DNK International The High Court has declared the sale of the government’s 15 per cent stake in Safaricom PLC unconstitutional and illegal, ruling that the transaction is null and void.
A three-judge bench comprising Justices Francis Gikonyo, Roselyne Aburili and Tabitha Ouya ordered that the shares be restored to State ownership.
The court found that the government’s divestiture of the 15 per cent Safaricom shareholding was conducted in violation of the Constitution and various laws governing public finance, procurement, capital markets and competition.
The judges held that the transaction failed to comply with the legal requirements applicable to the disposal of the State’s interest in the telecommunications company.
Consequently, the court nullified the sale and directed that the shares revert to government ownership.
