PM: According to new corporate filings, a Canadian-funded cell phone company in Kenya lost more than $25 million in 2020. Taxpayers have yet to see a penny in dividends though the firm paid CEO Jesse Moore of Toronto a six-figure salary equal to $397,000 with stock options valued at $633,000.
“The group is under discussion to raise additional capital with new and existing shareholders who would support the operations for the foreseeable future,” wrote the directors of M-Kopa Holdings Ltd. in their Annual Report. “The directors have assessed the group’s ability to continue as a going concern which includes the current uncertainties created by Covid-19.”
M-Kopa is a Nairobi door-to-door sales company that advertises Samsung phones and household appliances. Four years ago, a federal agency FinDev Canada used public funds to buy $15.4 million worth of shares in the company in the name of African development. more here