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Presidential Aspirant Fred Ogola and Tony Gachoka Sue to Block State Stake in Safaricom Sale
According to the document filed in court, the sale would permanently deprive Kenyans of future dividend income from the country's most profitable assets that give KSh 150 billion annually, yet it will be sold for KSh 204 billion one-off.
LDP presidential aspirant Professor Fred Ogola, has filed a petition before the High Court opposing the decision by the government to sell 15% shareholding in Safaricom PLC to Vodafone, citing that the decision is unconstitutional.
Jointly with Tony Gachoka a Nairobi Gubernatorial aspirant, they state that the decision raises national, economic, and constitutional concerns
The petition demands the immediate suspension of the proposed sale, full disclosure of all transaction documents, advisors, and beneficiaries.
They also indicate that the law was not followed and that there was no parliamentary approval or public participation.
Furthermore, they urge the court to consider the protection of public assets and the interests of future generations.
The concerns raised by the duo are “loss of public revenue, Constitutional violations, Market dorminance, foreign control, and lack of transparency.”
According to the document filed in court, the sale would permanently deprive Kenyans of future dividend income from the country’s most profitable assets that give KSh 150 billion annually, yet it will be sold for KSh 204 billion one-off.
This transaction raises concern under Article 206 of the Constitution on the management of public funds and the creation of a special purpose without parliamentary approval.
The government’s decision also undermines public control over a critical communications and digital infrastructure provider. The transaction risks consolidating market power in the hands of a foreign-controlled monopoly.
Further, they indicate that the whole process was not subjected to public participation, parliamentary scrutiny, or disclosure of Key transactions details.
