REVEALED: HOW OLD MUTUAL PAID SH300M TO FAULU KENYA DEAL MAKER.


16 Jun 2015 | by By Paul Weeks
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REVEALED: HOW OLD MUTUAL PAID SH300M TO FAULU KENYA DEAL MAKER.

Chairman of the Faulu Microfinance Bank divestiture committee Mr George Adams Mainabeing the negotiated a sweet deal for his company Micsha capital to acquire 8% of Faulu shares alongside old mutual 67%.The particulars of the deal reveal that Old mutual will finance him upto 300million after he ensured that the South Africa company took over the company which saw the exit of other top managers......

Chairman of the Faulu Microfinance Bank divestiture committee Mr George Adams Mainabeing the negotiated a sweet deal for his company Micsha capital to acquire 8% of Faulu shares alongside old mutual 67%.The particulars of the deal reveal that Old mutual will finance him upto 300million after he ensured that the South Africa company took over the company which saw the exit of other top managers.

The deal was conditional to delivery of completion documents relating to faulu and old mutual transaction. Whereas the deal is structured as a loan , the repayment is based on annual repayment from the receipt of dividends meaning he never have to pay any money .Old Mutual never made a similar deal with any of the other directors neither is there evidence that the deal was disclosed to the Faulu board or the regulators.

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