An alleged serial Obtainer and company director accused of obtaining credit by false presence has been arraigned in court. Mohamed Zeshan Saroya appeared before magistrate Lucas Onyina of Milimani Law Courts and the court was informed that they are in the process of solving the matter out of court. The intended charge sheet reads that […]
Kenya Airways (KQ), the national carrier of Kenya, has been struggling to find buyers for its proposed equity stake sale. However, potential investors are expressing uneasiness over the airline’s heavy debt burden, which has become the biggest hurdle in the search for buyers. The airline’s precarious financial situation has raised concerns about its long-term sustainability […]
John Okulo has been appointed as the director for corporate banking at KCB Bank Kenya, effective June 5. Telco giant Safaricom triggered a talent war in February, leading to this appointment. Mr. Okulo, a seasoned banker with 24 years of experience, previously served in a similar position at NCBA Bank. Annastacia Kimtai, the managing director […]
In a surprising turn of events, Elon Musk, the renowned entrepreneur and CEO of SpaceX and Tesla, has declared that Twitter, the popular social media platform, is set to become the primary source of the most accurate information available. This bold claim comes just over a year after Musk’s acquisition of Twitter, a move that […]
Kenya Kwanza administration has allocated a budget of Sh7 trillion to pay off debt during its first term, starting from July 1. This highlights the significant debt burden inherited from previous administrations. According to revised estimates from the Treasury, the cumulative cost of debt payments will amount to Sh7.071 trillion from the fiscal year 2023/24 […]
TransCentury PLC (“TC”) would like to inform shareholders and the public that the company has obtained a court injunction in regards to the notice dated 16th June 2023 issued by Equity Bank to appoint a receiver to TC. The injunction takes effect immediately. The injunction is on the basis that the bank illegally appointed a […]
East African Cables has welcomed the court injunction stopping Equity Bank from placing it under administration as it announced that its operations would continue as usual. High Court on Monday stopped attempts by Equity Bank to take over East Africa Cables and its parent company Transcentury PLC. The Court Injunction issued on the appointment of […]
NCBA Group appears to have come under cyberattack according to information shared by a custom. In what looks like a phishing email, the hackers using [email protected], are baiting Loop users with links that easily compromise their bank accounts and sweep clean their accounts. Once you click on the fraudulent link and input your password, they […]
In her report for the year ending June 2021, Auditor General Nancy Gathungu has revealed how taxpayers could’ve lost Sh45 million in a bitched deal between Information Communication Technology Authority (ICTA) and Family Bank. The money was part of unsecured loans that were lent to various startups that were executing various programmes under the digital […]
Safaricom’s mobile money service, M-Pesa, witnessed a significant surge in transactions during the financial year ending on March 31. The number of transactions per second on M-Pesa grew to 2,600, compared to the previous year’s 2,000 transactions. This resulted in a total of 21.03 billion transactions valued at Sh35.86 trillion, nearly three times Kenya’s Gross […]
The Parents Association of Makini School has written to the chief executive officer Horace Mpanza over various allegations including carrying firearm within the school. The association through lawyer Apollo Mboya accuses the Mpanza of exhibiting aggressive behaviour towards them, the staff and learners. In a demand letter, the association alleges that the CEO who is […]
Businessman David Langat is on the verge of losing a huge chunk of his multibillion empire following a debt default that has now piled to Sh2.1 billion owed to Transnational Bank. Mr. Langat is now battling for his empire being targeted by auctioneers. A reserved power baron, David Lagat, the owner of Koisagat Tea Factory […]
