John Mutua

1 week ago | businessdailyafrica.com | John Mutua

Businesses have gone to court seeking to overturn a Kenya Revenue Authority (KRA) decision that has barred them from filing returns, as the firms grapple with a near paralysis of operations. Lawyers representing the 5,030 companies that were placed on the Value Added Tax (VAT) Special Table last month filed the petition at the High Court yesterday, with the case being certified as urgent and set to be mentioned on June 9, 2025.

1 week ago | businessdailyafrica.com | John Mutua

Water levels at Kenya’s biggest electricity generation dam have remained at optimum, in what looks set to ensure stable production of hydro power and prevent electricity prices from skyrocketing. KenGen, the agency that owns the five major hydro dams along the Seven Forks cascade, disclosed that water levels at Masinga Dam hit 1,056.97 meters this week, surpassing the highest level of 1,056.5 metres.

1 week ago | businessdailyafrica.com | John Mutua

The State House and the department of Social Protection had by end of last month depleted their budgets for salaries and other recurrent items, amid a plan by the Treasury to prepare a third mini-budget for the current financial year, which ends in June. Disclosures from the Treasury show that the State Department of Social Protection and Senior Citizens had spent Sh35.7 billion on salaries, allowances and other recurrent items, against a budget of Sh33.3 billion by the end of last month.

1 week ago | businessdailyafrica.com | John Mutua

Jacob Segman, the former CEO of KenolKobil (now trading as Rubis), has been ordered to pay a fine of Sh5 million to the Capital Markets Authority (CMA) for failing to disclose his ownership stake in the then listed oil marketer over a decade ago.            The Capital Markets Tribunal upheld the fine imposed by the CMA in 2018, ruling that Mr Segman had breached the law by failing to reveal his 5.99 percent stake in KenolKobil.

1 week ago | businessdailyafrica.com | John Mutua

A World Bank-backed guarantee fund has disclosed a Sh23.21 billion ($179.64 million) guarantee to Koko Networks, to cushion the energy firm against risks as it expands in the Kenyan market. Multilateral Investment Guarantee Agency (MIGA)— the guarantee arm of the World Bank— said the security, agreed in March this year, will run for up to 15 years and covers Koko against civil strife, seizure of its land for public use and breach of contract in its Kenyan operations.