Home Business How Munga got Sh135m for Britam shares he didn’t own

How Munga got Sh135m for Britam shares he didn’t own

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Mr Peter Munga. FILE PHOTO | NMG

Billionaire businessman Peter Munga in 2016 pocketed Sh135.7 million worth of dividends from Britam  shares he did not own, an inquiry report shows.

The tycoon inked a secret deal with top officials of Mauritius government giving up the rights to earn dividends on the shares before Mr Munga acquired the stock.

The insurance firm declared a dividend of Sh0.3 per share for the year ended December 2015.

The book closure date — the day when the company’s share registrar determined who would be eligible for the dividends — was June 9, 2016.

Mr Munga through his investment vehicle Plum LLP signed an agreement to buy 452.5 million Britam shares from the government of Mauritius a day later on June 10, 2016.

This meant that the island nation qualified for the dividend, which was paid soon after the Nairobi Securities Exchange-listed firm held its annual general meeting on June 24, 2016.