parliamentary investment watchdog began to look into the matter.
Mobitelea Ventures Ltd is a shell company registered in Guernsey that in 2003 was allowed by Vodafone to acquire a five per cent stake in Safaricom, the country’s biggest mobile operator. The shares, held through Vodafone Kenya, are now worth at least $100m (Sh6.7 billion).
The companies are the creation of the Mercator Group, a family of businesses led by Mr David Preston, a chartered accountant who once worked for Deloitte and Touche in London and Guernsey. The group specialises in creating and running international dummy companies, offshore trusts and other services
But wait there's more
http://www.nationmedia.com/dailynation/nmgcontententry.asp?category_id=1&newsid=120120
Safaricom made 46 per cent of what all banks operating in Kenya realised the whole of last year — in just nine months. But when the 12-month results are ready, it may turn out that the mobile telephony firm made an equivalent of 60 per cent of the total banking industry profit.
Even if they do not manage that incredible feat, they have so far made more money than Barclays, Standard Chartered, and Co-operative Bank together. Last year was the best for all banks, which made Sh33 billion, but appears to have been better for the seven-year-old teleco
Apparently, banks have handed over their mantle of making ‘‘obscene’’ profits to the New Economy giant. Those rushing to buy the firm may be pleased to know that in 2007, the firm paid out dividends of Sh4 billion. What may be less pleasant is that their shadowy partner-to-be, the Guernsey-registered Mobitelea, was entitled to 5 per cent of this, adding up to Sh200 million!
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