Sharp Daily
No Result
View All Result
Friday, October 31, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Top KBC official fired over unauthorized $5 billion intended payout

Brian Murimi by Brian Murimi
December 19, 2023
in News
Reading Time: 1 min read

The Cabinet Secretary for Information, Communications and Technology, Eliud Owalo, has terminated the appointment of Samuel Maina as acting managing director of the state-owned Kenya Broadcasting Corporation (KBC) over a commitment made by Maina to pay $5 billion in an arbitration case without proper authorization.

In a letter dated December 18, Maina had pledged KBC would pay the settlement to Channel 2 Group Corporation in the London Court of International Arbitration case No. 122233.

Owalo said Maina did so “without seeking the concurrence of the Ministry, National Treasury and the Office of the Attorney General and Department of justice.”

Owalo called Maina’s move “a total disregard of earlier instructions given to the Kenya Broadcasting Corporation on the matter.”

RELATEDPOSTS

Veteran journalist Tom Mshindi named KBC board chairperson

January 19, 2024

Revealed: Former KBC boss apology over KES 770 billion payout before sacking

December 20, 2023

As a result, Owalo wrote in a letter to KBC Board Chairman Benjamin K. Maingi, “The appointment of Mr. Samuel Maina as acting Managing Director is terminated with immediate effect.”

He further instructed, “Mr. Samuel Maina shall proceed on suspension immediately and disciplinary action initiated against him by the Board.”

In Maina’s place, Owalo appointed Paul Macharia as acting managing director beginning Dec. 19. Macharia currently serves as the communications economic expert at the National Communications Secretariat.

Owalo directed the KBC board “to expedite the process of recruitment of a substantive Managing Director for the corporation.”

Previous Post

CAK imposes KES1.1 billion fine on carrefour

Next Post

Economic crossroads: Examining Kenya’s unexpected interest rate surge

Brian Murimi

Brian Murimi

Brian Murimi is a journalist with major interests in covering tech, corporates, startups and business news. When he's not writing, you can find him gaming, watching football or sipping a nice cup of tea. Send tips via bireri@thesharpdaily.com

Related Posts

Economy

CBK reopens treasury Bonds

October 31, 2025
Police recruitment Kenya
Legal

Court Halts Police Recruitment in Kenya Over Constitutional Breach

October 31, 2025
News

How to Maximize Returns from the Cytonn Money Market Fund

October 31, 2025
News

Domestic investors drive NSE recovery as foreign activity slows

October 30, 2025
News

ICPAK introduces UDIN system to enhance audit integrity and public trust

October 30, 2025
News

Who Should Invest in a Money Market Fund

October 29, 2025

LATEST STORIES

Artificial intelligence in marketing: when AI becomes the brand

October 31, 2025

CBK reopens treasury Bonds

October 31, 2025
Police recruitment Kenya

Court Halts Police Recruitment in Kenya Over Constitutional Breach

October 31, 2025

How Fixed Income and Equities Shape Pension Scheme Returns in Kenya

October 31, 2025

How to Maximize Returns from the Cytonn Money Market Fund

October 31, 2025

How can Kenya ease energy costs for vulnerable households

October 30, 2025

Domestic investors drive NSE recovery as foreign activity slows

October 30, 2025

Kenya’s “too stable” shilling: Market confidence or policy management?

October 30, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024