Former Presidential candidate Peter Kenneth is one of Kenya’s wealthiest politicians. The former Gatanga Member of Parliament (MP), born in 1965, has a storied career in the banking sector, having led and built multiple major financial institutions over the years.
He was among the largest individual shareholders in Mayfair Bank, and in 2020 made a tidy sum following the significant sale of his stake in the Bank to an Egyptian group – Commercial International Bank (CIB). Other prominent Kenyans who sold their stakes in Mayfair alongside Kenneth are veteran lawyer and Gor Mahia chairman Ambrose Rachier and tycoon Amos Njonjo. The deal was valued north of Ksh3.5 billion.
The final sale of a 49% stake was concluded in January. However, the deal is still weighing on Kenneth after the Kenya Revenue Authority (KRA) came after him and 36 other ex-Mayfair shareholders over unpaid taxes on the transfer of shares.
The KRA is demanding Ksh279.97 million from Mayfair shareholders who received a total of $40 million (Ksh5.75 billion) for the sale of their remaining stakes in the bank to CIB. It claims capital gain tax obligations were under declared by the shareholders as they filed to pay in 2022. According to Kenneth, the parties have since agreed on a payment plan.
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Kenneth attended the University of Nairobi and later proceeded to Switzerland to participate in an executive program at the International Institute for Management Development, before returning to Kenya to build a career in finance – earning hefty salaries and bonuses along the way.
He first worked at Nationwide Finance Company between 1985 to 1986. He then joined Prudence Finance and Bank between 1986 and 1997, and took on a managerial role.
In 1997, he joined Kenya Reinsurance Company as the Managing Director, a position he held until 2002.
Kenneth has also served as the Director of Africa Reinsurance Corporation, between 1998 and 2001, and Industrial Development Bank between 1998 and 2002.
He also served as Chairman of Zep Insurance Company from 1998 to 2009.
Away from business and politics, he served been the chairman of Kenya Football Federation from 1996 to 2000.
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