The investigation into Telkom Kenya's contentious takeover has taken a fresh turn as former Treasury Cabinet Secretary Ukur Yatani stated that the government is now the majority shareholder.
Yatani testified before a Parliamentary committee investigating the buyout on Wednesday, claiming that, contrary to assertions that the government paid for but did not get the shares from Helios Limited, all transfer documentation exist at the National Treasury.
He then challenged the current Treasury CS, Prof. Njuguna Ndung'u, to make the documents public.
"All of the original signed and approved paperwork are now in the custody of the National Treasury; they are no longer with Helios because the National Treasury is now the only shareholder," the former CS explained.
Yatani informed the joint committee that the shareholding status had not been altered at the State law office because the Telkom Kenya board, which is required to begin the changes, was not legally constituted.
"The National Treasury is in possession of the shares certificate, what has not been done has not been done since the board, as directed by National Treasury, did not convene since they did not have a quorum. "As a result, the records at the registrar of companies may not have altered," he explained.
Yatani stated that the payments were approved following a meeting of the National Security Advisory Council, which wanted Telkom to be fully government-owned because it handles critical security installations such as the President's office, State House, the Defense headquarters, the National Intelligence Service, and the IFMIS portal.
The former Treasury Secretary also supported the previous administration's large-scale spending.
Prof. Ndung'u, the current Treasury CS, will have the last say on whether he is in control of the government's new Telkom Kenya stake.