DANIEL NGUMY | PARTNER | ANJARWALLA & KHANNA
Daniel Ngumy is a Partner and heads the Tax department at Anjarwalla & Khanna. He specializes in Kenyan and international tax law, and has extensive experience in corporate and commercial transactional work.
Daniel is a qualified CPA(K) and holds a Bachelor of Laws degree from the University of Nairobi, a post-graduate certificate in tax law and a Masters of Laws degree from the University of London (UCL & Queen Mary). Daniel has over ten years’ experience collectively working for Anjarwalla & Khanna, PricewaterhouseCoopers in Nairobi, Kenya and KPMG in Europe.
Daniel provides ongoing tax advice on matters affecting clients across various industries, including in the financial sector, power, energy and infrastructure, oil & gas, agriculture and FMCG. He has advised on a variety of matters, from debt and equity transactions to mergers and acquisitions.
MEMBERSHIP IN PROFESSIONAL SOCIETIES
- Member, Law Society of Kenya
- Member, Institute of Certified Public Accountants of Kenya
2009: Master of Laws. LL.M (Corporate & Commercial Law), University of London (UCL & Queen Mary)
2009: Postgraduate Certificate of Tax Law, University of London (UCL & Queen Mary)
2006: Postgraduate Diploma in Law, Kenya School of Law
2005: Bachelor of Laws. LL.B, University of Nairobi
2003: Certified Public Accountancy, CPA(K), Strathmore University
2014 – DATE: Partner, Anjarwalla & Khanna, Nairobi
2012 – 2014: Senior Principal Associate, Anjarwalla & Khanna, Nairobi
Jan – Apr 2012: Stephenson Harwood LLP, London and Pump Court Tax Chambers London (on secondment)
2009 – 2011: Senior Associate, Anjarwalla & Khanna, Nairobi
2007 – 2009: Tax Consultant, KPMG Channel Islands Limited, Guernsey office
2005 – 2007: Tax Consultant, PricewaterhouseCoopers Nairobi
2004 – 2005: Legal Assistant/Pupil, Walker Kontos Advocates
2003 – 2004: Summer Intern/Assistant, Corporate Recovery Services, Deloitte & Touche Nairobi
AWARDS AND ACCOLADES
- Daniel is ranked by Chamber Global 2018 and clients note that: “He is extremely knowledgeable in tax.”
- Daniel was also ranked by Chambers Global 2017 and clients noted that “Daniel is a superstar! He is our go-to man for all matters corporate and tax.”
- Daniel was also ranked by Chambers Global 2016 as a ‘notable practitioner’ in Corporate and Commercial law.
- Chambers Global 2015 comments on Daniel’s tax expertise and “clients praise his responsiveness and ‘good grasp of the law.’”
- Chambers Global 2014 notes that ‘Daniel Ngumy adds significant experience on tax and structuring matters and is well liked by international clients’ .
- Chambers Global 2012 highlighted client praise for Daniel’s drafting and negotiating skills.
AREAS OF EXPERTISE
- Corporate and Commercial
- Corporate M&A
- Private Equity
- January 2013 – Daniel was invited as a member of the Capital Markets Authority (CMA) task force comprising of members of the CMA, Kenya Revenue Authority and the National Treasury to draft the tax legislation relating to the new Real Estate Investment Trust regime;
- September 2014 – Daniel worked with the CMA in preparing a paper addressing the impact of capital gains tax on shares listed on the Nairobi Securities Exchange and in preparing a lobby paper to seek exemption of these shares from CGT. Listed shares were eventually exempted from CGT by Finance Act 2015;
- August 2015 – Daniel was invited by the Parliamentary Committee on Finance, Planning and Trade to make representations on suggested changes to the Kenyan taxation regime, in particular on the Tax Procedures Bill which subsequently entered into force in January 2016;
- July 2015 to date – Daniel has been a member of the Capital Markets Master Plan Implementation Committee Working Group 4 which has been charged with, among other things, the responsibility to craft a new regulatory and tax regime that broadens up accessibility to Kenyan equity markets internationally.
- Advising SICPA Security Solutions S.A. in its bid to the Kenya Revenue Authority to provide a Track and Trace Revenue Collection System for various products including cigarettes and alcoholic drinks. SICPA Security Solutions S.A.’s bid, as overseen by A&K, was the only bid to comply with the technical assessment. Due to a budget issue, the procurement process has not been completed.
- Advising FastJet on its rolling out a new pan-African low cost airline carrier (founded in part by EasyJet’s Stelios Haji-Ioannou), including advising on all contentious matters with respect to Fly 540 Kenya, regulatory issues and its expansion projects throughout Tanzania, Kenya, Rwanda and south Africa. A&K also advised on the leasing of aircrafts in Kenya.
- Advising private equity funds including Investec, Ashmore Group (including Ashmore Russian Equity Fund, Ashmore Liquid Portfolio Fund, Ashmore Global Situations Fund, Ashmore SICAV, Ashmore Turkish Debt Fund), Consulta funds on UK tax matters, including obtaining UK distributor status.
