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K1 Club daughters in tussle with brothers over Sh2bn property

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Revellers at the popular K1 Club House in Westlands, Nairobi
Revellers at the popular K1 Club House in Westlands, Nairobi. FILE PHOTO | NMG 

Daughters of billionaire businessman James Mwangi Kirung’o alias Kahama are locked in a court fight with their brothers over the family estate worth Sh2 billion that includes Nairobi’s K1 Club House and Kahama hotels.

The three daughters accuse their two brothers of excluding them and their mother from ownership of the estate that also includes Small World Country Club, banks, Kenya International Hotel, famously known as Kahama, land and houses spread across the country.

The daughters are in court seeking orders to force their brothers — John Kirungo Mwangi and Sammy Lonce Wakaina — to give details of business accounts since March 1998 when their father died.

They also want the court to direct distribution of the property among all siblings. “That pursuant to the grant issued herein to Eunice Njeri Mwangi on December 7, 1998, the estate herein be shared out among the deceased’s beneficiaries in equal shares or in such proportions as the beneficiaries may agree upon and in default, the honourable court do distribute the estate as it deems just and reasonable,” states the daughters’ lawyer Jeremy Njenga of J. M Njenga and Co Advocates.

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Their father left a will, which has been kept a top secret, and appointed their mother, Eunice Njeri Mwangi, as the sole administrator. The will did not share out the property.

The daughters — Hannah, Nancy, and Ruth — claim that their brothers manipulated their mother and took over running of the estate to their exclusion. They accuse their brothers of keeping the will secret and secretly obtaining the power of administration to run the businesses.

Court documents show that the late Mwangi is survived by five children and a widow. One of the sons, Stephen Mwaura, died last year. The late Mwangi left behind an estate valued at billions of shillings. The estate includes several parcels of land and businesses across the country.

At the centre of the legal tussle is the once popular entertainment joint Klub 1 Club House in Parklands whose value — both of the development and land — is estimated at over Sh500 million. Other property are the Kahama Hotels in Nairobi and Mombasa valued at Sh400 million.

The family also owns a residential house in Parklands, an apartment in Kilimani area and the Small World Country Club off Mombasa Road. Behind the club is a 100-acre farm. Kahama Properties Agencies Ltd owns several plots including two in Embakasi next to the Jomo Kenyatta International Airport and two in Nyahururu.

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

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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.

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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

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

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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.

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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

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

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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.

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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.

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