• Latest
  • All
  • How To
UAE ICA to take over Telkom

Uhuru’s Telkom Deal Disclosed, But New Investors Remain Mysterious

November 8, 2023
Bitchat

Jack Dorsey Launches Bitchat, a Bluetooth-Only Messaging App

July 10, 2025
YouTube AI slop is getting demonetized

YouTube Declares War on Low-Effort AI Videos via Demonetization

July 10, 2025
Why Can'y You Register a Safaricom SIM Card After 7 PM

Why You Cannot Register a Safaricom SIM Card After 7 PM

July 10, 2025
Former Safaricom Chief Enterprise Business Officer, Cynthia Karuri-Kropac

Frankline Okata Takes Over as Cynthia Karuri-Kropac Exits Safaricom PLC

July 10, 2025
DHgate Tablet Cases deals
AI

OpenAI and Perplexity Launch Browsers to Rival Google Chrome

July 10, 2025
Vivo-Y29-4G

Vivo Y29 Launches in Kenya at KES 23,999

July 10, 2025
galaxy z fold7-galaxy z flip7-samsung

Samsung Unveils Galaxy Z Fold7 and Z Flip7 with Bigger Screens

July 10, 2025
GTA VI

Rockstar May Be Testing 96-Player Servers for GTA 6

July 10, 2025
Former X CEO, Linda Yaccarino

Linda Yaccarino Steps Down as CEO of X After Two Years

July 9, 2025
Apple-WWDC25-iOS-26

iPhone Users Are Not Too Happy With the iOS 26 Liquid Glass Design

July 9, 2025
Official document handover by Bernard Mwonyonyo and Habib Lukaya from Roam.

E-Mobility in Kenya Gets a Lift with New Bike Financing Program

July 9, 2025
Samsung

This Samsung Security Update Could Change How You Use Your Phone

July 9, 2025
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
No Result
View All Result

Uhuru’s Telkom Deal Disclosed, But New Investors Remain Mysterious

Sakwa Kombo by Sakwa Kombo
November 8, 2023
in News
Reading Time: 4 mins read
265
0
UAE ICA to take over Telkom

The parliamentary committee tasked with investigating the sale of Telkom Kenya under Uhuru Kenyatta’s government has published information regarding the deal. The committee’s findings shed light on a web of financial transactions. The Former Solicitor General, who represented the Government of Kenya (GOK), disclosed the official shareholding structure of TKL at the time of the sale. The Government of Kenya (GOK) held 37.91%, while Adili Trustees held 5.21% of the company’s shares. Jamhuri Holdings Ltd (JHL) was the majority shareholder and had 56.88% of shares.

Despite the GOK’s payment of KES. 6.091 billion for the full acquisition of Telkom Kenya Ltd (TKL), records maintained by the Business Registration Service continued to indicate the shareholding as 60% JHL and 40% GOK. This raises questions about the accuracy and transparency of the deal. Furthermore, it casts aspersions on Business Registration Service shareholder records. After the sale, GOK was meant to be the sole owner of Kenya’s first telecommunication company.

Payments Made During Telkom’s Sale

The Joint Committee, in its investigation, unearthed significant findings related to the sale of TKL. Mr. John Ngumi, was serving as an advisor to JHL and not in the capacity of a Transaction Advisor. For his services, he received a substantial payment of USD 3,071,163.00. This is approximately KES 465 million at the current exchange rate.

Secondly, Helios Investment Partners (HIP) and JHL maintained a Management Incentive Program (MIP). The program allowed TKL’s management staff to vest shares and continue their services. When Helios exited the scene, a total of USD 3,982,671.00( KES 603 million) was paid out to the senior management staff.

Out of the USD 51 million (KES. 6.091 at the time) received by JHL as consideration for exiting TKL, the following allocations were made. USD 41,786,058.00 was disbursed to the Helios Fund. USD 422,991.46 was transferred to the law firm, ALN Kenya Anjarwalla & Khanna. This was payment covering legal fees and fees for the escrow account.

An additional USD 1,000,000.00 was routed to an undisclosed investment bank. The bank’s identity remains concealed by HIP/JHL. Concerns about transparency, financial allocations, and the conduct of those involved in the Telkom Kenya deal remains.

Telkom Kenya Obscure Ownership

Telkom Kenya’s ownership remains in obscurity. In October, the Cabinet announced that Helios will refund the Kenyan government with Kes 6.091 billion. It is worth noting that the deal was done without parliamentary approval. In addition, it was sealed barely a week before Kenya had a change of government. The refund was due after Cabinet rescinded Uhuru’s government deal with Helios.

As Kenyans were debating the legal premise of the announcement by government, another shocker followed. A day later, it emerged that Telkom had found a new buyer. The Infrastructure Corporation of Africa LLC (ICA) of the United Arab Emirates (UAE) was announced as a new investor. ICA is set to come in as a majority shareholder in Telkom Kenya with 60% shareholding.

“The offer by ICA includes capital injection to fund Telkom’s critical infrastructure and the overall upgrade of the company’s capabilities, and also settle some of the outstanding liabilities of the company,” the ministry said in a statement.

