Kenya Stockholm Blog

Kenya-Stockholm “Tycoon” Stranded Back Home

A Kenya-Stockholmer who has been chilling in Sweden for over three decades and who recently made a dramatic return to Kenya to set up business is stranded in the country after he ran bankrupt unexpectedly following a bizz-deal gone sour.

“He has sold virtually everything to survive including his expensive three piece suits, BlackBerry, gold chains and mega-pixel camera”, a source who has been hanging around the guy told KSB in an exclusive expose.

The Kenyan landed at Jomo Kenyatta International Airport aboard a British Airways flight a few months ago with a one-way ticket after bidding “good bye” to Sweden to start a brand new life in Kenya as a local tycoon.

The amount of Swedish Kronazz he had at his disposal at the time of his arrival in Kenya is said to have been enough to earn him the coveted “Millionaire tag”, at least, by ordinary Kenyan standards.

He enhanced this image by adopting a flashy life-style, complete with “all expenses paid” business appointments at five star hotels, huge tips to waiters to intimidate his guests and chattered taxi rides for his hangers-on to maintain their sycophancy. Apparently, locals appeared to have swallowed his bait as they marveled at his dazzling plastic bizz-cards, gold-coated watch and other paraphernalia associated with big quid.

During his debut as a local tycoon just landed from Chambele, he used to ramble in town with hired Prados, swaggering endlessly with intimidating and stone faced “body guards” cloaked in dark black suits with eyes hidden behind dark glasses and postures choreographed to imitate Presidential security.

With grinding poverty in Kenya, he quickly discovered that there was no shortage of invitations to fund raising functions with himself as “Guest of Honour” and prior to his arrival at these points of exhibition, a pack of well-dressed “security personnel” would arrive at the scene “to inspect the place” and to prepare the crowd for his arrival. In fact, his very approach was a spectacular event because of the theater his so called minders built around his presence. Within his convoy was a car loaded with a roll of red carpet which would be put in place just before he arrived to enhance his public image.

To be exact, an impromptu entry of his entourage into a locality literally created a pandemonium as stampeding locals ran amok to try and catch a glimpse of the “VIP” who was visiting town. According to a source, “You could think that he was a Cabinet Minister” helping in the running of the Coalition government. When he went to the bank to withdraw quid, he used to hire armed uniformed police (a legal activity in Kenya) to provide security.

After collecting his life time savings, selling his car and other assets and securing his pension, the Kenyan left Sweden “For G” to live his last days at home as a member of “the Kenya business elite”.

According to a source who has updated KSB, things were kind of good because the Kenyan had done his research, set up a stable economic base and appeared to have understood the dynamics of setting up business in Kenya. He had invested in small time real estate (built some residential houses), set up an Internet coffee shop, invested in public transport among other average business ventures.

Insiders say that he had planned well and that his intention was to first make a huge impact then begin to tone down his economic possibilities as he began to control his business.

It was great when he eventually left Stockholm and Kenyans stuck here with menial jobs which have “tied them up” looked upon him as an example they could emulate when he eventually left to set base in Kenya.

According to reports, things started taking a negative twist when the Kenyan began to aim even higher by trying to venture into bigger business opportunities within a very short period of time. He had a solid financial base and punde si punde, he discovered how easy it was for him to acquire Bank loans using his fixed assets. Since he had never taken a single loan in Kenya despite his investment, he became the “darling of the banks”.

The fact that he had resided in Sweden for more than three decades only made things better because whenever he talked about his “Swedish background” to bosses across the country, they smiled because they viewed him as a good contact who could probably help them with business connections in Sweden to help them expand their business empires.

The Kenyan had succeeded in convincing skeptical Kenyans at home that he was actually a successful international businessman who had returned home to invest because of changing political climate that tended to encourage Kenyans in Diaspora to invest their money back home.

