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Sanlam to pursue bond default directors

FILE PHOTO: Sanlam Tumbo

Kampala, Uganda | THE INDEPENDENT |  Sanlam Kenya now wants directors of companies that defaulted on Ksh1.15 billion through corporate bond issues held personally liable for “misleading” the investment firm, according to Business Daily.

CEO Patrick Tumbo said the company will take legal action against firms such as Kaluworks, a manufacturer of aluminum utensils and roofing sheets.

“We are going after the persons. We will follow and pursue them through courts… We are going to have individual cases against them,” he said.

He also said Sanlam will move away from such “high toxic” investments and focus on areas such as government infrastructure bonds until the law governing the corporate bond market is strengthened.

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