Author: David Indeje

The International Court of Justice on Friday ruled in favour of France on the limits of an African diplomat’s immunity. ICJ’s pronouncement relates to President Teodoro Nguema Obiang’s £118 million Paris mansion involved in a corruption investigation which Equatorial Guinea had claimed it being diplomatic property. According to Reuters Africa, the Obiang property, bought for 25 million euros in 2005, had 101 rooms, a gym, hair-dressing studio, disco, and a cinema. However, “The court finds that the building at 42 Avenue Foch has never acquired the status of the mission of the Republic of Equatorial Guinea in the French republic,”…

Former Commissioner, Jedidah Wakonyo Waruhiu is the 2020 Jurist of the Year. Wakonyo an Advocate of the High Court of Kenya was recognised by the Kenyan Section of International Jurists (ICJ) for her work in building the capacity of paralegals in the country. The Jurist;’s organisation said It holds Jedidah with pride, joy, and dignity and, most of all, with an appreciation for her commitment to advancement, the rule of law, and human rights in Kenya. “The 2020 Jurist of the year has been praised by her peers, colleagues, partners, friends, ICJ Kenya fraternity. Our Jurist footprints have also been recognized…

Regional based insurance firm UAP Holdings has proposed to merge its life insurance business with the life insurance business of Old Mutual Life Assurance as part of its internal restructuring of the Group.   According to the proposal, UAP Holdings will acquire shares in Old Mutual through its subsidiary UAP Life Assurance Limited and Old Mutual Assurance Company resulting in a single ‘unified insurance business’. “UAP Old Mutual Group is confident that the restructuring will ensure the group realises increased efficiencies from consolidating the Kenyan business of UAP Life and OMLAC, while achieving a simpler group corporate structure,” said the Board.…

Moody’s Investors Service says an upward rating pressure on the Kenyan banks’ ratings is limited given the negative outlook. The rating agency said in a statement on the latest ratings of 32 banks across 10 African countries: Angola, Democratic Republic of Congo, Egypt, Ghana, Kenya, Morocco, Nigeria, Tanzania, Tunisia and Uganda. In Kenya, the banks that were focused on include Co-operative Bank of Kenya Limited,  Equity Bank (Kenya) Limited, and KCB Bank Kenya Limited. The banks’ outlook could change back to stable if the sovereign rating outlook is changed back to stable, Moodys said in a statement. However, if it…

Kenya’s Constitutional Court awarded four of the eight petitioners Ksh.16million as damages for violation of their constitutional rights during the 2007/08 post-election violence. High Court Judge Weldon Korir on Thursday while delivering the landmark judgement, he said the government failed to investigate and prosecute the 2007-08 post-election sexual violence terming it “Violation of Constitutional rights” to the victims. “I must emphasize that sexual violation just like any other violation of human rights and freedoms should be compensated. Sexual violence carries with it both physical and mental pain and I am surprised that the 1st, 4th, 5th and 6th respondents can…

Standard Chartered Bank Kenya Wednesday issued a profit warning amid a growing volume of failing loans. Board Chairman Patrick Obath warned that the bank expects to report a ‘substantial decline in the profit after tax for the year ending Dec 31. 2020. As a result, it will report its annual results for the year in the first quarter of 2021. “It has been a challenging year with the protracted heath pandemic and economic crisis, and against this backdrop, SCBK’s current performance forecasts indicate a substantial decline in the profit after tax for the year…” said Obath. However, the lender remains…