Friday, March 11, 2005

Business Briefs

Equity expansion continues
Equity Bank will take over the Harambee Avenue Branch of Industrial Development Bank. IDB will completely divest from commercial banking, and focus on its core business of long-term lending.

Bank at City Hall
Cooperative Bank has opened a branch at city hall annexe with 4 ATM’s. This should ease the congestion and queues that are typical at Co-op ATM’s especially at month end.

Carnivore tragedy bosses freed
Nine managers of United Distillers and Vintners (UDV), Carnivore Restaurant and East African Breweries Ltd, were set free after Attorney General Amos Wako dropped charges of negligence against them. Instead, Nairobi chief magistrate Aggrey Muchelule will hold an inquest into the deaths, which occurred at the Carnivore in December.

KRA hits a few roadblocks
Kenya Revenue Authority (KRA) wants the army to pay import duty saying duty exemptions on imported military goods are discriminatory.

Meanwhile, a Mombasa Court has stopped KRA from collecting revenue on behalf of the Mombasa Municipal Council following a suit filed by the North Coast Residents and Ratepayers Association, which comprises 380 residents of up-market Nyali. A similar case has been filed in Nairobi.

Moi, Biwott offer defense
Following a refusal by the Gor Sunguh circus to admit their evidence on the Ouko murder, retired President Moi and former Minister Nicholas Biwott have issued statements in the Friday (11/3) newspapers in their own defense though their lawyers Mutula Kilonzo and Shapley Barrett advocates respectively. Now if only the lawyers would also post these lengthy statements online.

Uchumi Sells Land
Following their closure of 10 stores last month, Uchumi supermarkets has advertised to sell land and buildings at Nairobi (City market, Langata Rd, Jogoo Rd, Ngong Rd) Eldoret, Bombolulu, and Thika.

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