The 14-day ultimatum the Governments of Kenya and Uganda gave shareholders of the troubled Rift Valley Railways (RVR) still stands.
Addressing the press in his Transcom House office in Nairobi, Kenya’s Transport minister Chirau Ali Mwakwere, said as far as the two governments were concerned, it was up to the shareholders “to put their house in order by sorting out their boardroom wars.”
“If they (shareholders) cannot use the period to put their house in order as the Joint Railway Commission asked them last week (on January 11, this year), the issue will be reported to us as ministers and we will take the necessary action,” he said FrIday.
This means the shareholders — Sheltam (35 per cent), Transcentury Ltd (20 per cent), Prime Fuels Kenya (15 per cent), Babcock Brown (10 per cent), Centum Investments (10 per cent) and Mirambo Holdings (10 per cent) — have to sign an agreement that they were supposed to sign on November 25, 2009
However, Mr Mwakwere declined to state whether the action includes cancellation of the concession agreement when questioned, holding that he is bound by the commission to only issue joint statements on the matter.
“I am burning to tell you what I think but I cannot do it unless we do it jointly,” he said.
After a meeting of the Commission in Nairobi, the shareholders were given 14 days to sort out their differences and join a new entity, the Kenya Uganda Railway Holdings Ltd, which is owned by the two governments.
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