KQ board power shifts to banks as KLM diluted

The power balance at national carrier Kenya Airways’ #ticker:KQ boardroom has shifted in favour of 10 local banks that will together with the Treasury now call the shots at the troubled airline.

A new shareholding structure resulting from a complex debt-to-equity swap has seen the Treasury and a consortium of local banks take up the lion’s share of board seats at KQ, tipping the scales against Dutch carrier KLM which has had immense influence over affairs at the Kenyan airline.