On Monday, 09 October 2023, the President assented to the 2023 Privatization Act. The Act will overhaul the regulatory framework for privatizing public entities established by the 2005 Privatization Act. It represents a notable and hopeful advancement in privatization regulation. It is expected to enhance privatization by simplifying the privatization process and timelines. It is...
Introduction The Pension industry in the last decade has undergone many changes. In tandem with those changes, the sector has grown significantly and is currently estimated to be managing assets in excess of Kenya Shilling one trillion. Obviously, such a significant sector is always being scrutinised by policy makers albeit not always with good results....
Introduction A recent judgment by the Employment Court has blurred the line between employment disputes and constitutional violations.[1] The aggrieved employee claimed unfair termination and violation of his rights to fair labour practices and fair administrative action under the Constitution. He claimed his employer had disregarded his explanations on the causes of his unsatisfactory performance...
Introduction The rise of technology is causing a re-think of what can be used as collateral. Capital providers when asking for security are shifting focus from tangible assets to valuable intangible assets. These most commonly take the form of intellectual property rights and particularly copyrights and trademarks. What is intellectual property? Intellectual property refers to...
The Cabinet Secretary of Transport, Infrastructure and Urban Development published the Urban Areas and Cites (General) Regulations, 2022 (the “Regulations”) to operationalize the Urban Areas and Cities Act, 2011 (the “Act”). We highlight some of the key provisions below. Accreditation of Business and Neighbourhood Associations The Regulations provide for accreditation of business and neighbourhood associations...
Introduction Execution of documents by corporate entities can sometimes be plagued by administrative inefficiencies. This is mainly due to over-reliance on directors to perform this role. In this alert, we highlight what the law provides on execution of documents by companies. What does the law provide? The 2015 Companies Act provides a company may only...
Introduction The Capital Markets (Investment-Based Crowdfunding) Regulations, 2022 (the “Regulations”) have been gazetted. The Regulations enable start-ups and growing businesses to raise money from individuals or entities to either finance a project or business through crowdfunding platforms. We set out below a summary of the key highlights in the Regulations. Scope of the Regulations While...
The High Court held the in duplum rule in Section 44 of the Banking Act does not apply to non-deposit taking microfinance institutions.[i] The rule limits interest accrual to equal the principal amount outstanding when a loan becomes non-performing. We analyse below the difference between this decision and the one that held in duplum applies...
A recent High Court ruling will have lenders scratching their heads on how to best secure facilities they issue and enforce full repayment. The High Court, in a decision we expect to be challenged, held a lender who had been allowed to purchase the property securing a facility could not pursue guarantors for any shortfall. The...
In 2022, the Employment and Labour Relations Court invalidated the 2013 National Social Security Fund Act for being unconstitutional. You can find our analysis of the judgement here. This decision was appealed to the Court of Appeal which on February 03, 2023 found that: The Labour Court lacked authority to hear the case because the...
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