Connect with us

Business

German investor wants three judges to recuse themselves from case

Published

on

Loading...

[ad_1]

Economy

Court of appeal judge Alnashir Visram
Court of appeal judge Alnashir Visram on July 20, 2017. FILE PHOTO | NMG 

A German investor fighting over the ownership of Sh1 billion Salama Beach Hotel in Watamu, Kilifi County, wants three Court of Appeal Judges to recuse themselves from the case.

Hans Juergen Langer has filed an application for recusal of Justices Alnashir Visram , Wanjiru Karanja and Martha Koome claiming they will not deliver justice.

The investor claims the three judges hearing his claim for the ownership of the lucrative hotel accusing them of having a pre-set mind in the case.

“The appellants are apprehensive that the aforesaid bench shall be incapable of deviating or departing from the view and or opinion it had made and thus are already biased in limine,” Mr Langer said.

The three appellate judges had in December last year held a high court decision that had ruled that the appellant was not the director of the hotel and that he should surrender its ownership to Isaac Rodrot (Kenyan) and his Italian counterpart Stefano Uccelli.

Mr Langer and his wife Zahra Langer are embroiled in a battle over the ownership of the property with Mr Rodrot and Ms Uccelli.

In the judgment, appellate judges put the proprietorship of the luxurious beach resort under Mr Rodrot after it ruled that Mr Langer and his wife fraudulently took away the ownership of the hotel from him (Rodrot).

But despite this judgement which is subject of appeal at the Supreme Court, Rodrot’s efforts to execute the judgment has proved futile as the appellants have used the police to keep him off the property.

Loading...

Mr Langer has applied to challenge this decision at the Supreme Court.

He argued that the judges made a biased finding and thus he is apprehensive that they (judges) by default have a pre-set mind hence are incapable of making an impartial decision.

“The appellants are further hesitant that the aforesaid judges had already condemned them unheard when it failed to appreciate that the subject of fraud can only be established in a full hearing which involves witness testimony and cross-examination and not summarily by affidavit evidence,” he said.

The judges have directed the appellant to file the respondent with the application within two weeks so that the matter can be fixed for hearing.

Mr Langer had asked the court to preserve the assets including the hotel from any interference by the respondents until the ownership wrangle is settled.

The German investor has accused Ventagio International SA, the original company that owned the property, Mr Rodrot and Mr Uccelli who are directors of the hotel, of attempted theft of funds, property shares and hotel businesses.

Mr Langer claims that the respondents have invented methods to frustrate, defraud and swindle huge sums of money from him and the wife, who are the shareholders of the hotel.

However, the respondents through their lawyer Joseph Munyithya says that matter touching on possession, shareholding and control of the luxurious property had been dealt with conclusively in a judgment dated December 15, last year.

The four have been engaged in battle over the ownership of the lucrative property since 2009, and has another suit pending before Malindi Resident Judge Weldon Korir.

The German couple have claimed that the Appellate Court’s judgment lacks clarity on the real shareholders of the property.

[ad_2]

Source link

Loading...
Continue Reading

Business

World Bank pushes G-20 to extend debt relief to 2021

Published

on

Loading...

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.

Loading...

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.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

Loading...
Continue Reading

Business

Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

Published

on

Loading...

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.

Loading...

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.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

Loading...
Continue Reading

Business

Scope Markets Kenya customers to have instant access to global financial markets

Published

on

Loading...

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.

Loading...

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.

Advertisement. Scroll to continue reading.

Loading...
Continue Reading

Trending