Thursday, May 11, 2023 – A renowned Kenyan billionaire has accused President William Ruto’s administration of targeting him because he is a close friend of former President Uhuru Kenyatta.
Ruto’s administration has vowed to arrest investment banker and billionaire John Ngumi after he received Sh 400 million for advising the government to buy Telkom Kenya for Sh 6.2 billion last year.
The government paid Sh6.2 billion without the approval of the National Assembly, to Helios Investors LLP through Jamhuri Holdings Ltd (JHL), its Special Purpose Vehicle (SPV).
Ngumi, who is an investment banker, was paid Sh 400 million by JHL — a Mauritius-based firm for Helios’ shareholding in Telkom Kenya– for advising the PE fund on its exit from the telecoms operator.
Ruto’s government later learned that the deal was shady and it wants Ngumi arrested for looting government money.
However, Ngumi rushed to court claiming that the Ethics and Anti-Corruption Commission (EACC) wanted to arrest him over the deal.
Mr. Ngumi said in an affidavit filed in court that the investigations into the alleged theft are targeting persons perceived to be close to former president Uhuru Kenyatta, including himself.
He has further said there has been a sustained malicious media campaign profiling him to create public outrage against him.
“Having carefully analysed the application, the supporting affidavit and the annexures thereto, I am satisfied that the application has established a case for anticipatory bail pending arrest,” the judge said.
Ngumi’s case will be heard on 23 May.
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