High Court pushes Sh12bn Ruaraka land suit to environmental division

Published

6 days ago

March 19, 2023

Supreme Court moves Sh12bn Ruaraka land lawsuits to Environment Department

Friday March 17, 2023

The Supreme Court has decided not to hear a petition from businessman Francis Mburu, who is seeking 12.1 billion shillings in compensation from the government for the alleged takeover of his land in Ruaraka, saying the matter should be dealt with by environmental and be dealt with by the district court.

Mr Mburu estimates the compensation he is due for the property – which is home to two public schools – at Sh13.6 billion but says the government paid him Sh1.5 billion following a judgment in 2019.

However, Attorney General Justin Muturi has opposed the petition, arguing that the case was filed in the wrong forum and should be scrapped.

“It is therefore necessary that the matter be referred to the district court so that all of these claims can be dealt with,” Judge Dennis Magare said.

The judge said that although the attorney general wanted the case dropped, he would exercise his discretion and refer the case to the district court because the dominant issue in the matter is land.

Mr Mburu said in the petition that he bought the property in December 1981 from a company called Joreth Limited.

The National Land Commission (NLC), named in the petition, wrote to the Ministry of Education in 2016 regarding the plots occupied by drive-through primary schools and Ruaraka secondary schools with plans to compensate Mr Mburu.

The commission later urged a payment of Sh1.5 billion to Mr Mburu, leaving a balance of Sh1.76 billion.

However, the Ethics and Anti-Corruption Commission (EACC) questioned the payment, and a three-person panel of judges ruled that the land the two schools sit on is public land and should not be expropriated. The matter is still pending in the Court of Appeal.

Mr Mburu says the land was originally 96 acres and he requested a subdivision, which was accepted by the late city council if the businessman gave up a portion for schools development.

A portion of the land was later requisitioned by the government and used for the development of the General Service Unit (GSU) headquarters and two schools, occupying 13 acres.

“I have seen the indifference with which the complainant faces the environmental and regional court. It was clear from day one that for some reason the petitioners were hedging their bets. They have cases everywhere,” the judge noted in the decision.

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Related Topics:court division Environmental high land Pushes Ruaraka Sh12bn Suit

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Lindsey Lanier appointed VP, Creative, and Desi O’Meara named Director, Creative at Kobalt

Published

23 seconds ago

March 24, 2023

Jasmine Abbott

cobalt has appointed two new leaders to its global publishing team, including Lindsey Lanier, vice president, creative, and Desi O’Meara, director, creative.

Lanier will be based in Los Angeles while O’Meara will be based in New York.

Both will be tasked with signing artists and writers, as well as collaborating with the global Kobalt creative list.

Lanier began her career in music at universal music publishing group.

During her 11 years there, she worked her way up from assistant to creative executive, working with artists such as Jhene Aiko, Big Sean, Childish Gambino, Blackbear, YGStacy Barthe, Brian Kennedy and others.

Most recently, Lanier was part of the Motown Records team as Vice President of A&R.

There she worked with artists such as Tiana Major9, Vince Staples, Smino and others.

In addition to A&Ring Vince Staples’ self-titled LP in 2021, Lanier A&R has produced the Queen & Slim soundtrack, its title track CollideIn 2021, she was nominated for a Grammy for Best R&B Song.

Desi O’Meara has over a decade of A&R experience. He started his career at Island-Def Jam before becoming Director of A&R at Columbia Records/sony music.

During his time at Columbia he played a key role in identifying, signing and overseeing the creative development of artists such as Dove Cameron, Kaskade, Frenship and Phoebe Ryan.

In addition, O’Meara worked for a year Sony Sweden’s A&R team in Stockholm, where he worked with Scandinavian artists and songwriters.

“I am very excited to join the Kobalt creative team. I’ve been a fan of this company, this team and their incredible roster of global talent across all genres for so long.”

Lindsey Lanier

Lanier said, “I am very excited to join the Kobalt creative team. I’ve been a fan of this company, this team and their incredible roster of global talent across all genres for so long.

“My entire career has been built on my passion for discovering and developing talent and I am honored to continue to do so here. I would like to thank Jamie, Alison, Jeannette and Laurent for the opportunity to bring this passion and experience to this innovative and technology-driven music company.”

“I’m excited to join Kobalt, a company known for its commitment to music creators and innovative technology.”

Desi O’Meara

O’Meara said, “I am excited to join Kobalt, a company known for its commitment to music creators and innovative technology. I’m also honored to be part of such a talented creative team and privileged to work with people who share my passion for music and songwriting.

“I have long admired Kobalt’s commitment to service and transparency and am grateful to Laurent, Jeannette, Alison and Melissa for their trust and support. I look forward to contributing to the team and helping to equip music creators with the resources they need to thrive.”

