Ruto Reportedly Shopping for a Major Stake in the Standard Group

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Chrispen

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Wednesday, February 15, 2023 –Africa Intelligence AI latest report has claimed that President William Ruto wants to acquire major shares in the Standard Group Limited.

President Ruto is reportedly keen on getting a good chunk of shares in the Moi-owned giant media house which started struggling financially mid last year with workers going dry for long without salaries.

The investigative report by AI updated that the wealthy Moi family through, Mr. Kulei and other close associates own over 90% of Standard Group stakes.

Kenya’s second-largest media house has key shareholders with the top three being S.N.G Holdings Limited (69.03%), Trade World Kenya Limited (10.90%) and Miller Trustees Limited (10.53%) – all companies linked to the Mois and their associates.

Mr. Kulei’s substantive stake in the media house is now under Christopher Kulei, Joshua Kulei’s son who joined the Standard Group board in 2020 as a non-executive director.

The potential transaction is reportedly part of Ruto’s plan to neutralize the influence of wealthy and powerful political families in the country.

According to economist and experts, political interests could be part of this daring move by the head of State to take over the media house which has not been quite friendly to him in the past.

Currently,  staff at the Standard Group SG have been leaving job due to delayed salaries now entering into its fifth month.