Features | - Part 187

UK banks to check 70m bank accounts in search for illegal immigrants

LONDON (Capital Markets in Africa) – Banks and building societies are to carry out immigration checks on 70m current accounts from January in the biggest extension of Theresa May’s plans to create a “hostile environment” for illegal immigrants in Britain, the Guardian has learned. The Home Office expects to identify 6,000 visa overstayers, failed asylum seekers and foreign national offenders facing deportation in the first year of the checks, which are to be carried out quarterly….

Kenya’s Top Court Slams Electoral Body Over Botched Election

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s top court delivered a stinging rebuke of the nation’s electoral commission, identifying a litany of failures in its handling of last month’s botched presidential elections and describing its explanations for the failure of its systems as unacceptable. The Supreme Court ruled the Aug. 8 election unlawful on Sept. 1, and ordered a rerun. A five-judge bench on Wednesday delivered the court’s detailed judgment, which upheld the main opposition’s complaints that President Uhuru…

Tanzania Needs Clear Rules Amid Economic Transition, Ndulu Says

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) Tanzania needs to provide clear rules to businesses as it improves governance and makes better use of its natural resources, the governor of the central bank said. President John Magufuli’s government has embarked on an industrialization drive that will need the public sector and business to work better together to achieve inclusive growth, Bank of Tanzania Governor Benno Ndulu said Tuesday at a book launch in the commercial capital, Dar es…

South Africa Minister Wants Assurance on KPMG Analysis of Oil Sale

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s probe into the sale of 10 million barrels of its crude oil reserves may be delayed after Energy Minister Mmamoloko Kubayi said she has some concerns because a key financial analysis in the investigation was conducted by KPMG LLP. Kubayi said she wants assurances from the country’s Central Energy Fund about the report after KPMG’s local unit became embroiled in a corruption scandal revolving around members of the…

Dreams of Europe Life Spur Perilous Journey From West Africa

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Kadi Bah saw people starving in the Sahara desert and drowning in the Mediterranean during her failed six-month odyssey to reach Europe. But as soon as the United Nations plane bringing her back home from Libya to Ivory Coast touched down, she was hatching plans to try again. “I’ll be so proud of myself if I can make it to Europe; I’ll tell everybody I managed to leave,” the…

Sasfin Fires KPMG in Wake of South African Gupta Scandal

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Sasfin Holdings Ltd., a South African financial-services company, said it’s firing KPMG LLP as its independent sponsor and searching for a new auditor, becoming the second company to announce it has dumped the firm because of work it did for the politically connected Gupta family. The decisions were based on “the well-publicized concerns recently raised with regard to KPMG,” Johannesburg-based Sasfin said in an emailed statement on Tuesday. Deloitte…

Tanzanian Leader’s War for Taxes Puts Economy in Firing Line

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Tanzanian President John Magufuli’s deepening dispute with companies he accuses of being tax cheats is rattling investors and dimming the allure of one of Africa’s fastest-growing economies. Since taking office in late 2015, Magufuli has been on a drive to increase revenue from natural resources to help fund his industrialization plans. His administration has passed laws enabling it to renegotiate contracts and ordered foreign mining firms to…

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