The Kenya African National Union (KANU) has moved to the Supreme Court to block the sale of its Nakuru branch offices over a Sh738 million electricity bill.
The party’s Nakuru branch officials have filed the appeal before the country’s top court seeking to challenge the decision by the Court of Appeal to dismiss its application to protect the property from auction towards recovery of the debt owed to Kenya Power #ticker:KPLC.
The debt was incurred over the period the then ruling party occupied Kenyatta International Convention Centre (KICC) during the reign of former President Daniel Arap Moi.
Appellate Court judges Philip Waki, Patrick Kiage and Fatuma Sichale in their ruling on October 26 declined to issue a temporary order barring Kenya Power from recovering the amount accrued during the eight years KANU was headquartered at the KICC.
‘Not unique, irreplaceable’
In the notice of appeal that was filed on November 1, appellants John Muthee, Peter Otieno, Charles Maina, Silas Mukolwe and Evans Ekaliche have challenged the court’s findings indicating that they failed to demonstrate that the property is unique and irreplaceable in nature to the political party.
“The appellants here being dissatisfied and aggrieved by the ruling delivered by the Court of Appeal judges intend to appeal to the Supreme Court at Nairobi against the whole decision,” reads part of the document.
The utility firm had secured judgement against KANU for unpaid power supply in August 2009 amounting to Sh355,200,295 together with 12 per cent interest per year until the debt is settled.
The branch however, objected the decision by Justice Jessie Lesiit saying the property did not belong to the national party, an application which was rejected in 2014.
The independent party took possession of KICC in 1995 but was kicked out in 2003 shortly after retired president Mwai Kibaki took over the country’s leadership.
Attempts by the party to reclaim the property were unsuccessful after the Constitutional Court in 2008 dismissed its suit challenging eviction.
Subsequent appeals have also been dismissed prompting the decision by the party to move to the Supreme Court.
The party now wants the country’s top court to overturn the ruling of the Appeal Court and grant orders to protect the property pending hearing of a main petition before it (Court of Appeal).
In the ruling by the Court of Appeal, the judges had expressed doubts regarding success of the pending appeal.
The case is scheduled for inter-partes hearing on February 19, next year.
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.