Jana business daily ran with this story
[SIZE=6]"[/SIZE][SIZE=4]Former State House operative Stanley Murage is leading a consortium of investors who are negotiating to acquire an 80 per cent stake in troubled Rift Valley Railways (RVR) for Sh13.3 billion.
[I]The stake, which is currently held by Cairo-based Qalaa Holding, has been on sale since mid-last year when prospective buyers were invited to place bids.
It was not immediately clear why Qalaa, which is exiting to cut the multi-billion-shilling losses it has incurred since investing in the railway operator in 2010, is not selling its entire stake in in the Kenya-Uganda railway concession.
Project management firm Armstrong & Duncan, which is chaired by Mr Murage, is one of the four companies making up the consortium that has taken the pole position in the race to acquire the stake.
Others are petroleum distributor Rubix Energy, logistics firm Shreeji Enterprises and South Africa state-owned railway firm Transnet Engineering, which had not confirmed its participation by end of last week.
The consortium is betting on a multipronged strategy to turn around the loss-making RVR, including funnelling their existing customers to use the railway operator’s services as well as expectation that some of the crude oil coming from the region’s wells will come through.[SIZE=6]"[/SIZE][/I][/SIZE][/SIZE]
[SIZE=4]and today this was the lead
[SIZE=5][SIZE=6]World Bank unearths massive fraud at RVR[/SIZE][SIZE=4][/SIZE][/SIZE][SIZE=5][SIZE=4][/SIZE][/SIZE]
[SIZE=6]"[/SIZE][SIZE=4]Top Rift Valley Railway (RVR) managers conspired to defraud lenders and the Kenya Revenue Authority (KRA) millions of shillings and left the company in a worse financial position, the World Bank says in an ethics audit report that warns of possible sanctions on the rail firm.
The governance health check was prompted by a $22 million (Sh2.2 billion) loan that the International Finance Corporation (IFC) – the World Bank Group’s private sector arm – extended to RVR in support of the company’s planned purchase of 20 locomotives for its flagging operations in 2014 and 2015.
The audit found that RVR executives bribed public officials, manipulated accounts and created convoluted ownership and operational structures with the aim of defrauding lenders, including IFC.[COLOR=rgb(0, 51, 102)][SIZE=6]"[/SIZE][/SIZE]
[SIZE=4][COLOR=rgb(0, 51, 102)][SIZE=6][/SIZE][/SIZE]
[SIZE=4]Its clear business daily is doing some negative PR spin on Qalaa, hii story ya world bank audit broke six months ago, why they chose to headline their online edition with it sielewi.Wacha tuone mahali itaenda[/SIZE]