Response to media reports on KenolKobil’s court matters.
KenolKobil Ltd would like to clarify recent reports in the press citing a Court matter between Kenya Pipeline Company Limited and KenolKobil Ltd over an Arbitral Award.
Specific reference is made to the reports in the Daily Nation, of 10th May 2010 and Business Daily of today 11th May 2010. The statements of these media articles are indeed not factual, but are highly speculative and premature.
KenolKobil Ltd states that contrary to the press reports, KenolKobil Ltd has not factored the Award in its 2010 or other year’s revenues. Once the case is heard and determined, KenolKobil Ltd will review, make projections and decisions on how to treat the same in its Books and at that time the Board will inform its Shareholders accordingly.
Further, the Ruling to which the Media refers to, did not deal at all with the merit of the Appeal, all that the Court said is that KenolKobil’s Application to strike out KPC’s Appeal was premature.
KenolKobil Ltd is confident in the Justice system of the land and would like to appeal to the media to refrain from speculative reporting on issues to do with court cases especially those still undergoing judicial process.
Jacob I Segman
Chairman & Group Managing Director
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett