Kenyan fintech giant faces constitutional challenge over allegedly discriminatory employee shareholding scheme that favored white staff while sidelining African workers A damning constitutional petition filed against M-Kopa Holdings has exposed what appears to be a systematic pattern of racial discrimination embedded within the company’s employee shareholding structure, raising serious questions about equity practices at one […]
KEBS Rejects 12,000-Tonne LPG Shipment Over Missing Safety Chemical Kilifi County – Kenya’s regulatory authorities have blocked the distribution of a massive cooking gas shipment imported by Lake Gas Limited, a company owned by Tanzanian billionaire Ally Awadh, after discovering critical safety deficiencies that could have exposed consumers to deadly risks. The Kenya Bureau of […]
Investment bank faces perfect storm of debt crisis, partnership disputes, and mass investor exodus Genghis Capital, once a rising star in Kenya’s investment banking sector, has suffered a catastrophic blow with its unit trusts hemorrhaging Sh628.5 million in assets during the first quarter of 2025, according to regulatory filings reviewed by this publication. The Nairobi-based […]
Kenya faces enhanced due diligence requirements for EU financial transactions as commission cites persistent deficiencies in anti-money laundering framework The European Commission has escalated pressure on Kenya’s financial sector by adding the East African nation to its high-risk countries list for money laundering and terrorism financing deficiencies, a move that will subject Kenyan entities to […]
Lender faces double blow as Court of Appeal upholds damages award while midnight fraud cases surge among millennials Stanbic Bank Kenya is grappling with a costly legal defeat and rising fraud incidents, highlighting the evolving challenges facing the banking sector in an increasingly digital landscape. The Court of Appeal has upheld a Sh32.4 million damages […]
Kenya Revenue Authority takes decisive action against widespread VAT non-compliance as collections fall below expectations NAIROBI – The Kenya Revenue Authority (KRA) is preparing to deregister more than 20,000 businesses in a sweeping crackdown on tax evasion and VAT non-compliance, officials announced Tuesday. The mass deregistration represents one of the most significant enforcement actions by […]
Kenya’s dream of becoming an oil-producing country is finally gaining real momentum. After years of delays, setbacks, and uncertainty, Energy Cabinet Secretary Opiyo Wandayi has confirmed that Kenya will begin commercial oil production by the end of 2026. This marks a major turning point for the country’s energy sector, especially in Turkana County, where vast […]
High Court orders liquidation of once-prominent marketing communications agency following administrator’s unsuccessful turnaround attempts A High Court judge has ordered the liquidation of Redhouse Group, one of Kenya’s established public relations and marketing communications firms, after efforts to rescue the company from financial distress proved unsuccessful. Justice Francis Gikonyo issued the liquidation orders on Saturday […]
Auditor General Nancy Gathungu’s damning report exposes systematic financial irregularities threatening retirement savings of millions of Kenyan workers NAIROBI, Kenya – The National Social Security Fund (NSSF) has lost over Ksh.16 billion in questionable investments and inflated procurements, according to a devastating audit report that puts CEO David Koross and his management team under intense […]
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Singapore-based budget airline Jetstar Asia will close down at the end of July, its Australian owner Qantas has announced. The low-cost carrier has struggled with rising supplier costs, high airport fees and increased competition from other airlines in the region. Qantas says the closure will provide it with A$500m ($325.9m; £241.4m) to invest towards renewing […]
High Court ruling deals blow to software firm’s attempt to dodge VAT on outsourced developer services A Kenyan software development company has been dealt a devastating blow after the High Court ordered it to pay Sh74 million in unpaid Value Added Tax (VAT) to the Kenya Revenue Authority (KRA), overturning a tribunal decision that had […]