In the Telkom Kenya takeover, Infrastructure Corporation of Africa (ICA) LLC – Prof Ndung’u said – had emerged the best bidder. He added that it would purchase Telkom Kenya shares valued at Sh6 billion from Helios Investment Partners.

ICA revelation did not give the public any confidence that the tide was about to change for Telkom. The company is officially registered within the confines of Dubai Silicon Oasis, a designated free zone establishment. In Dubai, a free zone is an area subject to distinct regulations that do not extend to businesses operating outside these designated zones. These regulations often encompass special provisions pertaining to taxation and foreign ownership laws.

Mystery Surrounding ICA Managers

Interestingly, none of the managers listed on the company’s website, including the CEO, Anil Raj, have garnered any mention or recognition on any public platform. They only have presence on the company’s own website. This lack of public visibility of the company’s key figures raises questions. It adds an air of mystery to the organization and its leadership.

Further, the domain for the company website was registered only a week before the Kenyan government made the deal public. There is no known competitive process by which GOK arrived at ICA as the best bidder for the company. Additionally, the shareholding structure after ICA comes on board has not been revealed.

Tags: Telkom
SendShare149Tweet93
Sakwa Kombo

Sakwa Kombo

My Bio is in my written articles.

Related Posts

Mobile Data

Kenya Draws More Tourists as Mobile Data Roaming Soars

July 3, 2025
the process of setting up an Internet service provider (ISP) in Kenya

Airtel Rises While Safaricom Drops in Network Quality Scores

June 30, 2025
Safaricom, Airtel, Telkom lawsuit

Safaricom, Airtel, Telkom and CA Sued in Data Rollover Lawsuit

May 28, 2025
Private Number calls

How to Handle Private Number Calls in Kenya

May 12, 2025
Telkom Kenya

Telkom Kenya Teams Up with Rakuten and Airspan to Pioneer Open RAN Tech

March 12, 2025
Eassy and seacom cable cuts cable repair ship

3-Day Journey: Cable Repair Ship Mobilized to Restore East Africa’s Internet

May 16, 2024

Latest

Bitchat

Jack Dorsey Launches Bitchat, a Bluetooth-Only Messaging App

July 10, 2025
YouTube AI slop is getting demonetized

YouTube Declares War on Low-Effort AI Videos via Demonetization

July 10, 2025
Why Can'y You Register a Safaricom SIM Card After 7 PM

Why You Cannot Register a Safaricom SIM Card After 7 PM

July 10, 2025
Former Safaricom Chief Enterprise Business Officer, Cynthia Karuri-Kropac

Frankline Okata Takes Over as Cynthia Karuri-Kropac Exits Safaricom PLC

July 10, 2025
AI

OpenAI and Perplexity Launch Browsers to Rival Google Chrome

July 10, 2025
Vivo-Y29-4G

Vivo Y29 Launches in Kenya at KES 23,999

July 10, 2025

Best devices

budget smartwatches 2025

Best Budget Smartwatches To Buy in Kenya 2025

February 13, 2025

Best Infinix Smartphones To Buy in Kenya 2024

February 13, 2025

Best Laptops for Battery Life in 2024

August 21, 2024

Best “Battery Warrior” Smartphones To Buy in 2024

August 22, 2024

Jack Dorsey Launches Bitchat, a Bluetooth-Only Messaging App

July 10, 2025

YouTube Declares War on Low-Effort AI Videos via Demonetization

July 10, 2025

Techweez is a fast growing influential source of technology news, reviews and analysis by leading tech geeks in the industry.

Follow Us

Editorials

Abductions and Arrests! Kenyan Government’s Fear and Hate of X Users Makes No Sense

Actors and Film Crews Are Worried About Veo 3 Taking Their Jobs

Samsung QLED TVs Now Officially Certified for Real Quantum Dot Technology

Trump’s Tariffs Will Be the End of Affordable Tech

5 Ways to Prep Your Tech for Resale

The Weaponization of PDFs: How Cybercriminals Are Exploiting a Trusted Format

More News

Samsung Unveils Galaxy Z Fold7 and Z Flip7 with Bigger Screens

Rockstar May Be Testing 96-Player Servers for GTA 6

Linda Yaccarino Steps Down as CEO of X After Two Years

iPhone Users Are Not Too Happy With the iOS 26 Liquid Glass Design

E-Mobility in Kenya Gets a Lift with New Bike Financing Program

This Samsung Security Update Could Change How You Use Your Phone

  • Terms Of Use
  • Techweez Brand
  • Privacy & Policy
  • Contact Us

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!

Hey there! Just a heads-up: we're big fans of cookies - both the digital and edible kind! 🍪 We use our cookies and some from third parties to ensure your browsing experience on our site is smooth sailing and secure.

 

But wait, there's more! We also use cookies to gather stats and insights on how you navigate our site. It's like getting a behind-the-scenes peek at your digital adventures!

 

Don't worry, you're in control. You can adjust your cookie settings anytime to suit your preferences. Feeling curious? Dive into our Privacy Policy for all the juicy details. Happy browsing! 🚀

Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
No Result
View All Result
  • News
  • Reviews
  • Features
  • Editorial
  • Automotive
  • Entertainment

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.