KCB Group has placed Mumias Sugar Company under administration after the miller defaulted on loans amounting to Sh12.5 billion it owes the bank and other creditors, effectively kicking out the company’s board and management.
The Kenyan shilling is in the spotlight as diaspora remittances fell for a second straight month amid expected pressure from the demonetisation of the old Sh1,000 note that has raised liquidity in the market.
The Kenya Revenue Authority (KRA) has frozen bank accounts owned by Africa Union’s reinsurance firm over a Sh12.8 billion tax bill, setting the stage for a battle between Nairobi and the continental body.
The Nairobi Securities Exchange (NSE) has inked a pact with gender equality data and insights provider Equileap and New Faces New Voices to conduct a joint study to evaluate Kenyan- listed companies’ performance on gender equality.
The risk of the Kenyan shilling depreciating is high in the short-term due to dollar demand as the Central Bank of Kenya (CBK) removal of old Sh1,000 currency notes from the circulation draws to a close.