This archive report was first published on 8 September 2019.
On September 5, 2019, Trade and Industrialisation Cabinet Secretary Peter Munya appointed Parmain ole Narikae, a former top executive director of the troubled Chase Bank (now SBM Bank Kenya), for a second three-year term as the CEO of Kenya Industrial Estates (KIE).
Narikae was first appointed to the KIE CEO post in 2016 by former Industrialisation secretary Adan Mohamed.
He was the director of external and regulatory affairs at Chase Bank when it went bust in 2016.
The Mauritian lender SBM Holdings has since bought out the collapsed lender and renamed it SBM Bank Kenya.
Kenya Industrial Estates (KIE) was established in 1967 with the mandate of promoting industrialisation through indigenous enterprise development.
The agency's mandate includes providing industrial parks, medium to long-term financing, business advisory and training services.
According to a gazette notice dated August 27, 2019, Munya said, 'In exercise of the powers conferred by the State Corporations Act, the Cabinet Secretary for Industry, Trade and Co-operatives appoints— Parmaindle Narikae (Dr) to be the managing director of the Kenya Industrial Estates Limited, for a period of three years, with effect from September 5, 2019.'
