EABL accused of fraudulent acquisition of shares

East African Breweries Limited managing director Jane Karuku has defended the company against allegations of fraudulent shareholding activities and illegal acquisition of EABL. Appearing before the Senate Committee on Trade, Industrialisation and Tourism probing the claims, Karuku has defended the recent decision by Diageo PLC to acquire 15% shares in the East African Breweries Limited , terming it as a sound business investment. The committee chaired by by Kajiado Senator Lenku Ole Kanar Seki put the executive on the spot to explain why the brewer has gone on a spree offloading the company’s assets and drastically reducing its workforce. The committee is probing a petition that alleges a possible hostile takeover of the East African Breweries Limited