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US Securities exchange acts against firm claiming to have COVID loan facility with Kenya

NAIROBI, Kenya, March 25 – Treasury Cabinet Secretary Ukur Yattani says United States Securities Exchange Commission has acted against a company claiming to have signed a loan contract with Kenya to contain COVID-19.

In a statement issued late Thursday, Yattani confirmed that following a complaint lodged by National Treasury, the US secretaries exchange suspended trading of Kalllo, a firm which had claimed it entered into a contract with Kenya.

“The National Treasury and Planning (NTP) wishes to notify the public that on 23rd March, 2021, the United States Securities Exchange Commission (SEC) suspended trading in the securities of Kallo, Inc. – the company that claimed in its recent filings with the SEC, to have entered into a EUR 1, 068, 932, 543.00 COVID-19 loan contract with the NTP,” Yattani said.

The firm had filed an unsigned, false and malicious loan contract it had entered with the Kenyan government to establish a comprehensive healthcare system.

“On 22nd March, 2021, the National Treasury and Planning, lodged an official complaint with the SEC over the unsigned, false and malicious loan contract filed by Kallo, Inc. purporting to have been entered into with the Government of Kenya. The SEC took immediate action by suspending trading in the shares of Kallo Inc,” the Treasury CS added.

Yattani had complained that the false allegation had the potential to harm Kenya’s financial standing in the international community, particularly with foreign investors.

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