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How Munga got Sh135m for Britam shares he didn’t own
Summary
The tycoon inked a secret deal with top officials of Mauritius government giving up the rights to earn dividends on the shares before Mr Munga acquired the stock.
The insurance firm declared a dividend of Sh0.3 per share for the year ended December 2015.
The book closure date the day when the company’s share registrar determined who would be eligible for the dividends was June 9, 2016.
Thursday August 05 2021
By VICTOR JUMA
Summary
The tycoon inked a secret deal with top officials of Mauritius government giving up the rights to earn dividends on the shares before Mr Munga acquired the stock.
Nairobi
Nairobi-area
Kenya
South-africa
Mauritius
Amunga
Eastern
Port-louis
Saint-george
Grenada
Mauritians
Mauritian
Munga secret Britam deal leaves Mauritius with Sh3.9bn loss
Tuesday August 03 2021
By VICTOR JUMA
Summary
After buying the shares, Mr Munga would later sell them in two tranches at undisclosed prices that are expected to have earned him billions of shillings in capital gains.
He first sold 104 million shares in 2017 in the open market and followed it up with the disposal of 348.5 million shares to Zurich-based multinational Swiss Re in 2018.
Mr Munga called the roundabout transactions a “Manowari Project”, according to the inquiry.
Billionaire businessman Peter Munga orchestrated a secretive purchase of 452.5 million shares of Britam Holdings from the government of Mauritius in a deal that left the island nation with a Sh3.9 billion loss, according to an inquiry report.
Kenya
United-states
Amunga
Eastern
Barclays-bank
Dubayy
United-arab-emirates
Nairobi
Nairobi-area
South-africa
Mauritius
Zurich