Business highlights May 24 2017

Business highlights May 24 2017

EatOut receives Sh 52M from Craft Silicon

EatOut, a Kenyan restaurant listing and review site has received Ksh 51.6 Million ($500,000) in funding from Craft Silicon, a Kenyan initiative that provides software solutions to companies in the financial services industry.

EatOut offers a fine-dining experience to all its registered users. Users can search for restaurants based on location, cuisine or budget and get comprehensive information including contact details, menus, maps, opening hours, photos, reviews and much more

The two companies in a joint statement noted that the capital injection will be utilised for product development and expanding EatOut’s footprint into other neighboring countries.

Currently, the site covers four countries – Kenya, Uganda, Tanzania and Rwanda.

 KeMU shuts down satellite campuses, lays off over 150 employees

The Kenya Methodist University, popularly known as KeMU, has closed down three of its satellite campuses and laid off over 150 workers.

Vice- Chancellor Prof Henry Kiriamiti attributed the move to “dynamics affecting the education sector in the entire Kenyan economy”.

A termination letter sent to the affected employees stated that the institution was undergoing a restructuring process to enhance its effectiveness and competitiveness.

Campuses affected include those in Kisii, Nyeri and Nakuru counties, with the affected students expected to be transferred to the main campus in Meru.

The institution has also postponed its 17th graduation ceremony that was to be held on July 22 to October 14 this year.

 National Bank’s ex-CFO charged with Sh77m fraud

National Bank of Kenya’s former chief finance officer (CFO) Chris Chepkoit Kisire has been charged with defrauding the bank over Sh77 million.

Appearing before Chief Magistrate Francis Andayi, Mr Kisire denied the charges of fraud, abuse of office and breach of trust.

He is said to have committed the offences when he awarded a contract to supply furniture to a company known as Sygoin International Holding Limited without following procurement procedures of his former employer.

Kisire who was charged with others not in court was accused of using his position to capriciously effect payments of the monies to the said company without following procurement policy.

 

 

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