Return of fired CFO presents new headache for Kenya Airways

Kenya Airways' court-ordered reinstatement of its former finance director threatens to undermine the newly appointed CE’s bid to overhaul the debt-laden carrier. Alex Mbugua, who was dismissed in Jan 2016, Tuesday won a High Court bid to be allowed to return to work or be paid 3 years salary plus compensation. His reinstatement was ordered 4 days after CE Sebastian Mikosz named Hellen Mwariri as acting group finance director and moved Dick Murianki, who replaced Mbugua last year, to the head of cargo operations. The carrier is consulting its lawyers on the court order, it said Wednesday. Mbugua’s potential return comes as the company holds crucial talks with creditors on converting US$485m of loans into equity and also plans to create new shares through a stock split, followed by an open share offer. <br/>