State to reveal names, homes of tender tycoons
Attorney General Paul Kihara Kariuki. The AG has unveiled fresh regulations that will compel the Public Procurement Regulatory Authority (PPRA) to reveal information on beneficial owners of firms that have secured tenders in State-backed entities.
What you need to know:
- The new regulations that will compel the Public Procurement Regulatory Authority (PPRA) to reveal information on beneficial owners of firms that have secured tenders in State-backed entities.
- This will for the first time unmask shareholders of companies who secretly benefit from State deals through nominee accounts in efforts to boost transparency in public sector procurement.
The State will start making public the names, residential addresses and occupation of secret shareholders in companies that clinch tenders in ministries and parastatals.
Attorney-General Kihara Kariuki has unveiled fresh regulations that will compel the Public Procurement Regulatory Authority (PPRA) to reveal information on beneficial owners of firms that have secured tenders in State-backed entities.
This will for the first time unmask shareholders of companies who secretly benefit from State deals through nominee accounts in efforts to boost transparency in public sector procurement.
The International Monetary Fund (IMF) has in the past also demanded disclosure of secret owners in companies awarded procurement contracts as a tool for fighting graft.
Mr Kariuki made amendments to the previous regulations required that information on beneficial owners--investors who own more than 10 percent stakes in companies through secret accounts—be made available to the Kenya Revenue Authority (KRA), security agencies and the Financial Reporting Centre, which tracks illicit wealth.
Read more Here
