My name is Jemimah Kalama, from Mombasa. I bought Safaricom shares worth Sh50,000 three years ago through Mombasa Stockbrokers.
During the initial share offer, it was announced through the media that it was convenient to buy the shares online then pay at any stock broker’s offices.
I filled the form online, opened a CDS account online, and paid Sh50,000 in cash to Mombasa stockbrokers on Moi Avenue, who were agents of Dyer & Blair. I was given a receipt branded Dyer & Blair.
When the offer was over, I went to check on my allocation but found out that I was not allocated any share. Worse still, my money has never been refunded. I have made several trips to that office with no success.
It has emerged that some of the staff I was dealing with have left the company and I am worried that the company might be sold or close down without returning my money.
I have even consulted a lawyer, who wrote to them a demand letter but they did not respond. Please help me. — Jemimah
Thank you for writing to us and expressing confidence that we can be of help to resolve this issue. We took an additional two weeks from the time we were to give you feedback from the concerned parties.
This is because Safaricom asked for more time to investigate the matter and get back to us with an informed answer as to why you were not allocated any share. But Safaricom’s answer did not seem to offer much assistance. According to the company, you would be better placed seeking answers from the stockbrokers.
We also learnt that you have been chasing this issue for the past three years with no success.
This, in our view, is not fair treatment to you, given that you honoured your part of the deal by paying the required amount. Someone should have been responsible enough to see to it that you got the share allocation.
As advised by Safaricom, we spoke with the Mombasa brokers, who admitted that indeed you have made several trips to their offices and that this issue is yet to be resolved.
It may be a ray of hope that the official we spoke to told us that they were still following up this issue with Dyer & Blair. In our understanding, this is an experience that others who bought shares through the brokerage firm went through.
Hence Mombasa Stockbrokers have been in communication with Dyer & Blair to create accounts for you and others through which the company can refund the money.
Since the company has asked us for more time to settle the refund with Dyer & Blair, we urge you to be a little more patient, say a month, and then revisit the matter if no solution comes up.
While we appreciate that both companies need to work out a way of refunding the money, we also acknowledge that you are entitled to have your money back as soon as possible.
Should you feel that you require our help further in case this promise is not fulfilled, feel free to write to us and we will be glad to offer help where we can.
Write to kra boss on sh5,657 excess tax
My name is Kevin Otieno, a civil servant. I have a problem with the Kenya Revenue Authority. I was overtaxed Sh5,657 in 2005.
Since then, I have been running up and down their offices for a refund, but in vain. They keep asking me to come back with a form known as “P9”, which they claim I should get from my employer.
But this is not possible because in 2005, our records were not computerised. At the KRA, the records and computerised data clearly show that I was overtaxed in 2005, hence they owe me a refund. Please assist me. — Kevin
Thank you for your email and for being a keen reader of this column. We are sorry about what happened to you despite being a faithful taxpayer, like many other employees in this country.
This issue is not unique to you. We have received several similar complaints.
While we tried our best to help you get a refund of your money, we are sorry to inform you that we did not get much assistance from KRA.
It was difficult for us to tell whether indeed you deserve a refund, as you claim, or to establish why it was taking KRA so long to give back your money.
Having exhausted our means, we advise that you write directly to KRA’s commissioner general and hope that he listens to your plea.