The sale of Grand Regency hotel is generating the wrong debate which instead masks Kibaki's noble intension to accelerate Kenya into the realm of industrialization by 2010. Kenya is presently governed by a Grand coalition that demands Grand resources which can only be sourced from Grand sales. Selling the five star Grand Regency hotel was the most prudent thing for HE Kibaki in his quest to wean Kenya from donor dependency besides turning east.The best vision is insight. Kenyans should thank President Kibaki for his wisdom to seek COMPETITIVE price for a priced asset like the Grand Regency Hotel. Such alloyed wisdom are rare to come by and can only originate from a brain trained in hitherto premier Makerere university with a touch of London School of economics (for a second bachelors). And what is more, our brilliant president who lets his DEEDS speak for him is assisted by able hand of an accomplished accountant for a Finance minister. Add to that the wise counsel of CBK government Professor Ndungu and dragon slayer KACC director Aaron Ringera and you have people with hindsight and the luxury to communicate in their first language.
Governance is not about PR which is a maggot for profitable business. The YOUTHFUL and accomplished accountant in Kimunya did what any shrewd businessman would do. He saw an opportunity and a price TOO SWEET to refuse and went ahead to save Kenyan taxpayers plenty of time and resources in being a slave to procurement rate tape. Every Kenyan owes Bw. Amos a huge dose of appreciation for we know he has industry compliant DNA. Who know? Maybe the perils of bureaucracy in public bidding would have costed us the much-needed revenue from brother leader Muammar Gaddaffi.
Africa is for Africans and only leaders with foresight like Gaddafi can help us prosper. And African tradition demands RETURNING HAND for favours and gestures from friendly quarters. Besides CHEAP oil we now have Africanized Esso to Oilibya. Now we have an African big brother built the biggest mosque in Kampala and owning the CLASSIEST hotel in Nairobi. Forget all the noise in pricing. Assets depreciate from tear and wear and we should thank the Libyan government for sacrificing so much to invest at the heart of our city. We owe development conscious Tuju and intelligent Kituyi plenty in signing these deals on our behalf. Now we know why the president had the presence of mind to give their portfolios Wetangula and UK respectively.
Grand Decep
tionLost business following violence after last year’s election can only be recouped by a sturdy and focused team. No we know why HE had to do what he did to continue with the path to unrivalled development in the region. He is so smart so much so that in less than five years he has had two Finance ministers who have outdone Moi’s 24 years of ruin. The lost generation under Moi must be our bar and Kibaki is singularly determined to raise it. By the way any government worth her name has no business engaging in business. No wonder HE Kibaki saw in his wisdom to divest from communication and position his government to cash in from the concessionary Libyan oil. With aptly christened ventures like TRANCENTURY we are surely headed to being an African tiger soon.
Minister Orengo and ODM must shed off their activist gabs and roll up their sleeves to national reconciliation and healing. It is no surprise that Orengo was the whistle blower given his LAZY DNA. He should stick to what he knows best as a lawyer and leave enterprise to those capable of transforming themselves into millionaires by selling razor blades. And while at it Orengo must respect the flower girl position of his party in the Grand coalition. He must be disabused of any feigned authority and be reminded that his Lands Ministry ranks lower in the government's pecking order.
As a nation we must adopt MOVE ON as an appendix to the national anthem and crucify anybody engaging in DOMO DOMO politics as we match to 2010. Kimunya which coincidentally translates literally to UPROOTER is the undisputed saviour who will shepherd us to economic nirvana. Any noise that he resigns must be treated with utmost contempt. Resign for what?
And while we are at railroading the man here is another jab
ReplyDeletehttp://www.nationmedia.com/eastafrican/current/News/news300620081.htm
corrupt to the bone, or bungling fool, take your pick. decisions za ajabu
let someone else say this dump is of royal flavor
UrXlnc
Economic vulture
ReplyDeleteYou are fool to write such a piece
either it is lack of insight on kenya politics- or business sense or you are foolish enough to think your post will be debated on by very intelligent minded kenyans on Kumekucha blog??
which is which may I ask?? and a note to Kumekucha- if you have nothing intelligent to post?? why let people post material that is insulting to and damaging your intelligence on your blog??
KUMEKUCHA?? ARE YOU ASLEEP?? WHAT A STUPID POST
ReplyDeleteaha the plot unravels
ReplyDeletehttp://www.eastandard.net/news/?id=1143989372&cid=4
"Wetangula, however, said he had long left Wetangula, Adam Makhokha and Company Advocates, the firm said to have handled the sale transaction."
interesting that the foreign affairs minister, and a firm he is/was connected are party to the process we are to beleive that all just mere coincidences.
