This morning, a session was held by the law firm of Anjarwalla & Khanna in Nairobi to advise stakeholders abount the new Companies Act and Insolvency Act that are now law.
The Cabinet Secretary for Industrialisation, Adan Mohamed, said that the day when President Uhuru Kenyatta signed 4 bills into law – the companies act, insolvency act, special economic zones act and business registration act – was his proudest day in two years in the Cabinet.
Kenya’s smallest bank Dubai Bank was placed into receivership about two weeks ago. It took control and suspended all operations of the bank except to ask borrowers to continue servicing their loans.
A few days after taking charge, the Kenya Deposit Insurance Corporation (KDIC) as receiver revised its role and announced that Dubai bank would be liquidated, with each depositor paid a statutory maximum of Kshs 100,000 (~$1,000) once they file a claim that’s proven, and any larger deposit customers would share in the proceeds of the liquidation equitably.
In the past, banks that have been put into receivership rarely ever come back. From Euro Bank, Daima Bank, and even a (strong) Charterhouse Bank never reopened their doors after receivership. This is because banking relies on trust and confidence, and if the public have no faith in an institution, it’s difficult for it to operate, attracting deposits from customers, and entering into settlement transactions with other banks.
It’s been a few years since I wrote this post to celebrate the concept of Book Villa which was a combination of library and a book shop. But while it’s sad that the Book Villa has recently gone out of business, that does not mean that are less reading books to be found in Nairobi.
5. There are book torrents..
4. There’s the Kindle and other book readers, tablets, and software platforms that bring new or obscure books within easy reach for those who have e-reader devices and credit cards.
3. There are regular established book shops like Prestige (Mama Ngina St), Bookpoint (Moi Ave), Text Book Centre (Sarit Centre) and BookStop (Yaya Centre)
2. The above bookshops carry many local books, but not all as there are many more rare biographies and history books in university libraries or sitting in publishers vaults. Sadly for many researchers, some new books published locally don’t contain indexes & references.
1. There are also local street vendors and book shops who collect and sell old & used books at very low prices. But searching for a specific book is not easy, and it takes many hours or days to visit all the shops. For a real treat, books vendors in India are a better experience, as a pal easily found this rare book that I had been scouring for many years.