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Corporate Fraud

#SlaveryInKenya: Exposing the shocking difference in salaries of Kenyans and foreigners at M-Kopa

Jesse Moore, CEO of M-Kopa

When serial killers, both psychopaths even sociopaths if you like, who feel nice torturing fellow human beings are caught by law enforcement, the worst of them do dance around reality while evading the truth.

It is the hallmark of evil that rates highly on Columbia University Prof. Michael Stone’s Scale of evil; level 22.

We’ve been covering M-Kopa Holdings Ltd for some time now.

Below is a story about the firm that is managed by Jesse Moore and funded by the Canadian taxpayer.

Hi Nyakundi,

Canadian whistleblower paper Blacklock’s Reporter (www.blacklocks.ca) continues an ongoing investigative series on M-Kopa, the Nairobi company funded by Canadian taxpayers. They recently revealed that CEO Jesse Moore — former child activist tied to We Charity scandal — paid himself over 100M KSh per year, or 8 million KSh per month in cash payment and stock options.

A deeper review of public financial records reveal that the 25 senior management and directors at M-Kopa in Nairobi average pay packet is 1.3M KSh per month. These 25 directors and managers, only 4 of who are Kenyan, are paid more than all of the rest of the African staff combined. Kenyan staff average 34,000 KSh per month, Blacklocks reports.

The team photo makes it obvious how the company has spent over 20 millions KSh on work permits for foreigners to work in Kenya.

The discussion on African startups has always featured such faces. Slavemasters who ship money made in Africa back to their countries.

The 2019 financial Statements for M-Kopa Holdings — public information and attached here: https://www.cnyakundi.com/how-canadas-government-investment-arm-findev-funded-m-kopa-firings/ — reveal the total annual payroll is US$ 7,069,123 [extract from page 30 of financial statements]

M-Kopa reports over 1000 staff; but statements reveal over half over half of the payroll US$ 3,593,266 is paid to these 25 “Directors and other Key Management” [extract from page 54 of financial statements] which is more than all the African staff members combined. These 25 directors and managers average a pay of KSh. 1,317,530 per month. Kenyan staff are paid 34,000 per month (US$ 312) according to Blacklock’s.

Like their affiliate We Charity, M-Kopa mixes profit-seeking business with a charitable arm. This allows paying millions to its executives; at the same time soliciting donations from generous foreigners who believe that they are “doing good” for Africa. A review of October 2020 archived web pages for Global Giving show that M-Kopa raised US$ 300,000 in charitable donations. It is not clear from M-Kopa’s financial statements where this KSh 33 million ended up, since they report no donation income. We Charity stands accused of similar mixing of charity and business funds for the enrichment of executives.

https://web.archive.org/web/20201001120452/https://www.globalgiving.org/donate/53592/m-kopa-uk-limited/

M-Kopa has since removed the “Donate to M-Kopa” posting from the Global Giving website after receiving questions from journalists.

 

 


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