UrXlnc
Thankfully Raila and Orengo have said something about the way forward. Not surprisingly, Kalonzo behaves like the usual headless chicken he is - especially since he is a partner in crime. The thief-in-chief is once more off to one of the many conferences he has lately been going to. (He will surely have a companion in Mugabe - another 'duly elected' president).
ReplyDeleteKimunya remains the usual arrogant numskull knowing full well that Kibaki will 'look the other way' as he has always done. Dear GOD what did we do to deserve these people?
Minister of Finance’s request to spend taxpayers!!!! WHERE ARE THE MP’S THAT WE TAX PAYERS PAY LOADS OF SALARIES TO REPRESENT US?? WILL THEY LET THIS CRAZY THIEVING FULL OF LIES KUMUNYA BUDGET GO THROUGH??
ReplyDeleteATI YOY ARE ALL SHOUTING GRAND REGENCY WHEN THE BIGGEST LOOTING IS SOON GOING TO BE APPROVED BY ALL MP’S- IN PARLIAMENT IN THE LATEST KUMUNYA BUDGET!!!!!!
HOSPITALITY - Two Billion plus
The total bill was Ksh 2.16 billion for the year 2007. Does anyone recall Amos Kimunya mentioning in his budget speech that this year he wants to increase the Ministry of Finance’s Hospitality Budget from just under Ksh 500,000 per day to Ksh 728,000 per day?
PRINTING - Two Billion plus:
The Government Printer is a full fledged department within the Office of the President that prints all important government documents including all Bills and Acts of Parliament
Public procurement related to printing is notoriously corrupt.
FOREIGN TRAVEL - Two Billion plus: Kenyans frequently bemoan the globe-trotting habits of their elected officials but sometimes they forget to look at the international visits of our civil servants. Last year, the Government of Kenya spent over Ksh 6.7 million per day every day of the year on foreign travel.
KEN REN FERTILISER FACTORY - Four Billion plus: Kenya faces a massive fertilizer importation bill even as the Minister of Finance on June 12th asked Parliament to approve the payment of hundreds of millions to foreign banks for a fertilizer factory that does not exist.
NAVY SHIP - Four Billion plus: Did you know that the Minister of Finance has asked Parliament to authorize the payment of a staggering Ksh 4.94 billion this year to 3 foreign companies for a controversial Navy Ship? Did you know that the Controller and Auditor General told Parliament in 2006, that this deal was illegal and had breached the External Loans Act which requires parliamentary approval for all foreign debt? Did you know that the ship which the Minister of Finance wants to use tax money to pay for does not have weapons on board, and its equipment’s warranty has lapsed? Did you know that all these issues have not been properly investigated to date? Did you know that Ksh 4.94 billion is more than the entire budget of the Ministry of Water?
Kenyans SHOULD STOP DOMO AND ACT NOW!!BEFORE IT IS TOOOOO LATE-
ReplyDeleteFeed the People Not the Fat Cats:
Did you know that the Government takes Ksh 85 out of every Ksh 100 you pay in tax for its overhead costs – including paying foreign loans, salaries and pensions, water, fuel and electricity expenses?
Did you know that the Government will only spend Ksh 15 of every Ksh 100 you pay in tax on development – including free primary education, building of roads, provision of water and health services?
Did you know that the Minister of Finance’s Budget Speech told you nothing about the recurrent expenditure of Government – for example do you recall him telling you how much he will spend on fuel, hospitality and foreign travel?
Are you satisfied with this situation? Did you know there is something you as a Tax Payer can do to ensure that the budget is used for the development of Kenya? Tell your Member of Parliament to scrutinize the National Budget line by line, and to refuse to approve wasteful expenditure.
Tell your MP that you want a budget for the people, and not for the Fat Cats.
GO READ MORE ON
http://www.marsgroupkenya.org/user/
looks like our brothers and sisters from central are finally getting it but a little too late
ReplyDeleteironically its Githunguri and Ephraim Maina leading the side show
what a load of laughs, pure comedy
but the truth lies in the statements they made, ask yourself this, some 700,000 kenyans raised 50b for the safari-con IPO, how many kenyans are required to raise 3B?
meaniwhile tu ji enjoy
http://www.eastandard.net/news/?id=1143989371&cid=4
"People should respect the law, if Kimunya broke the law he swore to respect, then he should carry his own cross and leave the Kikuyu community out of it," the Mathira MP said as the crowd cheered.
"I am a businessman and I know this hotel could have cost about Sh10 billion. If they wanted to sell it at Sh2.9 billion, they could have told the people of Kiambaa to raise even Sh3 billion to buy it and we could have done that," Githunguri said.
