{UAH} Pojim/WBK: Here we go again! Mystery over Kenyan stake in China firm - News - nation.co.ke
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Mystery over Kenyan stake in China firm - News
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The digital and hard copy file of a mysterious Kenyan shareholder in the Chinese firm at the heart of the digital migration row has disappeared from records at the registrar of companies.
The Nation unearthed the true ownership of Pan Africa Network Group (Pang) with revelations that the firm has a Kenyan shareholder contrary to claims by Communication Authority of Kenya that the firm was a entirely owned Chinese.
A visit to the registrar of companies to get details of the Kenyan company were in vain as the system collapsed.
On Wednesday, we obtained records that showed a company called Excel Magic International Ltd owns 6.7 per cent of Pan Africa Network Group.
The firm is registered in the British Virgin Islands, a popular tax secrecy destination. According records, however, Excel's share holding is described as "Kenyan". It owns 2,500 of the 37,500 shares (a 6.7 per cent stake) in Pang, which was registered in Kenya on March 4, 2011.
This came as communication authority Director-General Francis Wangusi said he was not aware of a local investor in Pang which was to relinquish 20 per cent stake to Kenyans.
"Our records show that Pang is 100 per cent foreign owned," he said. However, evidence obtained by Nation revealed otherwise.
"They would have infringed on the agreement if there is a Kenyan shareholder in it," Mr Wangusi said on phone yesterday.
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