Paul Lismore

[Paul Lismore] The Domah Inquiry: A travesty of justice.

Rédigé par Paul Lismore le Vendredi 21 Décembre 2018

On 3rd August 2017, Judge Domah told us that  «La vente de Britam s’est faite à la vitesse d’un métro ».....and the tediously slow pace of his "Commission d'enquete'' tells us that his inquiry is now competing with a snail when it comes to decide which is the fastest of the two. 

Let me remind you of  the main attributes of the Domah Commission of Inquiry:

" — de déterminer si la vente des avoirs, notamment les 23% d’actions de BAI Company (Mauritius) Ltd and Related Entities au sein de Britam Holdings Ltd (Kenya), a été réalisée dans les meilleurs intérêts financiers du vendeur ;" and " d’enquêter s’il n’y a pas eu de cas de fraude, de faute professionnelle, de corruption, de undue influence ou autres de la part de toute partie engagée dans les négociations pour la vente de ces actions et s’il n’y a pas eu de préjudice financier contre des intérêts à Maurice".

I will remind him again of the true assets of Bramer at the time the botched sale took place, and you may wonder why he and his two stooges have not even bothered to inquire into this, despite its fundamental relevance to the main attributes of his "commission d'enquete''.

It does not take a genius to conclude that so far the Domah Commission has failed to address the real issues; and that conducting an inquiry into a sale of a flourishing bank for Rs 2.4 billions instead of the Rs 4.3 billions we were once led to believe was the right figure, is like the proverbial Irish joke where he tells someone lost on the streets and looking for directions, " I would not start from here if I were you..."

Should the Domah Commission look at the real value of Britam, he would come to the conclusion that this was a braderie du siecle, whether by design or by sheer incompetence.  

These are the undeniable facts which Dawood Rawat repeated in his interview by Touria Prayag and which apparently created such a situation of panic at the "Commission d'enquête" that they scraped the barrel and came up with a pathetic excuse to refuse to hear the main man at Britam:

1/ Britam, at the time of the botched sale, owned 46% of the Housing Finance Bank (HFB) of Kenya. Britam's shares were conservatively valued at Rs 10 BILLIONS, at the very least. Both Munga and Wairegi, the chaps 'negotiating' with the politicians and accuntants in Mauritius, were directors of HFB and therefore knew the real value of Britam's shares.

2/ Britam owned 10% of the shares of Equity Bank, which is the largest bank in Kenya, with subsidiaries in various African countries.The CEO of Britam, Benson Wairegi, was also the Vice Chairman of Equity Bank, and therefore it is inconceivable that he did not know the true value of the shares of Britam. At the time of the botched sale of Britam, the shares of Equity were worth $ 2 BILLION, i.e. around Rs 70 BILLIONS. !0% of that belonged to Britam and were therefore worth around Rs 7 BILLIONS.

3/ There were 2 specific, irrevocable conditions in the articles of Britam : that the posts of Chief Executive Officer and Chief Finance officer, 2 crucial positions in any company, were subject to the sole veto of....BAI!

Now, you don't need to be a financial wizard to know that this, in itself, would significantly boost the sale price of any company that exercised such a sole veto condition.

Our accuntants and serviteurs du pays gave that veto away for free, when Munga, with the selfish, greedy opportunism of a true predator, told Tekwa Manraj and others that Britam could only be sold to the Kenyans and to no other country. By the way, nothing has stopped South Africa and other countries from investing in other companies in Kenya, or to take them over...And Munga has since sold a huge chunk of the shares in Britam sold so cheaply by Ramtoolah and other serviteurs du pays at a huge profit to.....foreigners!  

Remember, the companies the hoodlums in government contacted to sell Britam were already negotiating with Dawood Rawat, shortly before they pulled the plug on BAI/Bramer. MMI was very keen and even asked Dawood Rawat to stay on the board of Britam for two years to hold their hand and to lead them into black Africa.

Before negotiations could be finalised, we heard Vishnu Lutchmeenaraidoo proclaiming with psychopathic glee, " Je l'ai eu", as they plunged the dagger into BAI/Bramer and its thousands of investors. 

And now, the icing on that poisonous cake, although I doubt very much Judge Domah and the accuntant from la cuisine sat next to him  on that 'Commission d'enquête' will bother to even look into this:

Remember the sale of a shell of a building owned by Gooljaury in Ebene to his friends in SICOM for the ludicrously inflated figure of Rs 600 millions?

Britam Tower, just the building AND NOT THE LUCRATIVE BUSINESS, was worth more than the poxy Rs2.4 billions that accuntant Ramtoolah together with that bunch of marauders known as Tekwa face Dev Manraj, Bhadain, etc obtained from the theft of the century known as the sale of Britam...

Now, you may understand why this commission ''d'enquête" will do everything it can to stop the man who can shed some light into this botched sale from giving evidence.

Whether you are pro or anti Dawood Rawat, if you have even a vestige of a moral fibre in your body, you should ask yourselves this question:


Vendredi 21 Décembre 2018

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