Red flag in Kenya Investors exit from hell
Multinationals operate in an environment characterized by unpredictable interpretation of tax laws, a dysfunctional tax appeals system, and an increasing normalization of retroactive fiscal claims.
Afrexit is an acronym coined by policy wonks to describe the emerging trend of European multinationals retreating from Africa. Hot on the heels of the Safaricom block transactions, that has seen Vodafone of the UK exiting Kenya, Diageo of the UK has announced its exit from Equity ownership in East African Breweries, selling its 65 percent controlling stake to Japan Asahi’s group.