One big advantage he had was that he had solid investments at home which he could identify with as he claimed other fictitious assets abroad and, according to our contacts, this strategy appeared to have been working a lot of magic as parasitic formations began to crowd around him expecting to have their economic problems sorted out if they could attract his attention. It was like his business interests in Kenya was less than 5% of his entire global investments.

Sixteen Harambees and Ksh 14,000
If there is one thing this Kenyan dude is talented in, it’s “talking big”. For some inexplicable reasons, he has the capacity to make a huge psychological impact on people he comes into contact with and within a very short period of time. Combined with his advanced age, polished dressing style, smooth talking, a permanent crowd around him and name dropping, he is said to have been in a position to wade his way through the complicated Kenyan business avenues with ease. But that was not until he talked his way to acquire a Bank loan using his assets and an assortment of what our contact termed “economic theatrics” (whatever that means).

Once he acquired the loan (in millions of Kenyan shillings), he was enticed to enter into partnership with a Kenyan businessman with the aim of venturing into the lucrative Communication industry and that is when he met his Waterloo.

He was conned with fake papers by a professional con-artist and after frantic efforts, he failed to prevent his assets from being sold by his bank which had used the assets as collateral. Once his property was sold, the Kenyan went broke and now, he is stranded.

The situation is even more complicated because back in Sweden, he had fled from Kronofogden (the debt collection agency), after selling off his share of a house he purchased with a Swedish woman to raise cash to return to Kenya.

By “playing chess games” with Swedish authorities, he managed to keep his cash away from the Tax authorities by using other contacts to claim asset ownership. It is said that as soon as he noticed that he was heading for the bad books at the Tax office, he switched all his wealth to other destinations and what the Swedes were left with for deductions by the time they caught up with him was his pension. He got an “Early pension” after he claimed that he was suffering from back ache as a result of a chronic a disease and somehow, he got his way.

His bills at Krono are said to be approaching 1 million Swedish Crowns because in Sweden, he used to run a Taxi business which collapsed a few years ago. His relocation back home was viewed by friends as the best thing that ever happened to him because after life took a downward turn in Sweden, he faced a big risk of a breakdown and entry into alcoholism.

There is no doubt that the guy is one of the most intelligent Kenyans in Stockholm but unfortunately, the tight Swedish system has, in the past, destroyed even the most gifted Kenyans. Kenya-Stockholm insiders will quickly give you examples of some of our best brains that have been destroyed as a result of frustrations, lives turned upside down and a host of other problems.

Back to our stranded Kenyan: The situation is serious because the guy is unable to raise a ticket. Wananchi at home have began their usual pastime when it comes to such situations – laughing at the Kenyan.

The talk goes that he was running around feeling bossy but that now, he is begging for funds to buy a ticket back to Sweden. Besides, Kenyans are undergoing their own versions of economic crisis and therefore unable to help financially. All his rich friends have deserted him while his immediate family members are too poor to intervene. So far, he has called 16 fund raising functions but he has only managed to raise Ksh 14,200 (about 1,4000 kr). This is far much short of the 4-5 thousand Crowns (about Ksh 40-50,000) he needs for a one way ticket.

After sixteen Harambees, some Kenyans around him have told him that they are already exhausted financially and therefore unable to help further. Although he says that he will refund any cash donated, skepticism has set in because Kenyans back home cannot understand why he cannot request his friends in Stockholm to help after residing here for more than 30 years.

Back in Stockholm, a contact told KSB during investigations that the Kenyan “was boasting too much” after he booked his one way ticket and announced that he was returning to Kenya. “He told us that we are losers” because we were even finding problems raising cash to travel to Kenya. This situation has made it difficult for even some of his closest friends to help.

The question is whether people can put aside personal differences and intervene in the spirit of chasing away the fox before the hen can be warned against wondering into the “thick Kenyan business bushes”.

Okoth Osewe

July 5, 2009 Posted by makozewe | News & Analysis | 2 Comments