Some people have luck and it is like they pray alot or they are very smart upstairs. Former Equity Bank chairman, Peter Munga got dividends worth ksh. 135 million forBritam shares he did not own. After close analysis, the commission of inquiry that has been investigating how Munga Managed to acquire Britam shares owned by the Mauritius Government.
Reports have indicated that Munga earned this millions in 2016. It is alleged that the former chairman, convinced the top officials of Mauritius government to give up, the rights to dividends to him.(courtesy of BIZNAKENYA).
After all the deal is done, Munga through his investment vehicle Plum LLP signed an agreement to buy millions of Britam shares from the government of Mauritius later on June 10, 2016. He was also behind, the secretive purchase of 452.5million shares of Britam, that left the Mauritius Government with a loss of over 3.9 billion ksh.
The investigation commission found out that the then Mauritius’ Minister of Financial Services, Good Governance and Institutional Reforms Roshi Bhadain assisted Munga in purchasing these shares at a price of Sh. 7.1 billion in 2016.It was therefore a very calculated deal that was meant to benefit both of the parties.That is how Munga managed to pocket 135 Million ksh, from something he didn't own. The commission is about to release all the statements, and if found guilty he will face the court of law.
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