This archive report was first published on 13 May 2020.
On May 13, 2020, it was announced that businessman Chris Kirubi had received an additional Sh35 million as part of his staggered payment following the sale of the BIC stationery, lighters, and shavers franchise to Société BIC in 2018.
The payment is part of a total compensation of Sh1.8 billion that Haco Industries Kenya Limited, Mr. Kirubi's manufacturing unit, is entitled to receive over three years.
According to Société BIC, the multinational made a total additional payment of €2.4 million (Sh280 million) last year, bringing the total amount received by Haco to Sh1 billion.
With a balance of Sh835 million expected to be settled by December 2021, the deferred payment is due to the capital commitments Haco had already made in the BIC business by the time the transaction was completed on December 31, 2018.
Mr. Kirubi said the deferred payment is a result of the capital commitments Haco had already made in the BIC business.