Sorry vikii, cant help myself picking up the rocks for the mob justice, they are just all over the place
UrXlnc
where are the blogs posted?? Kumekucha stop being boring:)we need to read some news
ReplyDeleteI hope people see the piece for what it is... Even I was almost fooled...
ReplyDeleteby the way chris, visit Kenyaimagine and see how money can be made online. dude is pulling ads from corporates including Barclays. Same guy, same resources, just a different way of thinking.
ReplyDeleteNo one i asking you to suddenly develop liking for Kibaki. I despise him myself and despise Raila even more.
just angle your posts to be suitable for intelligent middleclass Kenyans (25-45) who are what all corporates are targeting these days because thats those are the dudes with money.
Kick out the trash and raise the intelligence bar a little bit and go easy on ethno fascisim and two bit tribal hate that thrives here. then finaly, tidy up this site ad employ are really good sales man and keep the exposes coming.
just that pal. Give it a shot.
Even with the tinge of sarcasm in your report you are actually right in many ways. Kimunya may actually be the one to fix this economy. The guy by now has thick skin and no amount of propaganda and inuendos will move him. Unless anyone has real evidence of him being shoddy.
ReplyDeleteKibaki and his Mt. Kenya surrogates were determined to ensure that the presidency was not going to leave Kibaki and the Mt. Kenya Mafia. This group did everything they could to cling onto this power and we are now getting to know the details of their diabolical machinations! The blood and deaths of innocent Kenyans who fought to keep their beloved country in a democratic path could not for a second soften their stony hearts. Had it not been for the struggles of peace loving Kenyans for their rights and the involvement of international community, this cabal would have continued to cling onto power until the country was no more!
ReplyDeleteParliament should move fast and stop any further privatization of public property and services until a new constitution and/or Kibaki leaves office. Parliament should also block any move to sell shares to the public in any public property since this has not only been abused but has also been used as a conduit for looting public monies. The Kenya Airport Authority (KAA) and the national carrier (Kenya Airways), Kenya Power and Lighting Company (KPLC), KENGEN, Kenya Commercial Bank (KCB), National Bank of Kenya (NBA), Kenya Pipeline Company (KPC), Kenya Port Authority (KPA), Kenya Tourism Development Corporation (KTDC), the ADCs, among others should never be allowed to go into private hands either through sale of physical property or through sale of shares not when Kibaki is still in the throne of power!
The country should not allow a president who does not obey the laws of Kenya to continue transacting the business of the country. If he is allowed to continue doing this, then Kenyans will soon find themselves mortgaged to other countries and/or to extreme dictators still found within the corridors of power. Kibaki started mortgaging the country through the sale of its heritage (Wildlife) to Thailand . He then moved to mortgage the pride of the country, The Kenya Railways (KR) to South Africa . Now he is mortgaging the Regency Hotel to the country of Libya , another tourism asset at the heart of the country’s capital! KENGEN might have also been sold to Libya and we are likely to be awoken to a rude shock when Kimunya comes up with a long list of public properties that they have been auctioned to their cronies and/or other countries. Kibaki is in the center of all these grand corruption and he will not utter a word as the war of words rages between Kimunya and his cabinet colleagues, MPs, and the public. In the coming days, you will see a number of cabinet ministers (sycophants and hero-worshippers) coming up to defend Kimunya, Kinyua, Ndungu and Aaron Ringera and Anglo-leasing II will die a natural death just like Goldenburg and Anglo-leasing I.
CHARLES.NAIROBI.
ReplyDeleteARE you for real?
you LOST THE PLOT TOTALLY!!
PEOPLE-"If you hear a mad man talking, wait for a minute you will hear what makes people think he is mad"
why do you use the name ECONOMIC VULTURE-a vulture is a SCAVENGER surviving on left overs,WE KNOW YOU ARE BROKE BUT my friend people are getting PAID this week just try 2 hang in there and GET A GRIP!
A fly with no advisers, always follows the corpse to the grave!
I knew Kimunya, the blind side winger, was an outright thug back in 2004. We were about 20 people waiting for a lift at Hazina Towers when he came from nowhere with 2 aides and pushed everyone aside including an OLD LADY to get in the lift first! He did the same when getting out, a gentleman indeed! This Kimunya guy (baby faced assasin) is said to have got about 200 million bob as 'under the table' payment for the Oilibya deal which Kumekucha should scrutinize.
ReplyDeleteMartha Karua was right to condemn the rip off. So were all the PANUA politicians at Banana Hill where Raila was guest of honour for Hon Githunguri's 'homecoming' bash who also blasted the theft.
