NSE firms owners’ 2014 earnings up by Sh13.4 billion

NSE firms have paid Sh13.4 billion more in dividend to shareholders for the 2014 financial year with banks and telecoms operator Safaricom owners topping the list of beneficiaries. Dividend payout for the period between January 2014 and March this year stood at Sh72.8 billion from Sh59.5 billion for 2013 [...]

Family Bank hits back at suspected fake forex trader

Family Bank has revealed that it ordered forex trader VIP Portal to close its three accounts held with the lender before they were frozen by the Banking Fraud Investigation Unit (BFUI) on suspicion of operating like a pyramid scheme [...]

Mumias suspends staff who diverted ethanol

Sugar miller Mumias has suspended four top managers in its marketing department for allegedly diverting ethanol meant for export into the local market, causing tax revenue leakage worth millions of shillings [...]

Kwale miner banks on Sh2.4bn VAT refund to pay loan

Base Resources is pushing for Kenya Revenue Authority (KRA) to hasten its tax refund ahead of June when it begins making the first repayments of a loan borrowed to finance its Kwale-based mining project. The Australian miner said it needs the $25 million (Sh2.34 billion) value added tax (VAT) refund incurred when the firm was constructing the Kwale mine [...]

South African real estate firm hunts for Nairobi CEO

South African JHI Property Services has begun the hunt for Kenya CEO as it establishes presence in the country. The firm that recently opened a Nairobi office specialises in property management. JHI Property Services is looking for someone to help expand its investment portfolio and secure long-term business in Kenya [...]

Brokers in new legal battle against capital gains tax

Stockbrokers have renewed the legal battle against the capital gains tax (CGT) by filing an application claiming that the High Court relied on a repealed provision of the Finance Act to throw out their case [...]

Asset leasing firm signs vehicle rental deal for individuals

Vehicle and Equipment Leasing Limited (Vaell) has signed a partnership with Car & General that will allow it to lease cars to individuals and small and medium sized entities. The company will lease vehicles and equipment to individuals under a scheme referred to as wholesale leasing [...]

Safaricom says migration of M-Pesa successful

Safaricom has promised its customers uninterrupted mobile money transfer services following its successful transfer of M-Pesa servers to Kenya and completion of test-runs on Sunday. Safaricom says it expects minimal service outages with M-Pesa now being hosted locally [...]

Telcos to pay hefty fines for poor quality of voice calls starting July

Telecommunication companies will face hefty fines for offering poor quality service beginning July, the industry regulator has warned. Telcos that fail to meet the set quality standards will be charged 0.1 per cent of their annual revenue instead of Sh500,000 flat rate. The telcos have in the past disputed the regulator’s assessment of quality of service which showed they were all in breach, and instead contracted firms whose surveys showed that they were in compliance [...]

Mauritius sugar miller closes in on Kenyan company acquisition

A Mauritius-based investment firm is set to acquire a majority stake in a Kenyan sugar miller, becoming the second company from the island nation eyeing a piece of the local sugar industry. Alteo, which is listed at the Stock Exchange of Mauritius, on Friday announced it had completed due diligence on Transmara Sugar Company Limited (TSCL), and expects to acquire a 51 per cent stake in it by July [...]