The Director of Public Prosecutions has directed police to expedite investigations into ownership dispute surrounding Sh10 billion land in Kiambu County.
The DPP, in a letter to Director of Criminal Investigations (DCI), wants further to be furnished with the status of the probe that began last year after a city lawyer made claims of fraud.
The land, measuring 302 acres situated at Kamiti road, along the Northern Bypass and valued at Sh9,664,000,000 is claimed by the estate of former provincial commissioner late John Godhard Mburu who was the director of Miaraho limited.
Miaraho limited, through law firm of Howard, Nick and Kenneth, wrote a second letter on the 11th of February 2019 to DPP Noordin Haji protesting the failure to solve the dispute.
“I refer to the above captioned matter and our letter dated 9th August 2018. To date the DPP has not received any response or the police investigation file. The DPP has now received a further complaint touching on the subject matter. Could we have the police investigations without delay,” the Deputy DPP Jacob Ondari wrote on behalf of Haji on the 19th February.
According to the complaint letter and documents attached, Miaraho Ltd that was incorporated on 11th June 1973 acquired the land on May 9, 1974 from Katunda Coffee Estates Limited.
However, individuals claiming to be directors of Miaraho Ltd entered into a sale agreement with directors of Hydro Developers Ltd on the land on 27th June 2011 as Sh200 million.
The directors of Hydro Developers Ltd (buyer) are listed as Mukesha Kumar Velji Salva and Rajesh Velbhai Salva while those who acted as sellers are Patrick Githinji Mwangi and Titus Thuo Macharia.
A law firm associated with Paul Mwaniki Gachoka, a commissioner at the Ethics and Anti-Corruption Commission, Mwaniki Gachoka and Co Advocates acted for the same process.
On 22nd, January, 2014 Gachoka wrote to the National Land Commissioner Chairman Muhammad Swazuri forwarding bankers cheques of Sh507, 300 and Sh512, 640 as statutory fee for approval of subdivision and change of user.
Yesterday, commissioner Gachoka said he was out of the country for a week and could not respond to our queries on the transactions. He, however, promised to avail all documents to show that his involvement was above board.
“I have received a lot of questions from journalists about these issue. I am ready to avail documents to show that nothing irregular happened once I am back in the country; I will be back on Saturday,” Gachoka told The Standard.
On his part, Mukesh refused to comment when reached on phone. He disconnected our calls immediately after making an inquiry on the transfer.
The 302 acre piece has been subdivided and chastened River Island estate, with a 40 by 80 piece going for Sh4 million, as the dispute rages.
In 2011, the said directors of Miaraho Ltd were paid Sh201, 933,250 by the KeNHA, as part of the land was acquired for the construction of Western Bypass.
World Bank pushes G-20 to extend debt relief to 2021
World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.
“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.
He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.
The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.
People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.
For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.
Debt burdens, already unsustainable for many countries, are rising to crisis levels.
“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.
Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans
The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.
“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”
According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.
Tighter Reins on Platforms for Mobile Loans
The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.
Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.
Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.
Scope Markets Kenya customers to have instant access to global financial markets
NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options.
This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.
The Scope Markets app offers clients over 500 investment opportunities across global financial markets.
The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.
The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).
The platform also offers an enhanced client interface including catering for those who trade at night.
The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour; Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).
The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.
Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”
He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.