@DailyNation

Kenya Airways’ airport takeover bid a sugar-coated fraud, reject it - 2 months ago, 14 Apr 21:59

Billow Kerrow

The government’s proposal to concession the Kenya Airports Authority (KAA) to Kenya Airways should be outrightly rejected by Parliament; it is a crude attempt at sugar-coating a fraudulent plan to skim public resources.

KQ is a private liability company incorporated under the Companies Act and listed on the Nairobi Securities Exchange as well as in Uganda and Tanzania. That it flies the national flag belies its status.

BALANCE SHEET

Before it recently capitalised its huge debt to window-dress KQ’s balance sheet, the government had a mere 22 per cent shareholding in it. In 2016, it pumped in Sh4.2 billion to keep it a float as other shareholders such as KLM, which owned 26 per cent, simply shrugged it off.

There is nothing strategic about having a ‘national airline’; many powerful countries, such as the US, Japan, Brazil, Canada, Nigeria, Algeria, Ghana and Zambia, have not lost their pride for not having one.

The government ...
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