Pay defaults in Sh13.5bn Cytonn fund invites fresh CMA action

Cytonn Investments’ troubled private funds have triggered fresh regulatory action in the wake of mounting complaints from investor reports of delayed payment of returns from real estate investments. The Capital Markets Authority (CMA) on Thursday said it has opened investigations into Cytonn High Yield Solutions (CHYS) and Cytonn Project Notes…

Reprieve for used car importers in Mombasa permit fee row

The High Court has ordered maintenance of the status quo regarding payment of trade licence fees in a dispute pitting importers of used vehicles and Mombasa County. Under the umbrella of Car Importers Association of Kenya (Ciak), dealers had sued the county government of Mombasa, challenging a demand for payment…

IMF deal that froze Kenya government workers Sh82bn pay rise

Kenya has frozen a Sh82 billion salary increments for all civil servants for two years, starting July following a deal agreed with International Monetary Fund (IMF) to keep pay unchanged until 2025. The Salaries and Remuneration Commission (SRC) on Thursday revealed the freeze, highlighting the gravity of the country’s rapidly…

Pay defaults in Sh13.5bn Cytonn fund invites fresh CMA action

Cytonn Investments’ troubled private funds have triggered fresh regulatory action in the wake of mounting complaints from investor reports of delayed payment of returns from real estate investments. The Capital Markets Authority (CMA) on Thursday said it has opened investigations into Cytonn High Yield Solutions (CHYS) and Cytonn Project Notes…

State freezes pay increment for civil servants from July

Kenya has frozen salary increments for all civil servants for two years starting from July, dampening their prospects of better fortunes amid tough economic times due to the Covid-19 pandemic. The suspension announced by the Salaries and Remuneration Commission (SRC) affects basic salary, allowances and benefits paid in the public…

State to control doctors, hospital charges in Bill

Kenya will start controlling medical bills and doctors’ fees if Parliament adopts a proposed law that aims to curb the surge in hospital expenses. Hospital charges will be determined and capped by an 11-member council that includes the Principal Secretary for Health, the Attorney General and an official from the…

Reprieve for used car importers in Mombasa permit fee row

The High Court has ordered maintenance of the status quo regarding payment of trade licence fees in a dispute pitting importers of used vehicles and Mombasa County. Under the umbrella of Car Importers Association of Kenya (Ciak), dealers had sued the county government of Mombasa, challenging a demand for payment…