Baringo Senator Gideon Moi has embarked on a mission to reclaim some of his family's assets by buying back a company that was sold to steel tycoon Narendra Raval.
The son of the late former President Daniel Moi bought back a majority stake in Sosian Menengai Geothermal Power, a company that won exclusive rights to establish a steam plant from Geothermal Development Company (GDC).
Raval who is the owner of Devki Group had bought the majority stake in the firm back in 2017 from Baringo Senator at a cost of close to Ksh80 billion.
But eight years after the acquisition, Raval decided to sell back the majority stake due to incessant delays to building a power plant.
"I sold back my stake in Sosian at a lower price than I had bought it. Gideon is the majority owner," the cement Guru told Business Daily.
The geothermal power firm is closely associated with Senator Moi, with his son Kigen Moi and Anastacia Kioko Mululu listed as directors.
Before joining his father's venture, Mululu was a partner at the Mutula Kilonzo and Co Advocates, a company that provided legal services to Moi.
The family of the late Moi has diverse business interests It was meant to receive Ksh1.7 billion after selling a majority stake in one of their logistics company, Siginon Aviation, from another firm based in Kuwait.
The family of the country's second president was also reported to own a significant direct stake in a regional bank owned by by business mogul Herbert Wigwe.
Other than that, the family is further believed to have deep investments in real estate, transport, aviation, manufacturing, media, security, construction among others.
However, Gideon's decision to purchase the majority stake in the company could underlined the lucrative nature of Kenya's energy sector attracting deep pocketed investors.
This is could also be as a result of the government's decision to offer better tariffs being favoured by international financiers.
