Bamburi reviews director Chris Kisire’s tenure after graft claims

Mr Chris Kisire. Bamburi is reviewing his tenure, a month after the NBK relieved him of a CFO post. PHOTO | FILE 

By DAVID HERBLING, hdavid@ke.nationmedia.com

In Summary

• Bamburi is examining allegations made against board member Chris Kisire who featured in President Uhuru Kenyatta’s infamous ‘List of Shame’ linked to his stint at Mumias Sugar Company.
• Mr Kisire, 50, has been serving as a non-executive director of Bamburi since October 2004.
• He represents the interests of Mr Kulei, who owns a 12 per cent stake in Bamburi Cement.

Cement maker Bamburi is reviewing the tenure of one of its directors who has been mentioned in multiple graft allegations.

The LafargeHolcim Kenya subsidiary says it is examining allegations made against board member Chris Kisire who featured in President Uhuru Kenyatta’s infamous ‘List of Shame’ linked to his stint at Mumias Sugar Company.

He was last month relieved of his role as chief finance officer (CFO) at National Bank of Kenya (NBK), having been on suspension since April 2015 when he was named in Mr Kenyatta’s graft dossier tabled in Parliament.

Mr Kisire - an ally of former President Daniel Moi’s personal secretary Joshua Kulei – has recently featured in the damning Panama Papers affair that detail how the wealthy use offshore firms to evade tax and avoid sanctions.

“Bamburi Cement is reviewing the alleged integrity issues raised and the course of action, as per the evidence found, will be in full compliance with the applicable laws and/or regulations,” the firm said in a statement to the Business Daily.

Mr Kisire, 50, has been serving as a non-executive director of Bamburi since October 2004. He is also a member of Bamburi’s audit committee.

He represents the interests of Mr Kulei, who owns a 12 per cent stake in Bamburi Cement that is controlled 58.6 per cent by Suisse conglomerate LafargeHolcim.

CBK deputy governor Sheila M’Mbijjiwe also serves as a director of Bamburi.  The Constitution bars public servants who are paid from taxpayers’ money from taking up any other gainful employment.

READ: National Bank confirms CEO exit, top managers

The Capital Markets Authority is seeking far reaching powers to vet the appointment of chief executives, chief finance officers and directors who serve in the audit committees of listed companies, in proposed amendments aimed at strengthening Kenya’s code of corporate governance.

“We want to strengthen our fit and proper assessment of certain individuals in management,” said the CMA boss Paul Muthaura in an interview.

Mary M’Mukindia in mid-April quit the board of Unga Ltd, four months after she was named in a bribery scandal. She is alleged to have received hefty bribes from BAT to influence a tender award at the Kenya Revenue Authority.

Mr Kisire left Mumias Sugar in August 2013 after barely one year in office, at a time when a KPMG forensic audit report revealed an illegal sugar import syndicate by the miller’s top managers. He had served as the CFO.

He then joined the NBK but the President’s dossier forced him to step aside after which he formally quit the mid-sized lender in April. Mr Kisire is said to be currently in charge of Broadland Overseas SA, registered in Panama.

The firm lists Mr Kulei as chairman while other directors are named as Thomas Kulei, who is based in the UK, and Grace Kipyator Kemei.