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.
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Repairing employee trust after CEO violations
Thursday July 15 2021
The type of action you should take as a leader depends on the sort of trust violation that occurred. PHOTOSEARCH
By SCOTT BELLOWS
Summary
Rebuilding trust proves vital to organisational success or the entity starts to falter, lose profits, entertain scandals, and begin downward spirals.
Research shows that the best remedy to fix employee trust revolves around two key actions: apologise for whatever happened or deny that anything happened.
Once an organisation completes trust repair, employee commitment and trust begin to improve and company performance goes up.
In Kenya in recent months, we seem besieged by companies and parastatals undergoing ogranisation-level crises. From accounting frauds to receivership to staff layoffs, Covid-19 has not been kind to most businesses. But coronavirus is not an appropriate excuse for every corporate failure.