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Friday, August 14, 2020

How Kenyatta family took K24, Kameme Fm from Rose Kimotho

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Kenyatta Family Net Worth: Do you know how Mediamax was taken from Rose Kimotho by the Kenyatta’s? This was the question that David Kiprono Kalya posed on his Facebook platform.

Apparently, according to the analyst, Ms. Kimotho could not service a loan which she had taken from the then Commercial Bank of Africa (Now NCBA). The loan had attracted extremely exorbitant interest rates, making it impossible for her to repay. The bank from which she had taken the loan was the property of the Kenyatta family.

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“Insiders tell of how when it had become a hard nut to crack, Muhoho (Kenyatta) looked her in the face and told her that it was time to let go,” said Kalya. “Rose Kimotho lost the company she had built from scratch.”

Ms. Kimotho battled some form of stress related depression. “She pulled herself together to start 3Stones TV. She had lost Kameme Fm, K24 and it’s adjoining assets which added on to the Kenyatta empire,” writes Kalya.

Kenyatta Family Net Worth
Ms. Rose Kimotho

Ms. Kimotho handed her business to TV Africa Holdings in October 9 2009. At the time, TV Africa Holdings was linked to the Kenyatta family. Ms. Kimotho had announced the sale and transfer of Regional Reach’s assets in a gazette notice published on August 14, 2009. The list of assets that were earmarked for transfer included radio and television broadcasting, rural marketing and other media initiatives.

At the time, the Business Daily reported: “Sources familiar with the deal say the transfer of Regional Reach assets to TV Africa is linked to the fact that K24 was set up with financing from a local bank in which the Kenyatta family has a major shareholding.”

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These revelations come in the wake of reports of an intended takeover of the Jomo Kenyatta International Airport by Kenya Airways. The takeover has been linked with the Kenyatta family.

“Of the Sh  23.5 billion that KQ owes, CBA is demanding for Sh. 8 billion in accrued interest. KQ is not about to make profit because it has a big wage bill, part of which is to lease planes from consortiums formed for the very purpose to milk it dry. Tsavo Ltd. Samburu Ltd. Know the men behind the proxies?” argued Kalya.

“Well, we can argue that this is nothing but business. However, CBA (was later reported to be) closing in on taking over major shares in KQ and by extension KAA. Meaning, not only will the first family have major interests in the mainland port which has been built for the SGR in their Naivasha land but also interests in Lapsset and Mombasa port,” Kalya further argued.

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