ICPAK chief executive Edwin Makori. FILE PHOTO | NMG The accountants body Institute of Certified Public Accountants of Kenya (ICPAK) has launched investigations into six new cases, adding to the eight the organisation was already looking into. In an update, ICPAK said the new cases were reported between 2017 and 2019 while five are under […]
Tag: uchumi supermarket
CMA to name and shame listed firms that fail to live by rules
Nairobi Securities Exchange. FILE PHOTO | NMG The Capital Markets Authority (CMA) will from next year name and shame listed firms that breach set boardroom rules and corporate governance standards in a move meant to cut the risk of loss for investors. The regulator says that exposing the errant firms will help bridge compliance gaps […]
Banks to Submit Names of Key Shareholders to CRBs to Boost Credibility
In order to help rate the ability of companies to repay loans they get from commercial banks, banks will have to submit the names of the directors and key shareholders to the Credit and Reference Bureaus (CRBs). Lenders are supposed to fill a form that will help establish the diligence of corporate borrowers by knowing […]
Big companies named in Kenya Power bills fraud
A Kenya Power substation. FILE PHOTO | NMG Big companies have been named among 5,000 Kenya Power customers facing criminal investigations over suspected electricity billing fraud, pointing at possible loss of millions of shillings by the State monopoly. The Directorate of Criminal Investigations (DCI) Thursday named the Nairobi Women’s Hospital, Moi University, Eldoret Polytechnic, Uchumi […]
Late payments, high taxes and a credit freeze: A perfect storm for Kenyan firms
Businesses in Kenya are going through a rough patch. A number of listed companies have missed the financial reporting deadlines and some have gone into administration for a number of reasons, some internal, but for the most part, external. This has sent mixed signals to investors, coming after the World Bank released its Ease of […]
Africa: Logistics Firm Bwala Africa Secures Sh10m Financing to Expand Fleet
Nairobi — Automobile and logistics firm Bwala Africa has secured Sh10 million financing from Stanbic Bank to venture into last mile logistics. Bwala Africa Group, a last mile logistics marketplace launched early this year to solve challenges facing fleet owners on a daily basis has recorded over 6000 deliveries in Nairobi and secured debt financing […]
Bwala Africa gets $99,255 financing from Stanbic Bank
Automobile and logistics firm Bwala Africa has secured Sh10 million ($99,255.58) financing from Stanbic Bank to venture into last mile logistics. Bwala Africa Group, a last mile logistics marketplace was launched early this year to solve challenges facing fleet owners on a daily basis has recorded over 6000 + deliveries in Nairobi and secured debt […]
Kenya: Tropikal Takes on Uchumi in Sh35 Million Supplies Dispute
Household goods company Tropikal Brands Afrika has sued Uchumi Supermarkets for Sh35 million unpaid supplies, almost a year after the firm revealed it had taken struggling retailer Nakumatt to court. The firm says Uchumi has failed to settle the debts, some dating back five years, despite the credit period within which the arrears were to […]
Limping firms on the spot as ARM woes bite
Nairobi Securities Exchange CEO Geoff rey Odundo observing daily trading at the bourse on August 22, 2017/ENOS TECHE Capital Markets Authority yesterday suspended Athi River Mining Cement from trading at the Nairobi Securities Exchange after the firm was placed under administration on Friday. A public notice said shares of the cement-maker will remain suspended from […]