Bond failure and project delays hit Home Afrika’s profit Property developer Home Afrika has announced a 90 per cent drop in profit last year, attributing it to project delays after the firm’s Sh900 million bond issue failed. The bond flop saw the company turn to bankers taking a loan of…

Lower oil prices to offer no relief on lending rates Investment managers say low oil prices are unlikely to spur lower lending rates this quarter as the Central Bank of Kenya (CBK) is expected to maintain a cautious monetary policy. A survey of 10 fund managers, economists and treasury dealers…

Ponzi scheme fells top Britam owner’s Mauritius bank A Mauritian bank, Bramer Banking Corporation (BBCL), associated with Britam’s director and top shareholder Dawood Rawat has lost its licence after it was found to have been running a Ponzi scheme. Mr Rawat is the single largest investor in Britam, which is…

Treasury to pay tax refunds in January Treasury secretary Henry Rotich said plans are under way to pay KES 10 billion of the estimated KES 30 billion backlog in January and to finish the rest within the first quarter of the year. The settlements will be made by issuing the claimants with tradable…