Sh6.2bn Telkom deal comes back to haunt investment banker
Investment banker John Ngumi is facing potential graft charges related to the Sh6.2 billion Telkom Kenya share purchase deal. Despite his efforts to block the investigation, the High Court has ordered the case to proceed to the division handling corruption and economic crimes.
Why it matters
This case underscores the legal scrutiny surrounding high-level government transactions and the shifting political landscape in Kenya.
Showmanship might have been John Ngumi’s trademark when pursuing mega deals, but it has not helped the flamboyant investment banker shake off graft sleuths pursuing him over the Sh6.2 billion Telkom purchase in the sunset years of Uhuru Kenyatta’s presidency.
The former Safaricom chairperson could soon face graft charges in an extension of his legal tussle with the Ethics and Anti-Corruption Commission (EACC), even after he bent over backwards to share a good chunk of the windfall he earned from advising Jamhuri Holdings on its exit from Telkom Kenya.
Jamhuri Holdings, a Mauritius-based private equity firm, sold its shareholding in Telkom Kenya to the Kenyan government for Sh6.2 billion in a hastily crafted transaction that attracted the attention of the anti-graft watchdog.
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