Fresh controversy has emerged around the ownership changes at De La Rue Kenya, a security printing company involved in sensitive government-related operations, after claims that President William Ruto may have links to the firm through a proxy arrangement.
The allegations have sparked public debate following claims by former Deputy President Rigathi Gachagua, who questioned whether President Ruto has any interest in the company after a Mauritius-registered firm acquired a controlling stake in De La Rue Kenya.
According to reports, Monarch Capital Limited acquired a 60 per cent stake in De La Rue Kenya, leaving the Kenyan government, through the National Treasury, with a 40 per cent shareholding in the company.
Records cited in the reports indicate that Monarch Capital Limited was incorporated in Mauritius and lists several directors, including business figures from Kenya, Uganda and Mauritius.
Among those associated with the new ownership structure are former Safaricom chief executive Michael Joseph, businessman Humphrey Arnold Munyamareme Nzeyi and Andrew Pkemoi Lopokoiyit, who were appointed to the company’s board.
However, there is no publicly available company record showing President William Ruto as a shareholder or director of De La Rue Kenya or Monarch Capital Limited.
The allegations have centred on claims by critics that some individuals linked to the company could be acting on behalf of the President. These claims remain allegations and have not been publicly proven through official ownership documents.
The controversy comes at a time when De La Rue Kenya is expected to play a significant role in potential government contracts involving security printing.
Security printing companies handle highly sensitive materials, including currency, passports, examination papers, certificates and other protected government documents. Because of the nature of their work, ownership and management of such firms often attract public scrutiny.
Questions have also been raised about whether De La Rue Kenya could be involved in future contracts connected to elections, including the printing of ballot papers and other election materials.
The government and President Ruto had not publicly responded to the allegations at the time of publication.
Supporters of the ownership changes argue that private investment could help revive De La Rue Kenya’s operations and position the company for new opportunities in the security printing sector.
Critics, however, are demanding transparency and want clarification on the ultimate beneficiaries of the company’s new ownership structure, especially given its strategic importance to national security.
As debate continues, attention is now focused on whether further disclosures will emerge regarding the investors behind Monarch Capital Limited and the future role of De La Rue Kenya in major government contracts.
