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DPP Haji now targets Keroche power couple with Sh14 billion tax evasion suit

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DPP Noordin Haji has ordered for the arrest and arraignment of Keroche Breweries directors Tabitha Karanja and Joseph Karanja for allegedly evading taxes amounting Sh14.45 billion since 2015.

In a statement to newsrooms, the DPP said investigations revealed that the directors could be culpable of 10 counts of tax fraud between January 2015 to June 2019.

The DPP said the KRA commissioner general submitted an inquiry file to his office on August 18 and an audit by KRA established that Keroche Breweries had evaded payment of tax tallying to Sh14,451,836,375.

The amount evaded, according to the DPP, included stamps valued at Sh329,424,019, Crescent Vodka brand valued at Sh135,402,950 among other products registered under the company.

The exercise duty evaded on the said products, according to KRA, amounted to Sh2,101,846,768 billion.

IN PUBLIC INTEREST

The DPP says that he is satisfied that there is sufficient evidence and that it is in the public interest to charge the suspects with 10 counts of tax fraud contrary to the Tax Procedures Act of 2015.

For more than a decade, Keroche has been battling with Kenya Revenue Authority over tax arrears the brewer owes the taxman.

In 2017, a three-judge Court of Appeal bench ruled that KRA had abused its powers by sending a tax demand of the three tax heads and penalties amounting to Sh1.1 billion through a letter dated November 29, 2006.

READ ALSO:   Doctor says Keroche chairman too sick to be put in police cell

The ruling was the third in the 10-year battle in favour of the brewer, which gave them a fresh lease of life to the 20-year-old Keroche.

The letter was dismissed as unreasonable because it had come without an accompanying schedule of details of the said assessment and without proper notices.

The revenue authority had appealed an earlier decision by the High Court on July 6, 2007, where Justice Joseph Nyamu had prohibited the taxman from demanding the taxes, citing “abuse of powers”.

The taxman, who was also demanding an additional Value Added Tax of Sh305 million, was basing the tax bill on an assessment carried out in 2006, where some Keroche products had allegedly not been given the right classification, hence being subject to lower taxation.

by nairobinews

1 Comment

1 Comment

  1. Kamau peter

    August 21, 2019 at 3:56 pm

    It’s now evidence Uhuru leadership is targeting his own people to finish them..starting from nyamakima traders and now to private factories… Despot must fall.

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Business

Luxury Westlands hotel on auction over Sh240m debt

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A luxury hotel in Westlands, Nairobi formerly known Westend is set to be auctioned over unpaid Sh240 million bank loan.

In a notice published in the dailies Wednesday, Dalali Traders invited potential buyers of We Hotel and Suites formerly known as Westend to attend the event Thursday.

“Under instructions received from the charges advocate, we shall sell by public auction the under mentioned property on Thursday 20 February at our offices along Kijabe Street next to Universal Church starting at 10:30am,” the auctioneer said in a notice.

The hotel is associated with media entrepreneur Purish Shah.

Mr Shah, who is the vice chairman of Radio Africa linked urban station East FM had earlier pushed back similar attempts to sell his We Hotel and Suites through the court.

The Business Daily has learnt the latest planned auction of the upscale hotel is due to the debt owed to Bank of India. The hotel comprises a seven-storey building with basement parking. It has 42 rooms, 14 serviced apartments, spa, gym, conference space and a restaurant on the 7th floor.

Its basement comprises 17 parking spaces and a security office. Its ground floor has a conference centre, laundry area, staff dining room, and stores.

Located on Stima Road off Lower Kabete in Westlands it sits on approximately 0.0858ha (0.212 acres).

READ ALSO:   '11 people including my husband died on my ruracio day' - Tabitha Karanja

“A deposit of 25 percent of the sale price must be paid in cash or banker’s cheque at the fall of the hammer and balance paid within the 90 days to the charges,” said the auctioneers.

The auction comes as the number of properties going under the hammer or businesses crippled by mounting debt has risen sharply in recent months.

We Hotel and Suites joins the growing class of distressed hotels owned and operated by locals that have fallen to mounting debt and slowed down business as a result of the increased supply of rooms in the country and the government’s directive for public servants to hold their meetings in government institutions as part of cost-cutting measures.

By Business Daily

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Business

Nairobi reports high January home sales driven by access to credit and lower property prices

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Realtors have reported increased sales of standalone homes within Nairobi and its suburbs, largely driven by improved access to credit and lower property prices.

A survey of several real estate dealers in the city has revealed that January property sales were much higher than the average monthly transactions reported in 2019.

