Ghosts of Safaricom IPO refunds haunt Citibank 16 years later

Safaricom's IPO is still the biggest IPO at the Nairobi Securities Exchange (NSE). [iStockphoto]

Citibank may be forced to reveal information on the whereabouts of some Sh116.5 million from Suntra Investment Bank for the purchase of Safaricom's initial public offering (IPO) shares in 2008 on behalf of one of its clients that received neither an allocation nor a refund.

High Court judge Mugure Thande has agreed with the Commission on Administrative Justice (CAJ) that Suntra deserves to know if the money was received and used and if not, how it was spent.