Energy World: is KenGen a Beacon of Integrity in the Murky Sector?

(KenGen MD & CEO Rebecca Miano)

As a matter of fact the Managing Director and Chief Executive officer, Kenya Electricity Generating company (KenGen) Rebecca Miano has made a huge difference in the energy sector.

Miano who rose from a junior legal officer for Kenya power and lightning back in 1998 before moving to KenGen after the restructuring of the company where she has been turning around the tables while rising up the ladder and keenly taking every step on the staircase right from legal officer, senior legal officer, company secretary and legal affairs director all the way to serving as a MD & CEO in an acting capacity in August 2017 before being confirmed in November 2017 has seen Kenya being ranked position 5 worldwide and leading in Africa for producing clean energy. KenGen produces clean energy in the form of geothermal and wind which it provides to the national grid.

Due to her exemplary leadership, Rebecca Miano was awarded the Company Secretary of the Year back in 2010. This is the same year President Mwai Kibaki awarded her the Order of the Grand Warrior of Kenya.

Indeed the mother of two has lived to see her promise of making a difference with excellence come to pass. KenGen now is the heart of Kenya’s economic growth.

The seasoned MD & CEO Rebecca Miano who has mastered what she does every day has embraced KenGen as her own business. It’s through her love for books and open to mentorship from her predecessors that she learnt to take the company the entrepreneurial way.

Counting herself as successful, the 53 year old CEO from the slopes of mount Kenya who had difficulties in her childhood and her first attempt to prosecute a case in court due to lacking official attires has generally gave KenGen her all.

Asked what she has done with the company in a past interview with a local daily, she said she has performed “to the best of my ability and you know it. I did it with a lot of humility, integrity and I never made anybody feel downtrodden. I tried to empower people and enrich their lives”

MD & CEO Rebecca Miano prides herself to have served with utmost honesty in a balanced workforce of over 2,400 of diverse technical and professional competencies.

It’s through Rebecca that the mission of KenGen to see the combination of growing asset base, increased profitability and enhanced revenue for KenGen to continually maximize on shareholder value came to pass.

It’s no doubt that Rebecca Miano who was recently awarded by the state with the Moran of the order of the burning spear, is a high performer, hard worker, experienced and a person of high influence.

In 2019 Rebecca Miano was named among top 100 chief executive officers (CEOs) in Africa.

It’s her influence that has stopped any negative publicity on her person by the media and further stopped detectives from going through the files of the past scandals at the company.

However, the strikingly beautiful corporate guru, was baited by smooth-talking conman, a commentator on all things markets, economy and geopolitics, Aly Khan Satchu, immediately after being confirmed as the MD & CEO, KenGen in November 2017. Miano gave in to this crook and hired him to do her PR thus spruce her image positively. This package also included dealing with negative publicity on her behalf. This is the period Rebecca Miano was invited to Mindspeak business club, where an array of industry captains regularly showed up to share their wisdom.

For starters Aly Khan Satchu is that crook who prides himself as someone who worked with Credit Suisse First Boston, Sumitomo Finance International, ANZ Investment Bank and Dresdner Kleinwort Wasserstein where he rose to head various trading desks.

Satchu who was away for the longest time possible came back to the country during the booming days of Nairobi Securities Exchange (NSE) that is 2006 when everyone with a shilling in their pocket was looking to invest in initial public offerings of companies such as Kenya Electricity Generating Company, ScanGroup and Eveready.

He immediately hit the market with a book titled Anyone Can be Rich: All You Need to Know About the NSE, which offered advice to investors on a wide range of topics ranging from selecting a stockbroker to picking stocks, avoiding investment euphoria to knowing when to exit a stock. He then launched his Rich Management platform where he was targeting high-net-worth individuals and that explains how he baited Rebecca Miano after her appointment to take over KenGen as the boss.

This is the man who carried out insider trading of KenolKobil 66.8 million shares worth Sh948.5 million by tipping off investors ahead of the French firm Rubis Energie marketer’s takeover announcement in October 23, 2018. He was alleged to have further demanded they (together with investors) split the profit gains, estimated at Ksh.500 million, into half once they sell the acquired shares to French firm Rubis Energy.

Satchu has tried to clear his name of the allegations made against him by CMA to no success.

What happened to past KenGen scandals?

In October 2015, the Kenya Electricity Generating Company, KenGen’s management led by the then CEO Eng. Albert Mugo and supply chain director Philip Yego were put on the spot for awarding a Sh52 billion contract to a regional firm it had disqualified.

The National Assembly Public Investment Committee, PIC, that was probing the matter, was shocked to learn that KenGen was going to pay a total of Sh3.4 billion yearly for a period of 15 years to a non-existent company whose directors were not working for it since they were licensed under other companies based in Kenya and the United States.

Eng Albert Mugo and the entire KenGen management that had Rebecca Miano as its legal director ensured this case died a natural death with no mention of it anywhere.

In April 2016, KenGen was yet again entangled in sh650 million Hyundai debt as it was stopped from paying Hyundai Engineering Company for works done on the Ol Karia I and IV geothermal energy plants following claims that the South Korean firm was planning to dodge a Sh650 million debt to Construction firm H Young which was the sub-contractor. KenGen hired Hyundai for civil and electrical engineering works on the two plants, and the South Korean firm subcontracted H Young to execute part of the project. Sources say, KenGen’s top management were part of the deal.

All these filth have been swept under the carpet. Word has it that the MD & CEO Rebecca does not want a mention over the same knowing so well that Kenya is a forgetful country.

The association between Ms Miano and crook Satchu cannot be overlooked. The lady who has steered the parastatal in a very safe way amidst the looting that goes on in that sector (energy) in Kenya must have blundered in this. Her ‘clean image’ parastatal boss is not without cost implications.

Sources say media houses and senior detectives have been put on a retainer. This could explain why Ms Miano has kept her house in order at a time other parastatal bosses are reeling with allegations of corruptions.

Insiders claim that the daughter of the mountain knows how to oil her way in the murky Kenyan corporate sphere where her sins and those of her company are whited-out.

Shareholders and investors are still looking forward to see the audited financial statements of KenGen almost a year later and while the constitution recommends that this can be done under the Auditor General, it allows for a parliamentary committee to step in in the absence of Auditor general as in the current situation we are in.

254News is aware that in September 2018, the National Assembly Public Investment Committee raised issues with the energy parastatals (GDC, KPLC, KenGen, NOCK and Ketraco) audit reports that were done by private sector audit firms that gave them a clean bill of health yet the auditor general and investigative agencies found criminal culpability in their operations.

Ultimately, the energy sector is a corrupt world where the money in a complex transaction allegedly ends up in the pockets of of the chosen few like Deputy President William Ruto through his pointman CS Energy Charles Keter. No wonder not even reshuffle can touch this sector.

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