Bidco’s high-flying executive Vimal Shah has been accused of laundering grand corruption proceeds as decoy for Jubilee Party’s Deputy President William Ruto.
Shah has been branded as DP Ruto’s proxy in the Bidco board who cleans Jubilee looted money through sale of Bidco shareholding and ultimately reinvestment back to economy through projects.
Media reports indicate that between December 2012 and May 2013 Vimal Shah was sought by the Kenya Revenue Authority for tax evasion amounting to Ksh175 million. During that time, Shah managed to evade the KRA through courts injunctions as he pleaded for help from DP Ruto.
It is instructive to note during this period, Bidco which Vimal headed as CEO experienced two employees strikes due to inability by the firm to pay salaries.
It was during this tumultuous period that Vimal and Ruto reached a backroom deal. The DP would use his official powers to call of KRA while Vimal would agree to deploy Bidco’s corporate instruments to enable repatriation of capital amounting to billions from China to Kenya.
In the year 2013 heading to 2014 the ruling Jubilee Party concluded a massive government deal for construction of the Standard Gauge Railway worth USD3.27 billion (or Ksh327 billion). The overpriced deal was done through a skewed Chinese government loan which included massive kickbacks for senior Kenya government officials.
Opposition leader Raila Odinga who conceptualised the project recently claimed the true cost of the railway project was Ksh220 billion!
In this deal alone, DP Ruto reportedly earned a commission worth a whopping Ksh165 billion which would be paid back to the Chinese by poor Kenyan tax payers.
Consequently, through shell companies registered offshore, the DP is said to have purchased a string of hotels including one five star known Dolphin Beach Hotel at the Kenya coast and the Six Eighty Hotel within Nairobi’s CBD. The beach hotel was immediately closed for renovation. Another five-star hotel was purchased in Singapore. The hotel deals were paid for upfront and in cash running into billions of shillings. Several brand new choppers was also purchased in cash and imported into the country. The balance of the money was rerouted and invested to Kenyan economy using Bidco’s Vimal Shah.
For a firm that was unable to pay worjers or service its obligations to the taxman, Vimal Shah was suddenly enjoying good financial tiddings and had his tax arrears written off in total. At the same time, his company got new shareholders and immediately thereafter embarkef on a a
Ksh2 bllion upgrade of Bidco’s Thika plant.
In the year 2015, the multi-billion dollar Eurobond scandal happened and Vimal Shah was once again available to provide money laundering services for his Jubilee friends.
In that period, Bidco purchased 78 acres from Tatu City. Land in Tatu City averages Ksh35-40 million per acre. Vimal Shah who was unable to raise Ksh175 million KRA taxes was now easily investing tens of billions in a plan intended to establish the new state-of-art Bidco Industrial Park that will take nearly 12,000 employees when complete dubbed the largest industrial park in Subsaharan Africa . Saddly though, the source of funds for this investment remains unknown. It was not fianced by loan but left hand Kenyan taxpayers money, proceeds of corruption.
Presently, Bidco Industrial Park, a multi-billion industrial park, is a third way operational and construction still on going with Vimal Shah having agreed to be used as front and a decoy. One need not be a nuclear scientist to figure the real owner of Bidco Industrial Park.
Thus, when the opposition National Super Alliance announced its much touted ecobomic boycott of Bidco alongside Safaricom and Brookside, Kenyans saw how real owners of Bidco publicly came out frothing in the mouth and breathing fire and brimstone when they tweeted furiously from the vwrifoed twitter channel in strong defence of “private businesses” and calling it “an extortion on Bidco”. Vimal Shah, the purported owner of Bidco maintained a studious silence.
The real owners were publicly speaking how Bidco Industrial Park massive expansion will create 12,000 employees. They forgot both Safaricom and Brookside were also in line for rhetoric NASA economic boycott only went to defend their massive looted investments. Ķeen observers are now asking how DP Ruto came to kno all about the intricate and private plans by Bidco unless he was a shareholder? The unwarranted but specific defence of Bidco has left the Deputy President stark naked!
Bidco reportedly lost Ksh320 million recorded under two days of NASA boycott. Raila Odinga had finally exposed Ruto’s weak underbelly.
It is manifestly clear therefore that whatever massive investments Bidco is making is a money laundering venture of corruption proceeds disguised as private investment. It is the reason the average Kenyan is grappling with layoffs, runaway inflation, fighting off auctioneers and contending with high cost of living, and still remaining responsible for repayment of loans that were looted by Jubilee leadership.
When Bidco threatens to fire workers from NASA regions should the boycott not be suspended, does it mean they will apply ethnic cleansing at corporate level?