“The inclusion of Lindsey further enriches our creative team. Having them on board is a huge win for our writers as we continue to recognize cobalt as a leading creative destination.”

Jamie Kinelski, Cobalt

Senior Vice President & Head of West Coast Creative, Jamie Kinelski, said: “With her incredible experience, passion for music and respect across the industry, the addition of Lindsey further enriches our creative team.

“Having her on board is a huge win for our writers as we continue to recognize cobalt as a leading creative destination.”

“With Desi’s focus on electronics and pop, he is a strong addition to Kobalt and a welcome addition to our team!”

Melissa Emert-Hutner, Cobalt

Melissa Emert-Hutner, Vice President, Creative said, “We are excited to have Desi join Kobalt’s New York-based A&R team. He is a true advocate for music creators with an impressive track record in A&R at Columbia Records and in management.

“With Desi’s focus on electronics and pop, he is a strong addition to Kobalt and a welcome addition to our team!”

Beginning of the month, cobalt increased alison donald, who joined Kobalt in 2017 from Columbia to Head of Global Creative.

In the second week of March, Kobalt founder Willard Ahdritz led a seven-figure investment round in artist marketing platform un:hurd.music business worldwide

Business

Shilling depreciates further on day new forex code takes effect

Published

3 mins ago

March 24, 2023

Jasmine Abbott

capital markets

The shilling will be further devalued on the day the new forex code goes into effect

Friday March 24, 2023

The Kenyan shilling continued to fall on the day the banking sector regulator issued a new foreign exchange code that promises severe penalties for those caught manipulating the foreign exchange market.

Bank managers said so Business Daily Confident that while they had expected a new code to be issued in due course – and even participated in its preparation through working groups – the move by the Central Bank of Kenya (CBK) to issue and enforce it came, before she came her entries ended on the same.

The surprise issuance of the code, they said, dampened dollar supply in the interbank market, which helped support the shilling’s recovery on Monday.

Rates quoted for dollar buyers on bank floors Thursday ranged from Sh136 to Sh143 and from Sh127 to Sh128.60 for those who deposit the greenback in banks.

Read: Schilling hits a new record low against the dollar

Banks sold dollars between Sh136 and Sh142 on Wednesday, down from between Sh140.55 and Sh144.50 a week earlier.

The CBK official rate averaged Sh130.99 per dollar on Thursday after falling from Sh130.61 on Wednesday.

“There were some flows on Thursday but generally lower than Wednesday. We saw some caution after the regulator stamped their authority,” said one trader Business Daily.

The CBK has kept a close eye on the forex market after some players have tried to manipulate the market for selfish gain in the past.

But this, in turn, has been cited as one of the reasons banks have been reluctant to trade dollars with each other for fear of clashing with the regulator if prices exceed the expected range.

The CBK said in a statement on Wednesday that its code is modeled after the FX Global Code, which currently has 51 signatories including three African countries – South Africa, Mauritius and Angola – but added that it has been adapted accordingly for the Kenyan context .

The banking regulator said the code will ensure the integrity and effective functioning of the foreign exchange market in Kenya.

It prohibits banks from engaging in trading practices, setting prices, or entering into transactions with the intention of manipulating price movements or disrupting the functioning of the market.

The code also requires banks to promptly conduct a self-assessment and report to the CBK on their level of compliance with the new code by April 30, 2023, and then by June 30, to submit a detailed compliance implementation plan to be prepared by approved by their boards. 2023

For non-compliance with the Code, banks face “administrative measures including fines under the Banking Act”.

Read: year the shilling passed the biggest test to date

The code was issued at a time of heightened attention in the local currency market after the shilling hit new lows of 145 against the greenback in the retail market and surpassed the 130 mark on the officially printed rate amid dollar supply restrictions that have threatened imports economic inputs.

The growing economic threat posed by the foreign exchange issue prompted the government to negotiate a deal with Saudi Arabia and the United Arab Emirates to allow fuel imports on credit, which is likely to reduce oil marketers’ monthly demand of about $500 million from the market .

The growing divergence between the market rate and official rates has also raised fears of the emergence of a black market for the dollar.

Meanwhile, President William Ruto said on Wednesday that the government had held talks with sector actors through the CBK to restart the interbank foreign exchange market, a key element in ensuring a steady supply of dollars to the economy.

The President said he expected market conditions to improve over the next two weeks and alerted those hoarding dollars to expect losses immediately, signaling the government expects the exchange rate to improve with the improving Supply of hard currencies will decrease currency.

By the end of December, depositors held Sh921 billion worth of dollars in their accounts.

