Business magnate Chris Kirubi now says KLM shareholding should be bought off by other investors (meaning local investors or is it Mt Kenya investors?) to pave way for something East African,… whatever that means
Kirubi did not explain why KLM a Dutch brand that is owned by the French -Air France should be bought by other investors prompting speculation that KQ may have been run down by powerful individuals connected with Uhuru regime with an aim of getting government to offload her shareholding at a cheaper price to a local mafia cartel.
â€œKenya Airways should be taken off the market, leave it for private investorsâ€¦ We need to buy out KLM, get them out and try to have an East Africa common market strategy,â€ he said.
Kirubi, who said he will keep his shares with the firm despite the financial woes, warned that losses could double next year if bold steps are not taken.
“This business is totally under-capitalised. You cannot run a business of this size on loans,” he said adding that KQ needs investors with a long-term outlook….. >>> there is no evidence that KLM/AirFrance shareholding is a short term venture.
Chris Kirubi a major shareholder of HACO industries sold part of his stake to South African Tiger Brands that later accused HACO local executive managers of manipulating books to show better results than reality.
In May 2015, Tiger Brands executives said its Kenyan unit altered financial statements and engaged in pre-invoicing to reach their performance targets. Stock that was yet to be sold was moved to third party warehouses to make it look like performance targets had been hit.
The Scandal at HACO industries puts Kirubi at an awkward position and his position or opinion as to the future of KQ will most likely be judged suspiciously.