Author: Francis Muli

The Capital Markets Authority (CMA) has frozen Nairobi-based fund manager Amana Capital’s redemptions for 28 days over liquidity constrains. The move is aimed at giving the fund manager time to realize strategies to improve its liquidity position to meet redemptions. “The Authority has been engaging the Board and Management of Amana Capital, the Trustee and the Custodian as they put together solutions to the liquidity challenges,” read the Authority’s statement. Early last month, it emerged that Amana Capital was stopping its investors from withdrawing funds, totaling to Ksh275 million. Read: CMA To Regulate Coffee Trade Following Cartel Invasion The fund’s…

Cash strapped Muga Developers Ltd, associated with Peter Kiarie Muraya and Susan Wacheke Muraya’s Suraya properties has been placed under receivership. In a notice published in the local dailies, Messrs Muniu Thoithi and George Weru were appointed joint receivers and managers of Muga Developers by Equity Bank. “Following the appointment, receivers are conducting the affairs and business of the company. The powers of the receivers extend to all assets and undertakings of the company. The powers of the directors in terms of dealing with the company’s business and assets ceased on appointment of the receivers,” noted Equity Bank. “No one…

American Tech giant Google has shelved plans to buy a stake in the Lake Turkana Wind Power Project (LTWP) over delays. The project was commissioned in July 2019 but the contractor is said to have been sluggish in completion of a 428-kilometer transmission link. LTWP was expected to generate power of 310-megawatts for more than 300,000 local and neighboring homes and areas around the Rift Valley region. The project was initially set for completion in 2017, after which Google would have bought the stake from Denmark based firm, Vestas. “Due to delays relating primarily to the transmission line, the Vestas agreement…

The Central Bank of Kenya has launched a mobile-based platform for trading Treasury bills (T-bills) and T-bonds. The platform will target the mass market who trade amounts below Ksh140,000 in a day, which is the maximum amount transacted on mobile money. “The Bank (CBK) is pleased to inform you about the roll-out of the Treasury Mobile Direct (TMD) services, designed to facilitate investment in Government Securities using the mobile telephone. To access these services, investors will be required to register for this facility at the nearest Central Bank of Kenya (CBK) Branch or Currency Centre,” CBK said in a notice…

The High Court has frozen Kenneth Matiba’s Ksh250 million compensation for torture during Late Retired President Daniel Toroitich arap Moi’s era. Justice Weldon Korir froze the millions over a family dispute entailing the lawyer who handled the case. The amount is in a court bank account and is part of Ksh1.5 billion awarded to the multiparty hero who died in April 2018. He had been awarded Ksh978 million, which increased to Ksh1.5 billion after interests were factored in. Read: More Money For Veteran Politician Kenneth Matiba Following An Error In Calculation Lawyer John Mburu is also seeking a share of…

Residents of Laikipia and Samburu have donated at least 30 bulls to be slaughtered to feed mourners at the late retired President Daniel Toroitich arap Moi’s funeral in Kabarak. The bulls have already been transported to Moi’s Kabarak home, where the funeral will take place on February 12, 2019. The donation was a joint community mobilisation effort spearheaded by Samburu West MP Naisula Lesuuda and her her Laikipia North colleague Sarah Korere on Monday, February 10. Initially, the government had announced that the first 30,000 Kenyans to attend Moi’s burial at his Kabarak home in Nakuru County will be accommodated…

China Wu-Yi, a Chinese contractor, now wants at least 10 houses from troubled Suraya Homes and Muga Developers to compensate a debt owed to them. The houses in question entail phase one of Fourways Junction along Kiambu Road. However, according to Suraya and Muga Developers say that the houses are charged to a Ksh1.76 billion loan from Equity Bank, making the case more complicated. On its side, China Wu-Yi says had an agreement with the companies to posses some of the houses as part of the payment for its services in the project. As at August 2011 Suraya and Muga…

