Disclosure Of Beneficial Ownership Of Companies: Implications For Private Equity
The Financial Action Task Force on Money Laundering (FATF)[1] through its Recommendation 24 on transparency and beneficial ownership of legal persons, calls on its member states to take measures to prevent the misuse of legal persons for money laundering or terrorist financing. It provides that countries should ensure that there is adequate, accurate and timely information on the …
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Employment: Surviving Hard Times with or Without Employees
The Kenyan economy has over the last couple of years suffered numerous shocks such as the global economic and financial crisis and high inflation rates. Organizational restructuring can be considered inevitable for any company to survive with the changing times.
Basic Foundations of Personal Trusts
There have been several attempts to give a holistic definition of a trust. It is worth noting that, within a single trust there can be several sub trusts. In accordance to Underhill in his book “Law of Trusts and Trustees” he defines a trust as “an equitable obligation binding a person (Trustee) to deal with property …
The Companies Act 2015, Part II: Director’s General Duties – Greater Responsibility and Even Greater
The new Companies Act 2015 has gone to great lengths to usher in reforms particularly in the management of companies by clarifying the duties of directors, identifying actions to determine their unfitness for their role and penalties for the breach of their duties either by action or inaction on their part. A director now must …
The Companies Act 2015, Part I: The Game Changer
The Companies Act 2015 (the “Act”) was published on 18th September 2015 and will eventually replace the previous Companies Act which had been in place for over 50 years[1]. The Act is one amongst other statutes including the Insolvency Act 2015[2] recently enacted for the purpose of modernizing the laws regulating Kenya’s business environment. The Act aims …
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But It’s My Land! – Ways Through Which the Right to Land Can Be Lost
The ambers of the often emotive and confrontational issues relating to land ownership and land use in Kenya lingers on.
The Companies Act 2015, Part III: Shareholder Gains & Management Oversight
Several changes have been introduced by the Companies Act 2015 that will impact greatly on shareholders. The changes seek to combat shareholder apathy particularly in decision making in public companies, provide greater access to corporate information to enhance transparency, embrace the benefits of the digital era in communication to shareholders and regulatory procedures. More importantly, …
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Category 1 Status: A Milestone For Kenya’s Airspace
On 27th February 2017, Kenya was granted Category 1 status by the Federal Aviation Authority of the United States of America hence paving the way for direct flights between the two countries. A Category 1 status rating means that the Kenya Civil Aviation Authority (KCAA) meets International Civil Aviation Organisation (ICAO) standards. The country has been granted …
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One Step Closer to EU Approach: Amended Guidelines on Vertical Agreements
The Turkish Competition Authority ("Authority") completed its work in progress on revising the Guidelines on Vertical Agreements ("Guidelines") that was issued based on the Block Exemption Communiqué on Vertical Agreements ("Communiqué No. 2002/2"). It took approximately 2 years for the Authority to finalize its work. The Authority has published the updated version of the Guidelines …
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Turkey Regulates Broadcasting Services Provided Through the Internet
I. Introduction Turkey recently enacted an amendment to the Turkish radio and television legislation that will regulate radio, television and on-demand broadcasts provided through internet and have these services and their providers (media service providers and platform operators – please see their definitions under II) under the supervision and authority of the Radio and Television …
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