- Acting as local counsel for Carlyle Group, a leading Washington based private equity fund, in relation to the marketing and offering of private investment fund interests and discretionary investments and management services in Kenya.
- Advising private international banking institutions (Citibank N.A. London, Standard Bank London, Standard Chartered Bank London, Standard Chartered Bank Hong Kong) and international counsel (SNR Denton) on the Government of Kenya’s first Sovereign debt borrowing from private international banking institutions in the amount of United States Dollars six hundred million (USD 600 million) which amount would be utilised by the Government of Kenya for infrastructure development and Constitutional reforms.
- Acting for Umeme in the successful cross listing of its shares on the Nairobi Securities Exchange. The Umeme cross listing was the first of its kind, being the first company to successfully cross list on the Nairobi Securities Exchange. A&K was deeply involved in the initial listing in Uganda, oversaw the drafting of the Kenyan Information Memorandum, ensured compliance with all Kenyan legal requirements, provided a legal opinion on the cross listing and procured the requisite approvals from the Kenyan Capital Markets Authority and the Nairobi Securities Exchange to allow the cross listing to proceed. As part of the transaction, A&K had to liaise closely with the Kenyan Capital Markets Authority and the Nairobi Securities Exchange to assist in putting in place the necessary measures to allow for a cross listing onto the Nairobi Securities Exchange.
- Advised on the de-merger exercise of the Treadsetters Group of companies, based in Kenya (Tredcor (Kenya) and Treadsetters Tyres), Uganda (Trentyre Uganda) and Tanzania (Tredcor (Tanzania)). Goodyear, a company listed on the New York Stock exchange, through its subsidiary, Magister, registered in Mauritius, was a party to this de-merger exercise as it had a substantial shareholding in these companies.
- Acquisition of 100% of the issued share capital of Sukari Industries, a company engaged in milling and packaging of sugar.
- Advising clients including Barclays Bank, on tax implications on acquisitions, reorganisations, tax planning for companies in Kenya and also in East Africa.
- Acting for SABMiller International, the world’s second largest beverages company on the disposal of twenty per cent (20%) shareholding by its subsidiary, SABMiller Africa, in Kenya Breweries – Diageo Plc’s unit in Kenya. This was part of an agreement to end cross-shareholdings in each other’s operations and to allow SABMiller to enter the Kenyan market.
- Advising Goldman Sachs on various derivative instruments including currency swaps, interest swaps, synthetic derivative instruments in Kenya.
- Advising arrangements with African Development Bank, including reviewing and advising on the ISDA master agreement between Shelter Afrique and African Development Bank.
- Acting for Pacific Wildcat Resources Corp., a company listed on the Toronto Stock Exchange, on its acquisition of a stake in Cortec Mining Kenya.
- Acting for ADC Financial Services & Corporate Development, a Mauritian subsidiary of African Development Corporation AG, on its disposal of a stake in Resolution Health East Africa Ltd., a Kenyan entity, to LeapFrog Investments, including advising on tax issues.
- Advising HNZ Group on an acquisition of Tazk Aviation subsidiaries and aircraft assets situated in Kenya and Tanzania, including addressing various tax issues such as the most suitable holding company jurisdiction, VAT, excise duty and corporation taxes from both a Tanzanian and Kenyan perspective.
- Acting for a power generating company on a proposed project in Tanzania, including advising on the applicable tax regime in Tanzania and the most suitable jurisdiction to establish a holding company for the Tanzanian project company.
- Advising Regus Group, an international company involved in leasing virtual offices, on the acquisition of the African business (in Kenya, Nigeria, Ghana and South Africa) of Worldwide Landmark Ltd., including providing tax advice on the transaction structure as well as negotiating the necessary tax warranties and indemnities.
- Acting for SRS Schneider on the acquisition of three Kenyan companies with subsidiaries in Uganda and Tanzania, including providing tax structuring advice.
- Acting for the buyers on their acquisition of one of the largest manufacturer of edible oils, soaps and detergents in Kenya, including advising on the transaction financing with a syndicate of banks and other lenders as well as the transaction structuring to achieve the best tax efficiencies for the client.
- Advising the vendor on the sale of its majority shareholding in one of the largest private schools in Kenya to a consortium of shareholders (including an international private equity fund), including providing advice on the legal and tax due diligence exercise, undertaking remedial action and negotiating the share purchase agreement and shareholders agreement.
- Advising the purchasers on their acquisition of a privately owned sugar company in Kenya, including undertaking a detailed legal, tax and regulatory due diligence investigation.
- Acting for a leading sweets and confectionary manufacturing concern in Kenya, on the restructuring of its holding company structure in Kenya to achieve tax efficiencies.
- Acting for a listed company on the structuring of its property development project through a limited liability partnership to achieve tax efficiencies.