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Businessman Peter Munga is challenging the findings of a Mauritian commission of inquiry over his purchase of Britam shares.

The shares had been seized by Mauritius government in 2015 from its citizen Dawood Rawat Bramer for running a Sh71 billion Ponzi scheme.

Munga being probed for having acquired $43.51 million worth of the insurer’s shares using false pretenses in a deal shrouded in secrecy.

How Munga got Sh135m for Britam shares he didn’t own Summary The tycoon inked a secret deal with top officials of Mauritius government giving up the rights to earn dividends on the shares before Mr Munga acquired the stock. The insurance firm declared a dividend of Sh0.3 per share for the year ended December 2015. The book closure date — the day when the company’s share registrar determined who would be eligible for the dividends — was June 9, 2016. Thursday August 05 2021 By VICTOR JUMA Summary The tycoon inked a secret deal with top officials of Mauritius government giving up the ri...

Munga secret Britam deal leaves Mauritius with Sh3.9bn loss Tuesday August 03 2021 By VICTOR JUMA Summary After buying the shares, Mr Munga would later sell them in two tranches at undisclosed prices that are expected to have earned him billions of shillings in capital gains. He first sold 104 million shares in 2017 in the open market and followed it up with the disposal of 348.5 million shares to Zurich-based multinational Swiss Re in 2018. Mr Munga called the roundabout transactions a “Manowari Project”, according to the inquiry. Billionaire businessman Peter Munga orchestrated a secret...