This archive report was first published on 28 December 2019.
On December 28, 2019, Business Daily reported that businessman Chris Kirubi had received an additional Sh67 million as part of his staggered payment following the sale of the BIC stationery, lighters, and shavers franchise to French conglomerate Société BIC.
The payment was part of a deal that was completed in 2018, in which Haco Industries Kenya Limited, Mr Kirubi's manufacturing unit, was paid an initial €6.3 million (Sh703 million).
Under the terms of the deal, Haco was entitled to an additional deferred payment amounting to €9.9 million (Sh1.1 billion) over three years, raising the total compensation to Sh1.8 billion.
As of September 2019, Société BIC had paid Haco a cumulative total of €2.4 million (Sh268 million), including the additional Sh67 million paid in the three months ended September.
Once all the payments are in, Mr Kirubi's profit in the deal will stand at about Sh611 million, representing the premium on the value of assets transferred to the French multinational.
