Moi family and friends receive 1.4 billion

Amid tough economic
times due to the Coronavirus pandemic, the Moi family and a few cronies are smiling
all the way to the bank after a Ksh. 1.4 billion payment.

This after selling majority stake in Transnational Bank to Nigerian lender, Access Bank.

Documents
filed at the regulator indicate that the Nigerian lender settled the deal by
paying the amount to close the deal
for the Kenyan bank linked with persons who were close to Mr Moi, who died in
February.

Among the
top owners of the bank that is associated with the Moi family with 18 branches
nationally are Joshua Kulei, Simeon Nyachae
and the former Vice President George Saitoti.

Access Bank seeks to
enlarge its footprint in the continent with the deal that was discounted from
1.8 billion shillings.

This is the latest
acquisition in the banking industry.

In August last year, CBA merged with NIC bank to form a new entity,
NCBA bank.

The deal caused a storm after it emerged that CBA which was owned by President Uhuru Kenyatta and his family had been exempted from paying stamp duty that would have seen KRA pocket at least Sh350 million.

The Business Daily reported that then-Treasury CS Henry Rotich had exempted the Commercial Bank of Africa (CBA) from paying share transfer tax in its merger with NIC Bank.

The two banks merged to form a new entity that will become the third-largest bank in Kenya with CBA having 53 percent of shares while NIC will hold 47 percent.

It was not immediately clear why Rotich, a direct appointee of
the President, made the decision.

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