Rogue businessman Benson Wairegi is at it again entrenching the Nairobi Corporate Cartel (NCC) culture. The NCC culture dictates that money and wealth follow only a few privileged people and families. It is a greedy myopic view that locks out the majority, it ensures that only a few people who benefitted from corruption in govt when Kenya gained independence are the ones to still perpetuate the control. It is diabolic, sick, confused and counterproductive and suppresses creativity and competition. The above description of Wairegi and his ilk make sense to the learned and the layman. Theft The NCC is driven by theft and wanton greed and these can be seen in the intellectual property theft of innovations. They speak at the top of their lungs that entrepreneurship is the way to go, but in the same vein cut down youths when they are starting up businesses through obscenely high tax, a million licenses etc. Bureaucracy They are also bureaucratic in their doings and sometimes waste a lot of chances to transform the country. Because after all, they can still earn something by looting the country’s coffers, so, why try hard? BAAM - Britam In 2014, it is the bureaucratic nature of things at British American Asset Managers (BAAM) that led four youthful and motivated staff to leave the dinosaur and set up successful companies in the real estate sector. The four, Edwin Dande, Patricia Wanjama, Elizabeth Nkukuu and Shiv Arora, were later witch-hunted by a fabricated case of theft. After they left, it was Wairegi who had vowed, like all Nairobi Corporate Cartel leaders, to ‘teach them a lesson’ and ‘destroy their lives’. Benson Wairegi lodged a case that the quartet had stole Sh1 billion from BAAM. The case has collapsed but the NCC member Wairegi continues to flog a dead horse. Audit Due to easy money gotten from stealing and conmanship, Benson Wairegi has managed to sustain a case that is going nowhere up to the Supreme Court. At Kenya’s apex court, he has failed to supply the court with forensic audit report to support his claim of stolen Sh1 billion. “The main basis for the request was the need to show that the investigations and the prosecution had no factual basis. Courts have in the past quashed criminal charges that did not have a factual basis,” their lawyer Prof Tom Ojienda recently submitted to Supreme Court. It is clear that the case was fabricated to cut short the beautiful story of then youthful real estate magnate. Cytonn CEO Edwin Dande (left) and former Britam Managing Director Benson Wairegi In many instances, Wairegi, having been defeated in court, would make incendiary remarks in the media. During a final interview before his retirement, the former CEO of Britam would bring up the issue again. “When we ran into a problem with some of my employees here and we had to go to court because it was a matter of values and integrity. I’m an introvert, publicity-shy and going to court, before cameras, newspapers writing about you…That made me feel really really naked,” he told Business Daily’s Jackson Biko. He would receive a first response from Kenya’s Elon Musky CEO Edwin Dande. “With all due respect you can’t fabricate allegations of theft of billions based on non-existent audits “from KPMG and Couslon Harney” and still talk of values and integrity,” wrote Dande. Mr Dande further said of the case that had already been ruled: “I successfully sued for the release of those non-existent audits, and Britam remains in contempt of court orders up to today… 2 years since the high court ordered the release of the so-called forensic audits. Those audits don’t exist, it was an attempt to confuse the investing public. Just stop,” he added. This was in 2020. Fast forward to 2023, the case at the Supreme Court faces collapse and good riddance a final nail on that coffin. The audit at Britam formed the basis of their (Edwin Dande, Patricia Wanjama, Elizabeth Nkukuu and Shiv Arora) charge, and Mr Dande has asked for a forensic audited report prepared by KMPG, a legal audit by Coulson Harney and a settlement deal between BAAM and Acorn Group. Mr Wairegi has remained mute. Witch hunt The Director of Public Prosecutions recommended charges of theft by servant against Mr Dande, Elizabeth Nkukuu (former senior portfolio manager) and Patricia Njeri (former head of legal services) over claims that they transferred more than Sh1 billion from BAAM, a subsidiary of Britam without authority.
In court documents, the four (Edwin Dande, Patricia Wanjama, Elizabeth Nkukuu and Shiv Arora) argued that they were never allowed to give their side of the story, adding that the police and the DPP discriminated against them by leaving out five other managers who were part of the disbursement of the funds. Prof Ojienda said nine senior officials were signatories to the disbursement and if there were criminal acts, then all of them should be charged.