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Co-operative Bank Scales Mount Kenya

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The Co-operative Bank of Kenya has announced a KShs 2 million sponsorship for the forthcoming Mt. Kenya Mountain Running Championships which will be held in Meru County on February 22nd .

Speaking at Co-operative Bank House where the announcement was made, Co-operative Bank’s Group Managing Director and CEO, Dr.. Gideon Muriuki, said the sponsorship was a natural choice for the bank as it fits within the environment and health pillars of its Foundation.

“We are pleased to be part of this initiative as its objectives fit perfectly within our Foundation’s pillars on the environment and health. We look forward to being part of Meru County’s efforts to fight cancer and enhance the environment through the forthcoming run,” he said.

The Mt. Kenya Mountain Running Championships targets 5,000 participants to help raise funds to fight cancer, boost environmental conservation and promote the region as a tourist and investment hub.

The event will feature four race categories which are: the 2km family fun run; the 6km and 8km junior run and a 12km elites’ race through the challenging Mount Kenya forest tracks.

Proceeds from the Championships will be used to fund the establishment of the Meru Cancer Center at the local Level 5 Hospital and a sanctuary for the mountain bongo and rhinos.

The elite winner of the 12KM race category will take home KShs 500,000 while runner-up will take home KShs 250,000; while the second runner-up will take home KShs 100,000.

Speaking at the sponsorship event, Meru County Governor, Hon. Kiraitu Murungi, lauded the bank for its support saying that the funds will go a long way towards making the event a success.

“We are grateful to the Co-operative Bank of Kenya for their support of the upcoming inaugural Mt. Kenya Run. Their support will have a significant impact in making the event a success and we look forward to walking the journey to fight cancer and enhance our environment in Meru together with them,” he said.

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Microsoft appoints Kendi Ntwiga as country manager for Kenya’s operations

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Microsoft has appointed Kendi Nywiga Nderitu as the manager of it’s operations in Kenya.

Kendi had previously served as the General Manager of the East, West and Central Africa Cluster for Check Point Software before joining Microsoft.

She appreciated Microsoft for her appointment.

“I am excited to join Microsoft at a time when digitisation is seen as a key driver of progress and transformation in Africa. Microsoft’s mission is to empower every person and organisation on the planet to achieve more and I feel privileged to be the custodian of that mission in Kenya,” Kendi said.

Her extensive resume includes roles at Oracle, HP and Intel, where she was tasked with leading and implementing business strategies across sub-Saharan Africa.

She has been instrumental in helping various organisations develop strategic digital road maps, ultimately enabling them to improve efficiencies and reduce costs.

Kendi is also the founder of She-Goes-Tech, an initiative created with the purpose of mentoring young girls and women who are pursuing STEM careers.

The new manager will be responsible for developing and maintaining effective relationships across the company’s subsidiaries, and regional sales and marketing departments.

The role also calls for the creation of strategies, the building of plans, allocation of resources and the establishment of priorities and supervising engagements – all with the ultimate goal of increasing Microsoft’s share of voice.

The Regional General Manager Middle East and Africa Multi-Country Region at Microsoft Ibrahim Youssry welcomed Kendi’s appointment.

“We are extremely excited to have Kendi join our dynamic team and are confident that her extensive experience will go a long way in contributing to our overall mission of helping the continent on its digital transformation journey, while also driving greater diversity and inclusion across STEM fields,” Youssry said

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How Nakumatt directors siphoned Sh1bn

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Atul Shah, Nakumatt former CEO.

Nakumatt Holdings had lent its directors more than Sh1 billion in interest-free soft loans by the time it was placed under administration on January 22, 2018, according to a review of the company’s financial statements.

The related party transactions were recently disclosed in a report for the year ended February 2018 by Parker Randall Eastern Africa, the retailer’s independent auditor.

The auditor did not specify which individuals owe the company money, underlining the weak governance in the board of the former giant retail chain that owes banks, landlords and suppliers as much as Sh20 billion.

Nakumatt’s founder and former chief executive Atul Shah was among the two individuals listed as directors of the company as of the report date.

“Significant in this net balance is Sh948 million due from the directors. These receivables are not supportable based on the available evidence,” reads part of the report.

“The amounts due from a director are interest free. They relate to short-term advances through a current account.”

LOOSE GOVERNANCE

The loans to the company’s directors are among a series of related party transactions amounting to Sh2.8 billion, which are unlikely to be recovered.

Others include amounts claimed from subsidiaries in Uganda, Rwanda and Tanzania, which ceased operations.

The administrator has written off Sh1.5 billion or 53 percent of the receivables, leaving a balance of Sh1.3 billion.

“There are no repayment plans for these balances; the companies frequently lend and borrow funds from each other,” the auditor said.

The report paints a picture of relatively loose governance at Nakumatt relative to other firms such as banks where insider dealings are more closely regulated.

There is a limit on the size of loans directors and employees of a bank can take in aggregate. The loans also typically attract interest charges, though sometimes at below market rates.

Revelations of Nakumatt’s insider loans come at a time when the retailer is closing most of its remaining branches, making compensation for creditors even less likely.

Mr Shah faces investigations over the loss of Sh18 billion worth of stock.

Nakumatt administrator Peter Kahi said a forensic investigator will probe why Mr Shah wrote off stock worth Sh18 billion in May 2018, before the company ground to a halt.

The High Court granted Nakumatt Supermarkets protection from its creditors, allowing the retailer to go into voluntary administration. The company sought protection using Kenya’s newly enacted company laws, which provide a path for distressed firms to avoid complete collapse. At its height, the company, which began life as Nakuru Mattresses, had more than 60 outlets across Kenya, Uganda, Tanzania and Rwanda.

But its financial problems have led to empty shelves and store closures, opening the way for foreign retailers like Carrefour and local rival, Naivas, to take over space being vacated by Nakumatt.

 

Source: www.businessdailyafrica.com

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