<table cellspacing='0' cellpadding='0' border='0' ><tr><td valign='top' style='font: inherit;'><P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">This is an interesting research study. That "Kenyans" own only 31% of "Kenya's" wealth!!! I wonder if there is anybody else perturbed by this fact like me - if at all it is true; and I have no reason to doubt the EA Standard!<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></P>
<P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <o:p></o:p></SPAN></P>
<P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Apart from South Africa and Nigeria which have enacted laws that restrict the % of stake foreigners can own in banks, Ethiopia too has some interesting laws. There are sectors like banking, broadcasting and air-transport (for aircrafts of less than 20 seating capacity) that are reserved exclusively to 'domestic investors'. There are also sectors (like telecoms) where an investor can only co-invest in partnership with the Government (e.g. currently ZTE/ETC are rolling out a US$ 1.5billion national fiber backbone!!!).<o:p></o:p></SPAN></P>
<P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <o:p></o:p></SPAN></P>
<P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">One can easily dismiss these Ethiopian (or Nigerian or SAfrican) policies as 'repugnant' - until this 'Kenyan' experience hits you!<o:p></o:p></SPAN></P>
<P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <o:p></o:p></SPAN></P>
<P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Wams thanks for sharing!<o:p></o:p></SPAN></P>
<P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA">SO<BR></SPAN><BR>--- On <B>Wed, 6/18/08, Margaret Gichuki <I><Wams2006@gmail.com></I></B> wrote:<BR></P>
<BLOCKQUOTE style="PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: rgb(16,16,255) 2px solid">From: Margaret Gichuki <Wams2006@gmail.com><BR>Subject: [NewVisionKenya] Fwd: [africa-oped] Bulk of Kenyan Wealth Owned by Foreigners<BR>To: "KCA" <kca_main@yahoogroups.com><BR>Cc: NewVisionKenya@yahoogroups.com<BR>Date: Wednesday, June 18, 2008, 6:37 PM<BR><BR>
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<P>---------- Forwarded message ----------<BR>From: nmatunda <<A href="mailto:matunda%40hotmail.com" target=_blank rel=nofollow>matunda@hotmail. com</A>><BR>Date: Jun 18, 2008 3:03 PM<BR>Subject: [africa-oped] Bulk of Kenyan Wealth Owned by Foreigners<BR>To: <A href="mailto:africa-oped%40yahoogroups.com" target=_blank rel=nofollow>africa-oped@ yahoogroups. com</A><BR><BR>For many years I have tried to make the point made by Kamau Ngotho<BR>below! I am glad that someone has done some research that exposes the<BR>fallacy of Kenyans "owning" Kenya. Yet, looking back on events of the<BR>past, Kenyans have killed and maimed fellow Kenyans in the pretext that<BR>some have eaten more.<BR><BR>The real culprits (and we need a national solution for this) are foreign<BR>ownership and skewed wealth distribution<BR><BR>Read on!<BR><BR>By Kamau Ngotho<BR><BR>The bulk of Kenya's wealth is in foreign hands, according to<BR>statistics obtained exclusively by The
Sunday Standard.<BR><BR>If Kenya were a cake to be shared out, Kenyans would only lay claim<BR>to 31 per cent of the country's total wealth. The rest would go to<BR>foreigners.<BR><BR>Agriculture, tourism and banking, which combined bring in the<BR>country's largest earnings, are in foreign hands. Last year, tea,<BR>tourism, flowers and coffee earned the country Sh140 billion, nearly<BR>half of the annual national budget. Of this money, only 31 per cent<BR>ended up in the country � as tax and real earnings to the<BR>nationals.<BR><BR>And shareholding in the richest 20 companies that trade at the<BR>Nairobi Stock Exchange is foreign.<BR><BR>The skewed distribution of wealth between foreigners and Kenyans<BR>puts paid to all efforts since independence to hand control of the<BR>country to its citizens.<BR><BR>Tea growing, which earned the country Sh43.5 billion last year, is<BR>concentrated in the hands of six leading agricultural companies<BR>whose