The Co-operative Bank of Kenya has been given a go-ahead to auction the Musco Towers in Eldoret owned by Moi University Savings Co-operative Society (Musco). The shareholders say that they have given up on the court process and will now turn to leaders to help them save the 12-storey building. Co-operative Bank is seeking to recover a Ksh533 million loan owed by the sacco which has over 3,000 shareholders. “The court has made its ruling on the matter and we do not intend to appeal the decision. We are taking the battle to the Senate as that is our last…

Investors of the Safaricom Investment  Co-operative (SIC) will not get dividends for their investments this year, after the company employed the use of a new accounting standard, the IFRS 15. Reports indicate that revenues slumped by 89.3 percent as of December 2019, after the standard was effected. The board now proposes rebates to its 4,538 members instead of dividends, a development last seen in the institution in 2012. In 2018, the Co-operative paid its members  Ksh375 million in terms of dividends. Their revenues went down by Ksh55.9 million in 2019 compared to Ksh525 million a year earlier. Business Daily reports…

“China seek for court’s approval to kill the over 20,000 coronavirus patients to avoid further spread of the virus (sic)” is the headline of a much publicised article published on a website known as ab-tc.com. Kahawa Tungu decided to delve into the matter and acertain wether the news were true, or just hearsay meant to increase website visits and rating. Here’s our findings:- Author The first thing that appears on a story published by any media house or blog is the name of the author, who, professionally, is the first person to take blame or credit for any story. For…

Kenyans transacted at least Ksh4.13 trillion on mobile money in 2019, a new report by the Central Bank of Kenya (CBK) has shown. This was a rise by Ksh361.39 billion compared to the amount transacted in 2018 according to the data. On average, subscribers transacted Ksh11.91 billion daily throughout the year, reflecting a hike in demand of the mobile money services in the county. CBK says that the money transactions in 2019 was equivalent to 46.15 percent of the estimated size of the estimated size of Kenya’s economy, Ksh9.4 trillion. Read: Two Companies Approved To Run South Sudan’s First Mobile…

A recent projection by Ivestec Securities has put Co-operative Bank shares at the top in terms of potential share price growth at 14.2 percent. The share price could shoot to Ksh17.30 from the current Ksh15.15, the report has indicated. Co-op Bank is closely followed by the Kenya Commercial Bank (KCB), whose share price is projected to grow by 12.9 percent from Ksh52.00 to Ksh58.70. Equity comes third with a projected rise of 3.9 percent from Ksh50.25 to Ksh52.20. In case the projection happens, Co-op Bank will deliver a 12-month return of 22.3 percent in Kenya shilling and a return of…

The Public Procurement Administrative Review Board (PPARB) has cancelled a Ksh4 billion Kenya Power Last Mile Connectivity contract, terming it as unlawful. The project funded by French Development Agency (Agence Française de Développement) for the construction of substations and power lines. However, local contractors were left out on technicalities, forcing them to launch a complaint with PPARB accusing the sole power distributor of favouring moneyed foreign firms including Chinese contractors. Read: #SwitchOffKPLC: Kenyans Irate After Experts Unearth Kenya Power’s Flawed Billing System “The procurement entity’s bidding document for procurement of design, supply, installation, commissioning of transmission lines and substations issued…

Safaricom has sued East African Data Handlers over the loss of Ksh20 million clients’ money. East African Data Handlers was hired by the telco to manage mobile money payment platforms, before the cash got lost in 2018. According to reports by Business Daily, Safaricom had engaged the company in the business of data management and recovery in March, 2016. Also, East African Data Handlers was to recruit merchants to the Buy Goods platform, and was mandated to receive various amounts from the merchants. However, it is alleged that the company (East African Data Handlers) breached the agreement by failing to…

All international digital taxi-hailing firms will be required to pay an application and renewal fee of Ksh500,000 after every three years, the government has said. According to new rules announced by Transport CS  James Macharia, the digital hailing companies should not charge a commission of more than 15 per cent per trip or levy charges above the commission. Currently, most companies charge a commission of at least 20 percent, with Uber being the most expensive at 25 percent while Bolt (formerly Taxify) charging 20 percent. Read: Peers Develop Taxi-Hailing App For Nakuru, Wasili Rider “A digital hailing service operator must ensure…