NSE chief urges openness by listed firms to woo foreigners
Kenyan companies need to increase the level of disclosure if they hope to attract significant foreign funding, the Nairobi Securities Exchange (NSE) chief executive has said. Geoffrey Odundo said local and foreign investors are only comfortable with firms that use internationally accepted financial reporting standards…[…]
KRA seeks Sh480m from city finance chief after talks fail
The Kenya Revenue Authority (KRA) has increased the amount it is claiming from suspended City Hall finance chief Jimmy Kiamba following failed out-of-court negotiations. The taxman on Tuesday told Justice Fred Ochieng’ that it has raised its claim to Sh480 million from an initial demand of Sh98 million after studying MrKiamba’s undeclared income between 2007 and 2013…[…]
Uchumi takes additional Sh500m debt from KCB
Retail chain Uchumi Supermarkets said on Tuesday day it had struck a Sh500 million loan deal with KCB as it awaits the outcome of a forensic audit that will determine the company’s future. The money is expected to come through this week and will go towards paying suppliers as well as meeting other working capital needs, the management said…[…]
Ex-EABL worker used fake account to steal Sh286m
A former head of procurement at beer maker EABL used a fake bank account in a scheme to fraudulently sell his employer’s refrigerators worth $2.86 million (Sh286 million, the brewer has claimed in court.East African Breweries (EABL) says Aristide Brilliant Nkoumondo, a Cameroonian national, used a fake Seychelles-registered company called RBS East Africa to open the account from which he allegedly received payments for the refrigerators from one of EABL’s suppliers – Frigorex…[…]
KQ says it has no plans to offload 29pc shares
Kenya Airways (KQ) has denied knowledge of shareholding changes at the national carrier, insisting that the government has no plans to cede control of its 29 per cent shareholding to a Gulf State. Mbuvi Ngunze, the KQ chief executive officer, on Tuesday told a Parliamentary committee that the recent government bail-out of Sh4.2 billion is meant to allow the national carrier to stay afloat as it awaits $200 million long- term financing it is about to clinch from financial institutions…[…]
Airtel Kenya hires marketing boss from Dar
Airtel Kenya has appointed Levi Nyakundi as the marketing director of its Kenya office. MrNyakundi previously worked in the same capacity at Airtel Tanzania. He is a Kenyan with over 12 years’ marketing experience.Before his role in Airtel Tanzania he was also the Airtel Uganda marketing director…[…]
Silting threatens Magadi soda ash exports
The high level of silt in Lake Magadi has significantly reduced the quality of soda ash produced in Kenya, threatening the country’s export position and forcing Tata Chemicals to pay buyers millions of shillings in compensation. Tata Chemicals managing director Jack Mbui said silt impurity had significantly reduced the international appeal of Kenya’s soda ash, hurting their business…[…]