Man behind shadowy Kenyan firm that took Dar for Sh418bn ride
Indo Power Solutions CEO Brian Mutembei. PHOTO | COURTESY
What you need to know:
- Tanzania has now gone back to the drawing board and shortlisted six firms to buy its stockpile of cashew nuts.
- Efforts to contact Mr Mutembei proved futile as several phone calls to his phone went unanswered.
- Within the Kenyan business cycles, Mr Mutembei is mostly known for his flashy lifestyle, hanging out with the known figures in the political class.
A shadowy Kenyan firm took Tanzania President John Magufuli’s administration for a ride after it signed a Sh418 billion deal to buy the country’s cashew nuts, promising to wire the funds in “three days, only for it to go under.
On January 30, Indo Power Solutions shocked the market when it snapped up the lucrative deal to buy 100,000 tonnes of cashew nuts from the Tanzanian government after established foreign firms rejected the country’s offer citing tough pricing demands by President Magufuli.
PROVISIONS
Now, the spotlight has shifted back to the firm and its chief executive officer Brian Mutembei, who said they were a “commodities company” dealing in coffee and chicken farming, alcohol importation and whole petroleum products sale.
This is after Dar gave them the boot in March for failing to raise the amount.
“Forget about that company that signed a contract with us in Arusha. They failed to comply with the conditions of the contract and so we had to disqualify them,” Joseph Kakunda, Tanzania’s trade and industry minister told the Sunday Nation.
