A Kenyan High Court and the Public Procurement Administrative Review Board (PPARB) have suspended the leasing of Mumias Sugar to Ugandan Company, Sarrai Group until all petitions filed are heard and determined. This is after Tumaz and Tumaz Enterprises Ltd sued the miller’s receiver-manager Ponangipalli Venkata Ramana Rao claiming irregularities in the bidding process that saw Sarai Group winner of the 20-year lease. However, the lease excludes assets in the Mumias’ ethanol and cogen plants. The assets were seized by Pan-African lender Ecobank and French development financier Proparco from KCB Group. “Under Section 168 of the Public Procurement and Asset…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Kenya Railways Corporation (KRC) has scaled down the Nairobi Commuter Rail services operations to Ruiru, Embakasi, Kikuyu and Syokimau, and Lukenya in Kitengela. According to public notice, operations to affected areas have been temporarily stopped until January 2, 2022. “The Nairobi Commutter rail service to Ruiru, Embakasi village, Limuru, Syokimau and Lukenya in Kitengelea are halted from Deceber 28 2021 to January 2nd 2022. Normal commuter operations will resume on January 3rd 2022.” Kenya Railways said. However, the daily Madaraka Express passengers Service to and from Mombasa /Nairobi have not been affected. This is alongside the Madaraka Express passengers Service between Nairobi…
The Mombasa High Court has restrained the Kenya Deposit Insurance Corporation (KDIC) from winding up Imperial Bank. Justice John Onyiengo temporarily stopped the liquidation of the bank after businessman Ashok Doshi and his wife Amit sued over their KSh1 billion deposit. The court further barred any payments to depositors in the execution of the Central Bank of Kenya’s directive. Business Daily reported that through their lawyer Willis Oluga, they argued that on July 15, 2016, three months after the bank was placed under receivership, the lender consented to pay them their dues after they sued it. “The consent is still…
Coca-Cola Beverages Africa – Kenya has announced a partnership with Nature Kenya to grow 90 000 tree seedlings in Mt Kenya’s Hombe Forest in a three-year reforestation program. The Hombe restoration site includes a swamp on the verge of drying up. It is hoped that the newly planted trees will resuscitate this wetland as they mature. Currently, 1,900 people have benefited from the project through the sale of 15,000 seedlings that have been planted in Phase 1, with the next phase set to begin in December. Earlier in the year, Nature Kenya and CCBA-Kenya signed a three-year memorandum of understanding…
Global Trade Centre, the Ksh 40 billion business complex in Nairobi’s Westlands is the latest tourist attraction in the city. The 42 – floor -184-meter skyscraper was illuminated in an auspicious ceremony on Wednesday to mark its readiness for occupancy. The trade centre hosts three new complex towers as well as sports and hospitality facilities- JW Marriott Hotel, 184-metre GTC Tower, GTC Executive Residence and GTC Mall. This is an urban complex project integrating luxury five-star international hotels, AAA super high-rise office buildings, high-end business apartments, and international boutique supporting commerce. “The lighting up of the GTC Office Tower was…
FSD Africa Investments (FSDAi), the investing arm of FSD Africa, has injected £3 million (KSh447.8 million) into IMFact, a fintech that uses supply chain financing to provide working capital to micro, small and medium enterprises (MSMEs). As a “pooled receivables” factoring business, IMFact purchases bulk invoices from MSMEs for a mix of upfront cash and deferred payments. This gives the sellers access to cash without the need to follow up or wait for invoices to be paid, freeing up capital to buy new inventory, pay suppliers, and grow the business. The funding comes at a critical time with Covid-19 having…