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Munga secret Britam deal leaves Mauritius with Sh3.9bn loss


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. ....

United States , Barclays Bank , United Arab Emirates , Nairobi Area , South Africa , Port Louis , Saint George , Dafsar Ebrahim , Henry Rotich , Agnes Odhiambo , Benson Wairegi , Dawood Rawat , Wanyambura Mwambia , Roshi Bhadain , Sandeep Raghunath Khapre , Gladys Karuri , Financial Services , Britam Holdings , Nairobi Securities Exchange , Economic Development , National Property Fund Limited , Equity Bank , Absa Group , Peter Munga , Mauritiu Minister , Good Governance ,