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Safaricom CEO warns business operators against graft

13 January 2016, 15:25 Samuel Kisika

Nairobi - Safaricom CEO, Bob Collymore has cautioned business owners against engaging in corruption which he said distorts development and impedes investment in the country.

He asked business people to join the Jubilee government's initiated mechanisms in the fight against graft for a healthy business environment to spur economic growth.

“Corruption undermines fair competition, distorts development priorities and impedes long-term foreign and domestic investment," he warned.

The Safaricom CEO while addressing over 200 delegates in the business sector drawn from various countries across the world during Biennial Africa Academy of Management conference held at Strathmore University, said there is need to devise solutions that benefit companies, communities and the environment in which businesses operate.

Read Also: Nakuru politicians plotting to rig Jubilee party nomination in advance

“The relationship between a company’s impact and ethical behavior cannot be downplayed,” said Collymore who cited a report by KPMG audit firm which had revealed that estimated Safaricom impacts about nine times more economic benefits than its profits, and creates over 112 000 jobs directly and indirectly.

Collymore's sentiments on corruption comes barely two months after President Uhuru Kenyatta invited key business stakeholders running companies worth millions of shillings at State House to discuss how his government can partner with the private sector to eradicate graft.

Kenyatta during the meeting had stated that rogue civil servants in ministries were colluding with officers in the private sector to loot public funds by inflating prices of commodities in tendering.

The President asked the business owners to help in ending the vice and warned that any private institution found engaging in the malpractice risks losing its certificate of operation among other stringent penalties.

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- MyNews24

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