The Moi family has sold the majority stake of Siginon Aviation company to a Turkish logistics company, Çelebi Aviation Holding.
Information reaching Kahawa Tungu indicates that Celebi has already taken over Siginon Aviation’s operations in the region, though the paperwork is yet to be updated.
Already, Çelebi Aviation Holding projects coordinator Ferda Yakar has been appointed the CEO for the East African Region, after the Turkish company acquired 51 percent stake.
Siginon Aviation, an affiliate of the Siginon Group which is owned by the Moi family and overseen by Gideon Moi, has Meshack Toroitich Kipturgo as the only director from the Moi family running the company.
Siginon Group is an integrated end to end logistics and air cargo solutions provider based in Kenya, Tanzania and Uganda.
Sources from Siginon indicate that Siginon has been struggling with their logistics centre in Uganda which cost them hundreds of millions to acquire.
The Siginon Group, registered in 1985, does not have an individual shareholder. The company uses entities owned by the Moi family as shareholders such as the Kabarak Farm Ltd, Migotiyo Plantations and Moi High School Kabarak.
The directors include Zambuni Shaun Aluni, Meshack Toroitich and Joshua Kulei.
Joshua Kulei was the personal assistant to former Kenyan president Daniel Arap Moi when Daniel was the president of Kenya. He has been involved in multiple corruption scandals in Kenya such as the Goldenberg scandal.
It is still not clear what the family earned from the sale of the controlling stake.
The Moi Family is one of the wealthiest families in Kenya with an estimated wealth in hundreds of billions of shillings.
Records show that the Moi family has an accumulated wealth of at least Ksh310.2 billion ($3 billion), accumulated in the 24 years that the late Daniel Arap Moi was president and after he handed over power in 2002.