Author: Khusoko

The Directorate of Criminal Investigations has published the names of the six people arrested in connection with $20 million fake currency at the Barclays Kenya Queensway Branch. Among those arrested include two of the bank’s staff, the directorate said late on Tuesday. “Six people were arrested today evening by … detectives in connection with fake currency amounting to slightly over $20 million (at Barclays Kenya) Queensway Branch,” the statement said. “The fake notes in $100 denominations were recovered from the bank’s safe room.” https://twitter.com/DCI_Kenya/status/1108099038040203273 They are Dr. Erick Adede -Owner of the Box, Ahmed Shah- Fake Investor, Elizabeth Muthoni, Irene…

The Competition Authority of Kenya (CAK) has approved the acquisition of Cemtech Company Limited by Simba Cement Company Limited. “CAK considered that Cemtech has been dormant for a decade. Its shareholders have been looking a strategic partner to finance construction of a cement plant. The proposed acquisition is therefore expected to resuscitate the dormant firm, create jobs and raise the economic profile of West Pokot County” said the CAK in a press statement. The proposed transaction involves the acquisition of 100% of the business and assets of Cemtech by Simba Cement. The assets include land, business intellectual property, business records,…

KCB Foundation, through its flagship youth empowerment programme, ‘2jiajiri’ will equip 1,000 persons living with disability with technical and entrepreneurial skills this year. The beneficiaries will receive vocational training at technical training institutions across the country in various trades that form the backbone of the informal economy namely: agribusiness, automotive engineering, beauty and personal care, building and construction and domestic services. Out of this year’s recruitment target, the Foundation will extend business development services and financial support to PWDs operating Micro Small and Medium Enterprises (MSMEs) and apprentices who will be recruited through the KCB Bank branch network in the…

Kenya’s Directorate of Criminal Investigations (DCI) is probing $20 million (KSh2b) in fake currency found at a safe in Barclays Bank (BBK) Queensway branch, Nairobi, the Bank confirmed on Tuesday. “A customer who holds a personal safe deposit box at our Queensway branch was this morning intercepted by police at the branch. Police are currently investigating the contents of his safe deposit box. We are assisting the authorities to investigate this matter fully,” said Barclays on Twitter. https://twitter.com/Barclays_Kenya/status/1107998363004387330 DCI boss George Kinoti said the fake currency was deposited in November 2017 with investigators questioning bank officials how the counterfeit dollars…

Kenya Reinsurance Corporation (Kenya Re) has issued a profit warning for the full financial year ended December 2018 citing higher claims, forex losses, lower income and impairment of assets. “The expected decrease is mainly attributable to high claims reserves in the year, forex losses due to currency devaluations in some of our markets, unexpected reduction in income from (an) associate and impairment of an asset held for sale,” said the firm in a cautionary statement. In 2017, the insurer posted 8.8% rise in after-tax profit in the year ended December. Earlier this year, Genghis Capital said, “Kenya RE is a…

The Kenya ICT Action Network (KICTANet) in partnership with Global Partners Digital (GPD) with the support of the government of the United Kingdom will hold a roundtable meeting on improving cybersecurity in Kenya. The meeting is premised on the theme ‘Cybersecurity in Kenya: Priorities for 2019.’ It embodies the contemporary economic and security threats industries are facing the rise of cyber-crime in today’s dynamic economy. “This will include a broad overview of the current state of play in cybersecurity globally, regionally and in Kenya; while providing space to identify stakeholder common priorities and to make recommendations for the year ahead,”…