Safaricom has urged the High Court not to suspend the proposed sale of government shares in the telecommunications firm, arguing that the process is lawful and subject to regulatory oversight.
Through its legal, Safaricom told the court that halting the transaction at this stage would disrupt the market and erode investor confidence. The company maintained that the matter before the court is primarily a commercial issue already under review by relevant regulatory bodies.
Safaricom further argued that Parliament of Kenya should be allowed to execute its constitutional mandate, noting that the proposed transaction still requires approval by the National Assembly, which is currently on recess.
The firm assured the court that public participation had already been conducted and dismissed fears that the sale would lead to job losses.
Lawyer Andrew Musangi submitted that the process involves multiple regulatory approvals beyond Parliament, rejecting claims that the transaction poses risks to data security. He emphasised that the prospective investors are legitimate stakeholders.
“How do they suddenly come under threat now? You have not been told where the threats are from,” Musangi told the court.
Safaricom also dismissed concerns that the sale would undermine its local identity, insisting that it remains a Kenyan company.
The company’s legal team cautioned the court against issuing conservatory orders, arguing that such a move would prematurely determine the case before petitioners fully present their arguments.
They further described the application as lacking sufficient grounds, terming it an attempt to compel the court to halt the transaction without evidence.
The Office of the Attorney General also opposed the application, stating that no sale has commenced and that the process remains at a preliminary stage.
On the other hand, petitioners led by Senior Counsel Kalonzo Musyoka and lawyer Lempaa Suyianka urged the court to preserve the status quo. They warned that allowing the process to proceed could render their case nugatory and risk the loss of what they termed sovereign assets.
“We are asking for the court to give out conservatory orders to stop the government from selling the Safaricom shares,” they submitted.
The High Court is expected to determine whether to grant conservatory orders as the legal battle over the proposed transaction continues.