Realtor HassConsult said high-end properties in Westlands as well as the Gigiri diplomatic zone performed well last month, with several off- plan deals recorded.

“January has witnessed three times more activity than any other month last year,” said HassConsult’s head of development consulting and research Sakina Hassanali.

She said Kenyans appear to be enjoying better access to capital as many property buyers and tenants had paid all their instalments that lagged behind last year.

Mr Patrick Muchoki of Mahiga Homes said they have seen higher demand in developments in Ruiru and Kitengela, mostly from investor- buyers from the diaspora market.

“There is hope as Kenya’s population is rising and new well-paying jobs

are fast emerging within the digital space. 2020 is shaping up to be different from 2019, as banks are now willing to lend to would-be homeowners,” he said.

Enkavilla Properties General Manager Lilian Juma said good infrastructure has been supporting new sales for upcoming residential development in areas such as Kangundo Road, while Kitengela serviced plots sold under a buy-and-build basis have witnessed heightened interest among young couples.

READ ALSO:   Ben Pol addresses claims of break up with Anerlisa

Releasing their fourth-quarter housing property index, Kenya Bankers Association reported a seven percentage points jump in maisonette and bungalow sales within Nairobi and its suburbs.

KBA research and policy financial markets director Jared Osoro said there was a 17 per cent rise in sales of maisonettes in the fourth quarter of 2019 compared to a 10 per cent rise in the third quarter.

Outlook
ALL NOT LOST, SAY PLAYERS

The fourth-quarter KBA Housing Index registered a 0.61 per cent decline compared to the third quarter’s 2.28 per cent drop in house prices, an indication that the repeal of the interest rate capping law last November could have eased access to credit.

Increasing opportunities especially in the ICT sector, rising income levels and infrastructure are among factors that will push demand for homes up, according to some property managers.

By Nation

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Africa

Barclays Bank Kenya is now ABSA Kenya and it has opened its doors to the public

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Following the issuance of the requisite regulatory approvals, Barclays Bank of Kenya re-branded to Absa Bank Kenya on 10 February 2020 and is now open for business.

Absa Bank Kenya Plc  is a subsidiary of South Africa-based Absa Group Limited.[2] It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.

The headquarters and main branch of the bank are located at Barclays Westend Building, off of Waiyaki Way, in Nairobi, Kenya’s capital and largest city.

The bank is a large financial services institution in Kenya, with an asset base in excess of KES:259.718 billion (US$2.597 billion), with shareholders’ equity of KES:42,388 billion (US$423,83 billion). At that time the bank serviced 833 268 customer accounts, in 121 branches, 214 automated teller machines and 2,591 members of staff.

Barclays Africa Group Limited has officially been renamed Absa Group Limited and started trading under its new name and new share code (ABG) on the Johannesburg Stock Exchange today. The name change marks the start of a new era for the group as a standalone African group with a new brand design fit for a forward-looking business in a digital age.

No longer just a South African brand, the new Absa Group has a presence in 12 African countries and plans to open international offices in the UK and the US.

READ ALSO:   Ben Pol addresses claims of break up with Anerlisa

“Our new name and brand are an expression of our new purpose and strategic direction, which commits us to growing in Africa,” Absa Group Limited Chief Executive Officer, Maria Ramos said. “We are rallying around a shared sense of purpose and identity while celebrating our diversity,” she said.

Absa Group launched a new growth strategy on 1 March 2018 as it separates from Barclays PLC. The strategy prioritises cultural transformation as well as restoring leadership position in the group’s core business areas, and developing pioneering propositions for customers and clients. The new Absa brand design is an expression of the group’s new purpose, which is:  ‘bringing your possibility to life’.

The rollout of the new Absa brand design in South Africa will be completed in 2019. The new Absa brand will also be rolled out to Absa Group’s Barclays banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Tanzania, Uganda and Zambia by mid-2020, subject to approvals including from regulators in those countries. Product and service functionality will not be affected by the rebranding programme.

In renaming Barclays banks across the continent, the group will be able to build on the pedigree of the Absa brand as a strong and stable bank. The brand has substantial equity – Absa was named the fourth most valuable brand (with an estimated value of R18.9 billion, or about US$1.5 billion) in South Africa by global brand valuation and strategy consultancy Brand Finance this year.

READ ALSO:   Doctor says Keroche chairman too sick to be put in police cell

“We would like to build the brand as a bank that Africa’s people can be proud of, a truly independent African bank with global scalability,” said Ramos. “A single brand will enable us to unite behind a single identity, purpose and strategy; we are excited by the enormous opportunity we have to create a bank that Africa can be proud of.”

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