shareholding is largely foreign. Up to 78 per cent of earnings<BR>from tea went, therefore, to foreigners � leaving the balance for<BR>Kenyans.<BR><BR>The Big Six in the tea sector are Unilever Tea Kenya, Kakuzi Ltd,<BR>Williamson Tea Company, Kapchorua Tea, Limuru Tea Company and Sasini<BR>Coffee and Tea.<BR><BR>The British-owned Brooke Bond Group holds 43.1 million shares of the<BR>total 48.8 million shares issued in Univeler Tea Kenya. The same<BR>group owns 54 per cent of the total 3.9 million shares issued in<BR>Limuru Tea Company.<BR><BR>In Kakuzi Ltd, foreigners have a total shareholding of 68.3 per cent<BR>of the total 19.6 million shares issued. They hold the shares<BR>through Bordure Ltd and Lintak Investment Ltd, with 35.1 and 33.2<BR>per cent shareholding, respectively.<BR><BR>Britain's Williamson family has a controlling majority shareholding<BR>in both Williamson Tea and Kapchorua Tea companies. In Williamson<BR>Tea, it holds 67.2 per
cent of the total 8.8 million shares issued<BR>through their company, Ngong Tea Holding PLC.<BR><BR>In Kapchorua tea, they hold 40 per cent of the 3.9 million shares<BR>issued.<BR><BR>Sasini Tea and Coffee Ltd is 87.3 per cent owned by business magnate<BR>Naushad Merali, a Kenyan. Merali's companies hold his shares in<BR>these businesses: Legend Investments Ltd (51.7 per cent), East<BR>African Batteries (18.7 per cent), Yana Towers (15.9 per cent) and<BR>Swan Estates (1.04 per cent).<BR><BR>The reinvigorated tourism sector, which earned Sh42 billion last<BR>year, is also foreign-owned.<BR><BR>And just as the Sh43.5 billion earnings from tea sector ended up in<BR>foreign pockets, so did the Sh42 billion that came from tourism.<BR>Tourism earnings went into three directions: Hotels, airlines, and<BR>travel/booking agents, in that order. Of Kenya's 290,000-plus<BR>tourist hotel bed spaces, foreign hoteliers own 74.3 per cent of it.<BR><BR>Tour flights to
Kenya are entirely in the hands of foreign airlines.<BR>It is all the more foreign-dominated in the traditional tourist peak<BR>periods of Easter and Christmas, when there are no scheduled flights<BR>to Kenya's tourist hub of Mombasa. During the two seasons, tourists<BR>arrive in Mombasa in chartered jets arranged by European tour<BR>operators.<BR><BR>A tea-picker at work.<BR><BR>Foreign companies stationed in European and American capitals also<BR>entirely control hotel bookings and transfers. Where internal travel<BR>is concerned, foreigners too, dominate by owning 7 of the 11 leading<BR>local tour travel firms.<BR><BR>At the end of the day, tourism in Kenya remains a foreigners'<BR>enclave with indigenous Kenyans left to scratch the surface on petty<BR>trades like selling curios and prostitution.<BR><BR>After years of lobbying, last year the European Union set aside<BR>Sh250 million to economically empower indigenous Kenyans to get a<BR>fair share of
the lucrative industry. Seven projects were targeted<BR>to tilt the balance in a programme called Tourism Diversification<BR>and Empowerment Project.<BR><BR>But a spokesman at the Nairobi EU office said the money is yet to be<BR>released as project proposals submitted are still under evaluation.<BR><BR>The only hotel chain listed on the Nairobi Stock Exchange is the TPS<BR>Serena. The Aga Khan Fund for Economic Development holds the<BR>company's majority shareholding through its company, TPS Holdings<BR>Limited.<BR><BR>Horticulture, which earned Kenya Sh28.2 billion last year, is the<BR>country's third largest foreign exchange earner. It, too, is a<BR>foreigners' affair. Indigenous Kenyans mainly come in as casual<BR>labourers on the flower farms.<BR><BR>Of the 44 certified companies dealing with horticulture products, 26<BR>are foreign-owned. But an even bigger irony is that the leading 10<BR>players in the industry � all foreign-owned � bag 83 per
cent<BR>of the<BR>total income from the sector.<BR><BR>Flower farming (floriculture) is the key plank in Kenya's<BR>agriculture sector. Seventy six per cent of Kenya's total flower<BR>production is concentrated in foreign-owned flowers farms around the<BR>Naivasha area. The big three are Homegrown, Sulmac and Oserian.<BR><BR>Late last year, Kenya overtook Israel and Columbia as leading<BR>exporters of cut flowers. But you would not know that from the<BR>world's leading flower auctions in Amsterdam and London. Why?<BR><BR>Foreign flower exporters in Kenya have registered their companies<BR>abroad � mainly in Amsterdam � and sell flowers they have<BR>grown in<BR>Kenya under a foreign label. In that case, while flowers from a<BR>local company are sold in Amsterdam as flowers from Kenya, Dutch<BR>companies growing their flowers in Naivasha sell theirs as flowers<BR>from Holland.<BR><BR>The consequence of it is that flowers owned by Dutch
