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Inside American private equity fund ECP’s fight with Kenyan contractor

Andrew Ross (left), former Spencon chief executive officer and Jitendra Patel, Spencon founder. PHOTO | FILE | NATION MEDIA GROUP

US private equity fund Emerging Capital Partners (ECP) says its take-over of Kenyan construction firm Spencon was legal, deepening the ownership crisis facing the troubled company.  

ECP says Spencon’s founders defaulted on their financial obligations, which automatically saw them lose shareholding of the company.

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