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Kenyan Parliament Probes Cement Sale & High Court Rules on Sh773M Tax Evasion Case
The National Assembly’s Departmental Committee on Trade, Industry & Cooperatives has ordered the Competition Authority of Kenya (CAK) to investigate the proposed sale of a 29.25 percent stake in East African Portland Cement (EAPC). This probe was initiated due to concerns about the undervaluation of the stake and potential market dominance. In a separate action, a different parliamentary committee cleared several multinational companies of allegations of bias against local investors in the transport and logistics sector. The committee concluded that it found no evidence to support claims of discrimination or anti-competitive practices. Meanwhile, Kenya's fight against tax evasion was bolstered by a High Court decision that upheld a significant portion of a Sh773 million tax assessment against a construction company. The ruling specifically supports the effort against 'missing trader' tax evasion schemes.
KenGen Profit Climbs 54pc, Bolttech Acquires mTek & Pesalink Launches Bank Awards
Kenya's primary power producer, KenGen, reported a 54 percent surge in profit after tax to KSh 10.48 billion for the year ended June 30. This financial growth, driven by lower operating costs, led the company to increase its dividend payout to KSh 0.90 per share. In the insurtech market, global organization Bolttech has acquired the Nairobi-based digital insurance platform mTek. This move marks a significant consolidation in East Africa's insurtech market and prepares for wider regional expansion. Separately, Pesalink has launched its first-ever awards to recognize top-performing Kenyan banks in instant payments. The rankings are based on ten months of verified data from Pesalink's Instant Payments Dashboard, aiming to set new industry benchmarks for reliability and affordability.