companies<BR>receive preferential treatment at the auction, including exemption<BR>from the strict EU-imposed export rules.<BR><BR>Flower auctions in Amsterdam and London account for 65 and 25 per<BR>cent of Kenya flower sales respectively. Of the approximate 60,000<BR>tonnes of flowers exported from Kenya last year, 37,000 tonnes were<BR>sold in Amsterdam and London auctions as flowers from Holland.<BR><BR>The statistics can make it look like the entire flower industry in<BR>Kenya is one big conspiracy against indigenous people. Foreign air<BR>charters, the only ones used in flower transport, charge the highest<BR>rates in Nairobi. Freight charges on flowers from Kenya are twice<BR>those in the capitals of Kenya's nearest competitors Israel,<BR>Columbia and Costa Rica.<BR><BR>There are also 40 to 45 per cent higher than in Egypt and South<BR>Africa, Kenya's two biggest competitors on the continent.<BR><BR>At $400 a day, inspection and storage charges
at Jomo Kenyatta<BR>International Airport are the highest in the world. So is the<BR>freight charge of $1.85-$2.2 per stem.<BR><BR>Flowers sold in Kenya's name are inspected stem by stem at the JKIA<BR>at the cost of 12 Euro cents a stem. Those grown in Kenya but<BR>marketed by overseas-accredited companies are only inspected in bulk.<BR><BR>On average, it costs upwards of $1 million to set up a typical<BR>flower farm on a half acre spread , which in turn brings in a<BR>$50,000 a year.<BR><BR>Kenya's fourth leading export earner, coffee, is equally depressing<BR>on the ownership scale. The majority of small-scale coffee growers<BR>in Kenya sell coffee raw from the farm, earning less than 10 per<BR>cent of what the finished end product earns in foreign markets and<BR>in a foreign label.<BR><BR>Though touted as an agricultural country, the other large-scale<BR>agricultural activities in Kenya are also foreign-owned.<BR><BR>Rea-Vipingo Plantations, which
deals mainly in sisal and dairy<BR>farming is 77 per cent owned by the Robinson family of England. They<BR>hold the shares through REA Holdings PLC, Unibuckle Holdings Ltd and<BR>REA Trading Ltd.<BR><BR>Del Monte, world famous for pineapple products, is entirely a French<BR>affair and sells its products with the label "Made-in-France" .<BR><BR>The question of who owns Kenya's wealth sticks out like a sore thumb<BR>in the banking sector. The leading two banks with a combined market<BR>share of 71.4 per cent are Barclays Bank of Kenya and the Standard<BR>Chartered.<BR><BR>They are foreign-owned. Barclays Bank plc of London owns 68 per cent<BR>stake in Barclays Bank of Kenya.<BR><BR>Standard Bank Africa, a London outfit, in turn owns 81 per cent<BR>shareholding in Standard Chartered Bank.<BR><BR>To avoid domination by foreign banks, Nigeria and South Africa<BR>enacted laws on percentages of shareholding a foreign bank could own.<BR><BR>Foreign ownership is
also the same cord that runs through key blue<BR>chip companies listed on the Nairobi Stock Exchange.<BR><BR>At the East African Breweries, British-owned Guinness plc holds 63.5<BR>per cent of the total equity, leaving Kenyans to scramble for the<BR>rest. Guinness shares are held in the names of Diageo Kenya Ltd and<BR>Diageo Netherlands B.V.<BR><BR>In the Nation Media Group, the Aga Khan holds 28.2 million shares of<BR>the 35.6 million shares issued. The Aga Khan's shares are held in<BR>the names of the Aga Khan Fund for Economic Development and Amin<BR>Nanji Juma. In Kenya Airways, Dutch company, KLM, holds 40.6 per<BR>cent equity.<BR><BR>In Total Kenya Ltd, French companies Total Outre-mer and Elf Oil<BR>Kenya Ltd, own 77 per cent of the total shareholding, while in BAT<BR>Kenya Ltd, Molensteegh Investment BV of London, holds 68 per cent of<BR>the total shareholding.<BR><BR>The question of who owns Kenya's wealth generated a national debate<BR>in
1968 when the National Council of Churches of Kenya published a<BR>paper entitled: "Who Owns Kenya's Industry?" In the paper, the late<BR>Anglican Bishop, the Rev Henry Okullu, regretted that five years<BR>into independence, "the compass needle had not moved in the<BR>direction of indigenous ownership of Kenya's wealth."<BR><BR>Thirty-seven years later, the Rev Okullu would turn in his grave to<BR>note that the needle has drifted even further away.<BR><BR></P></DIV><!--~-|**|PrettyHtmlStart|**|-~--><SPAN style="COLOR: white">__._,_.___</SPAN> </DIV>
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