The former Kenya Railways Corporation (KRC) Managing Director Atanas Maina has been kicked out from the UAP Holdings board.
The investment, retirement, and insurance group did not give detail information for the abrupt exit having been appointed as a board member in August 2015.
Mr Maina previously served as Group Company Secretary at the UAP Holdings since 2011.
Mr Maina, who is facing fraud charges in court relating to land compensation for households displaced by the Standard Gauge Railway (SGR), opted to “resign” according to the firm.
Plans by UAP Holdings to list its shares at the Nairobi Securities Exchange (NSE) could well explain the separation, even though this latest development does not suggest guilt on his part.
The firm intends to list by way of introduction in the bourse after its final merger phase with Old Mutual. UAP shares currently trade at the informal over the counter (OTC) market.
Former owners of the company, including billionaire Chris Kirubi and founder James Muguyi, have been significantly bought out in the changes to the shareholding structure.It is not clear if Maina represented own interests or those of the other billionaire owners on the board.He, however, does not feature among the top shareholders of the financial services provider.
Previously, Mr Maina was the Company Secretary for the KRC since 2005 – meaning he had huge favour with the two entities at the tip of his career.UAP, which is majority controlled by Old Mutual, employed Mr Maina seven years ago for his extensive experience before KRC reclaimed him to its corner office in 2016.
He was plucked from UAP Group to a tough job of leading the then limping KRC at a time the corporation was building the Sh327 billion SGR.