Business highlights – August 11 2017 – Kenya, India sign tax agreement to boost trade relations

Business highlights – August 11 2017 – Kenya, India sign tax agreement to boost trade relations

Ecobank appoints Kenyan Eric J. Odhiambo as group Chief Risk Officer:

Pan-African banking conglomerate Ecobank has appointed has appointed Kenyan Eric Jones Odhiambo as the Group Chief Risk Officer and Group Head Risk Management of Ecobank Transnational Incorporated (ETI).

ETI, which has baking operations in 36 countries in Africa, made the announcement through a notice to the Nigerian Stock Exchange.

Mr Odhiambo will formally join the firm on September 22, 2017 and will be based in Lome, Togo, reporting to Mr Ade Adeyemi, Group Chief Executive Officer.

Mr Odhiambo has close to 30 years’ in-depth experience and knowledge of the African Banking Landscape, having worked for various financial institutions in a similar role across the continent.

Jamii Bora senior employee charged with Ksh42 million theft:

A former senior employee at Jamii Bora Bank has been charged with stealing Ksh42 million from the lender.

JimLewis Musyimi Muli, a senior cash and treasury officer at Jamii Bora, was accused of stealing the money in both local and hard currency from the lender within a period of 19 days.

The court heard that on various dates between July 19 and August 4 2017, Mr Muli stole Ksh27.67 million from Jamii Bora bank along Nairobi’s Koinange Street.

Muli denied all the four counts of stealing with the second count stating he stole $58,268 (Ksh6,126,880.20) while the third count read that he stole 27,880 euros (Ksh3,436,210). The fourth charge read that he stole £35,490 (Ksh4,855,741.80).

Kenya, India sign tax agreement to boost economic relations:

Kenya has endorsed a double taxation agreement with India in an effort to boost investment in the Kenyan economy by the Asian economic giant.

India has in the recent years heightened its efforts to topple China as Kenya’s top trade partner.

The treaty was ratified by the Treasury through a legal notice No.147 of 2017 in the latest issue of the Kenya Gazette.

The agreement is expected to abolish double taxation of commercial entities trading both in India and in Kenya.

It will also step up pressure on tax cheats operating in both countries as it provides for the sharing of fiscal information between the nations’ tax bodies.

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