Raila got a well deserved warm and MATURE reception from Kiambaa people. However the funniest/strangest momemnt was when this intruder dashed at the dais to give Raila a letter and security men dashed to hold him back. Raila quickly asked them to let the man forward his missive but to me the whole thing looked like a PR stunt which Salim Lone should clear. He's quite good in stage managed escapades. Well, the guy didn't even look "local!"
M Pesa
Nbi Kenya.
Mweusi,
ReplyDeleteSpot on my man! Spot on! How the hell can the C-in-C be the one leading corruption in Government?? What the hell is wrong with Kenyans??? Its amazing how we thought the era of impunity is long gone, how naive of us.
Kenyans, it is time we wake up from our slumber. We cannot accept any form of corruption, especially after the signing of the Peace Accord, No!! Hell No!!
I cannot believe I voted in a thief-yaani the guy sells off The Grand Regency, and doesn't even bother to offer at least some form of 'intelligent' explanation? Kwani who does he think he is????? WTF????!!!!
Am i the only ANGRY Kenyan????!!! We need to come out strongly and oppose this unwarranted impunity brought upon the people of Kenya. Mass protests nini??!! The Civil Society- where u at???
Taabu
ReplyDeleteAre you for real expecting Kimunya to resign...Do you live in Kenya (Kimunya of all people signed a contract to uphold all accounting ethics?) Utangoja
Did someone mention that Kimunya was the head of ICPAK sometimes back?
Ivy
Watch all kenyans are being called on to protest against the sell of Grand Regency!!
ReplyDeletehttp://www.youtube.com/watch?v=tFij4C6eXwo
Kimunya got a good deal for Kenyans
ReplyDeleteAccording to the Nairobi Stock Exchange, TPS Eastern Africa had a market value of KSh 7.62billion as at 27/6/08. And according to the 2007 annual report of the company, it owned 11 hotels and lodges in East Africa and had an equity of KSh 3.68 billion and assets of KSh 6.78 billion as at 31/12/07.
http://www.serenahotels.com/news.asp?tri=archives
The hotels and lodges it owns in Kenya are Nairobi Serena, Serena Beach, Amboseli Serena, Samburu Serena, Mara Serena, and Kilaguni Serena. In Tanzania, it owns Kirawira Luxury Tented Camp, Lake Manyara Serena, Serengeti Serena, Ngorongoro Serena, and Zanzibar Serena.
So how can the Grand Regency Hotel be worth KSh 7-7.5 billion as claimed by some politicians and the press and yet it's only one hotel? The Libyans definitely overpaid for it. They should have spent the KSh 2.9 billion on TPS Eastern Africa shares but I guess they're flashy with oil dollars. Kimunya got a good deal for Kenyans but is hated for his success.
Kimunya is Saitoti II - Today, 11:38 AM
ReplyDelete--------------------------------------------------------------------------------
0
Kimunya is Saitoti II
Yes, Kimunya could well be Saitoti II. But the bigger question is why these two intelligent men can be so gullible?
I stand corrected, but aren't both men childless - '(grand) blank shooters' whose lineage ends with them? Thus protecting the country's 'granary' for future generations is beyond their comprehension. They'd sell the country for a pittance if they knew they were dying tomorrow... or it could be, skimming a couple of millions along the way, make up for their 'inadequacies' - thus making them feel like REAL BULLS!!
Anon 10:44 AM, please keep your ignorance to yourself. There is a huge difference between book values and market values. What is reflected in in TPS accounts for assets is book value not what any of their single hotels would go for if put in the market.
ReplyDeleteAs a going concern, the market price would ordinarily include such intangibles as goodwill.
Market capitalisation on the other hand is simply a mathematical figure reflecting the product of share price and the number of issued shares. The share price is often a factor of the speculation that goes on in the stock market. It has no relationship with the net worth of a company which is what the buyer of GR must have looked at at when buying it as a going concern.
Until we are given the computation of the Kshs. 2.9B (or is it Kshs. 1.8B) we would simply be speculating. No one has come out and told what the hotel's assets and liabilities were at the time of sale.
Whatever arguments are now flying about, Kimunya and company should, among others, explain to Kenyans how the final price was arrived at, why the hotel was not auctioned as he had earlier promised, why stipulated regulations were not followed, why the AG was kept in the dark, why other buyers who had expressed interest were not given a chance, the law under which Pattni was given immunity from prosecution etc.
Orengo on the other hand should tell Kenyans whether the land on which the hotel stands was sold as freehold or leasehold and if on leasehold, the lease period.
Incidentally, which are these three valuation firms that gave the hotel a value of less than 2.3 Billion? and what is the basis of this value?
Lastly, whether he is innocent or not, Kimunya's arrogance is simply nauseating!