Safaricom cuts land value in KPMG audit report by Sh366m

Telecoms operator Safaricom has lowered its valuation of a five-acre piece of land it bought last year from a private equity firm, lending credence to a leaked audit report that found the transaction price to have been inflated.

Safaricom has in its latest financial statement booked a fair value loss of Sh366 million on the property, having lowered its value to Sh845 million from the purchase price of Sh1.2 billion barely a year after it bought the land from private equity firm Actis.