The country is staring at a shortage of basic commodities in the market which is likely to worsen the high cost of living on a low dollar supply in the market. The inadequacy of the greenback in the market has seen commercial banks cap the amount a single person can buy at Sh100,000, with some […]
Tag: XNAI_KCB
Judge cancels takeover of Mumias Sugar by Ugandan firm
Entrance gate at Mumias sugar company. PHOTO | ISAAC WALE | NMG The High Court in Kenya has cancelled a 20-year-lease awarded to Uganda-based Sarrai Group to manage Mumias Sugar Company. Justice Alfred Mabeya cancelled Sarrai Group’s lease on grounds it would benefit KCB and ignore the interests of Mumias shareholders and other lenders, noting […]
Small banks shareholders’ miss out on dividends
A cashier counts dollars and shillings/ Hefty profits by big banks has left shareholders smiling all the way to the bank, but this is not the same to those who invested in small banks. "Smiley shareholders," a Twitter user, @DollyOgutu, tweeted following the huge profit and dividend pay-outs announced by the big boys. Banks that […]
Safaricom ranks best company to work for in Kenya
Safaricom #ticker:SCOM took the top spot of the best 25 companies to work for in Kenya in the just-released LinkedIn 2022 Top Companies Ranking. Linkedin unveiled its 2022 top companies list that ranks the 25 best workplaces for professionals to grow their careers. The 25 companies were ranked using Linkedin company data and ratings based […]
Kenya: Court Orders Removal of Rao as Mumias Sugar Co. Receiver Manager
Nairobi — The High Court has ordered the immediate removal of Ramana Rao as the Mumias Sugar Company receiver manager. In his ruling, Justice Alfred Mabeya found and held that Rao had not acted according to the order of the court issued on November 19, 2021. The judge further said that the receiver/cum administrator ought […]
Kenya: Court Orders Removal of Rao as Mumias Sugar Manager
Nairobi — The High Court has ordered the immediate removal of Ramana Rao as the Mumias Sugar Company receiver-manager. In his ruling, Justice Alfred Mabeya found and held that Rao had not acted according to the order of the court issued on November 19, 2021. The judge further said that the receiver/cum administrator ought to […]
PVR Rao: ‘The unwilling suitor’ in Mumias revival union
Mumias Sugar receiver-manager Ponangipalli Venkata Ramana Rao during a May 2020 briefing. FILE PHOTO | NMG The name Ponangipalli Venkata Ramana Rao had become synonymous with ailing miller Mumias Sugar Company . He was appointed by KCB Group as the receiver-manager of Mumias Sugar in 2019 after the miller failed to pay its debt running […]
How local firms are faring in eco-trade
It is inherent for human beings to go after more conquests after winning some battles. Sometimes we do this at the expense of celebrating what we have accomplished over time. One such area is sustainability. Over the last years, Kenyan businesses have made tremendous achievements in continuity through bold investments and even bolder decisions. While […]
Banks loan rate jumps to two-year high on demand
Kenya Bankers Association (KBA) CEO Habil Olaka speaks at a past event. PHOTO | SALATON NJAU | NMG The average interest charged on loans by Kenya’s commercial banks has risen to its highest level in two years amid increased demand for credit as the economy recovers from Covid-19 disruptions. The latest data by the Central […]
How Victoria Commercial Bank Aided Money Laundering, Tax Evasion in Mumias Sugar Saga
Mumias Sugar company [Photo/Courtesy] The future of troubled Mumias Sugar Company hangs in the balance with numerous legal battles challenging its leasing to a private entity. Amid the protracted dispute over the miller’s take over, money laundering and tax evasion allegations have surfaced, further revealing intrigues behind attempts by various firms to control assets of […]