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Business

TikTok wants to distance from China but the government’s getting involved

Published

2 hours ago

March 24, 2023

Jasmine Abbott

China and US flags can be seen near a TikTok logo in this illustrative image taken on July 16, 2020.

Florence Lo | Reuters

BEIJING — China says it would “strongly oppose” a forced sale of TikTok, highlighting the government’s involvement in the social media giant, which is trying hard to distance itself from authorities in Beijing.

The Commerce Ministry said on Thursday that TikTok was in the process of being sold or spun off from its Beijing-based parent company ByteDance Chinese Technology Exports Law — Requiring export permits for certain technologies due to national security concerns. ByteDance also owns Douyin, the Chinese version of TikTok, which is popular in the country.

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“The Chinese government would make a lawful decision,” spokesman Shu Jueting said in Chinese, translated by Reported Medias.

Shu was speaking at the ministry’s weekly press conference, hours before TikTok CEO Shou Zi Chew testified before a US House of Representatives committee.

Lawmakers questioned Chew for more than five hoursand wanted clarity on TikTok’s ability to operate independently of Chinese influences on its parent company.

ByteDance did not immediately respond to a request for comment on the Chinese Ministry of Commerce’s remarks.

Influencer Jason Linton on TikTok: It was life-changing

The poll did not appear to exonerate US lawmakers.

“At the end of the day, it was clear from the statement that Mr. Chew reports to the CEO of ByteDance. ByteDance controls TikTok,” Cameron Kelly, a visiting fellow at the Brookings Institution, told Reported Medias.Squawk Box Asia“Friday. Kelly was General Counsel at the US Department of Commerce from 2009 to 2013.

Kelly said the evidence that ByteDance has legal control over TikTok reinforces US lawmakers’ doubts about how well the app can demonstrate its independence through restructuring.

TikTok has a “Project Texas” plan to store American user data on US soil — to prove the company’s claims that mainland China authorities have no access to it.

Beijing … now doubly dares Congress and the administration to ‘save my day’.

Daniel Russell

Asia Society Policy Institute

“I don’t see a closure as a ban or a full divestment [of TikTok] is needed. But I think you need to separate that legal control,” Kelly said, noting that this could be done through a trust structure.

But the Commerce Department’s claim for control of a TikTok sale or spin-off suggests Beijing wants to be involved.

“The Chinese government’s public statement to block sales of TikTok in the US has little to do with protecting Chinese algorithms and technology and much to give Washington a taste of its own medicine,” said Daniel Russel, vice president of International Security and Diplomacy, Asia Society Policy Institute said in a statement.

“Beijing after I heard it [U.S. Commerce] Secretary Raymond’s complaint that banning TikTok would upset voters under 35 is now doubly bold for Congress and the government to ‘save my day,'” Russel said.

The US has tightened restrictions on American companies and individuals working with Chinese companies on critical technology for high-end semiconductors.

When asked about the Commerce Department’s comments Thursday, TikTok’s CEO said the app is not available in mainland China and is based in Los Angeles. But he said the company used the expertise of some of ByteDance’s Chinese employees for “engineering projects”.

Chew also told US lawmakers that China-based employees were employed by its parent company ByteDance may still have access to some US databut that new data will stop flowing once the company completes its plan for the Texas project.

Official Chinese commentators have previously emphasized this China-based companies should comply with local laws and regulations when doing business abroad.

It’s not immediately clear how China’s export control law, enacted in December 2020, could apply to TikTok.

Different types of exports are managed by different governmental organizations, “each of which has a separate regulatory system,” the EU Chamber of Commerce in China said in its latest position paper. It called for more clarity about the roles of the various bodies involved in the implementation of the export control law.

What’s next for TikTok?

The US and China have increasingly invoked national security as a reason for controlling technology.

“To be fair, there really are real national security risks involved [TikTok] — and that’s one reason banning the app from government phones and military phones makes sense,” said Glenn Gerstell, senior advisor at the Center for Strategic and International Studies on Reported Medias.Street Signs Asia“Friday. Gerstell served as General Counsel of the National Security Agency from 2015 to 2020.

“As for the general public, I don’t see any strategic value in China in understanding what a teenager’s dance moves are in Minneapolis. So the general public ban makes no sense,” he said.

TikTok has more than 150 million users in the US — or about half the country’s population.

It’s unclear whether the US will ultimately force ByteDance to sell TikTok or ban use of the app in the country. The hugely popular app is already banned from federal government devices.

“We see a 3-6 month timeframe for ByteDance and TikTok to work out a sale to a US tech player with a less likely and extremely complex spin-off,” said Dan Ives, analyst at Wedbush Securities, in a note.