Court nullifies Safaricom stake sale over security breaches
In the full judgment, Judges F. Gikonyo, R.E. Aburili and T.W. Ouya also found that the Government erred in appointing KCB Investment Bank as the transaction’s lead adviser and that there was misrepresentation and concealment of informati
Kenya's High Court has nullified the government's sale of a stake in Safaricom, with judges F. Gikonyo, R.E. Aburili and T.W. Ouya citing inadequate public participation and security breaches. The full judgment also found that the government erred in appointing KCB Investment Bank as lead adviser on the transaction, and that there was misrepresentation and concealment of information surrounding the deal.
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