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Bourse foreign outflows slow down in November

Net foreign outflows at the Nairobi bourse eased in November compared with October largely on increased investment in banking stocks following the removal of interest rate caps. Foreign investors moved a net of Sh727.36 million (where $1 is equivalent to Sh102.59) from the Nairobi Securities Exchange (NSE), 43.05 percent less than nearly Sh1.28 billion in October, SIB analysts showed in their monthly report. November marked the second month in a row that NSE has posted net foreign capital outflows in line with a trend being witnessed elsewhere in emerging and frontier markets. Foreign investors were, however, in net buying position

Civil servant who built empire with stolen tax

Despite earning Sh120,000 as basic salary, an accountant at the Ministry of Interior managed to deposit an average of Sh5 million every month in his 10 bank accounts. However, when the law eventually caught up with him, he could not explain how he made the large sums of money. Thomas Gitau Njogu, a senior assistant accountant general, also struggled before court to show proof of how he had accumulated property worth Sh115 million in less than two years without once touching his salary. His huge deposits and the enviable property, the court heard, coincided with his promotion to the position

Equity, CBA lose Sh490m in title deed fraud racket

Commercial Bank of Africa, now known as NCBA , and Equity Bank  stand to lose nearly Sh500 million through a title deed fraud racket after the Court of Appeal ruled that Co-operative Bank of Kenya  has the right to a property used to acquire loans from the three banks. Equity Bank, Commercial Bank of Africa (CBA) and Co-operative Bank of Kenya have been laying claim on the single property in Riruta, which is registered in different names and was used to secure over Sh450 million in loans. Three Court of Appeal judges ruled that CBA — which has been fighting for the title

BBI proposals good for small-sized businesses

The Building Bridges Initiative (BBI) report was submitted last week and is set for discussions from January. While BBI is not a law in itself, its direction is likely to guide policy and statute in Kenya. The BBI is not enforceable as a legislated law is but it is important to consider its key provisions when scrutinising the legal environment. Most of what the BBI report contains are policy statements or statements of intent as opposed to actual law, therefore the proposals are not enforceable unless they are legislated. However, some of the proposals do not require legislative backing but

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