FINANCE EA DAILY BUSINESS NEW SUMMARY

The High Court has cleared KCB Group  to seize and auction the assets of Nairobi County over a Sh4.3 billion defaulted loan.

Justice Chacha Mwita dismissed the county government’s application challenging the amount awarded by an arbitrator in November 2019.

The lender moved to court in 2020 seeking recognition of the award by Phillip Bliss Aliker, an arbitrator who was chosen by both parties.

City Hall has, however, continued to default on the loan even after an arbitrator confirmed KCB’s claims and directed the Nairobi County government to settle the debt…Business Daily

The Treasury has escaped a scare on its expenditure plans for the next financial year after the Attorney-General’s office deflected threats by Parliament to shoot down the national budget proposals on grounds that it would breach the legal debt ceiling.

Solicitor-General Ken Ogeto, in a legal advisory, said that passing the Budget Policy Statement 2022 would not violate the Sh9 trillion public debt limit because the Treasury had not actualised its spending plans.

“The question whether or not the debt ceiling as set by the Parliament has been or will be exceeded can be answered only at the point of an actual proposed borrowing,” he said in the advisory to Treasury Cabinet Secretary Ukur Yatani…..NATION MEDIA

Treasury Principal Secretary Julius Muia told members of the National Assembly that Treasury was yet to pay NHIF premiums for the current financial year.

Treasury did not allocate any money for the NHIF cover for civil servants in the budget. Mr Muia says the omission was meant to give Treasury enough time to collect data on the amounts needed following expansion of the scheme.

He was appearing before the National Assembly’s Finance and Planning Committee to defend the ministry’s request for additional funding for its operations…..NATION MEDIA

 

The Supreme Court bench comprising Chief Justice Martha Koome, her deputy Philomena Mwilu, Justices Mohamed Ibrahim, Njoki Ndung’u, and William Ouko threw out KRA’s application for failing to observe the court’s directions.

According to the judges, KRA’s application was not clear on its demands and had not attached essential parts of the petition filed in the High Court. They were of the view that it would be unfair to restart the case as it had been in the corridors of justice for 10 years.

“The dispute commenced in the High Court in October 2012, some 10 years ago, then moved to the Court of Appeal, over nine years ago in July 2013. To start the case all over again, for no fault of the respondents, is not only unconscionable but also insensitive and cruel,” the judges observed….Standardmedia

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