👨🏿🚀TechCabal Daily – Age-gating social media
In today's edition: NCBA’s Multiple Hauliers takeover hits a court roadblock || South Africa wants YouTube and TikTok to check your age || Nigeria wants to bring its cloud computing back home || Kenya says receipts alone won’t beat a KRA tax bill
In an interesting development, Kenya’s High Court has temporarily halted NCBA Bank Kenya from taking control of the logistics company Multiple Hauliers (EA) Ltd. The bank claims the company owes it KES 7.2 billion, which is equivalent to $55.7 million. To address the situation, NCBA has appointed two administrators from consulting firm PwC who are responsible for rescuing the company or recovering money for its creditors.
Under Kenyan insolvency law, the appointment of administrators is akin to placing a company under external management. This means the administrators can manage the business, control assets, and decide whether the company can be saved or sold. However, Multiple Hauliers contested the administrators' appointment in court.
A judge has issued a temporary order blocking the PwC administrators from acting as administrators or taking control of the company until the legal dispute is resolved on September 25. This roadblock is significant as Multiple Hauliers reportedly has over KES 31 billion ($240 million) in claims from various Kenyan lenders and creditors, with its total assets estimated at KES 17 billion ($131.5 million).
Written by urgent.news from TechCabal's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- 👨🏿🚀TechCabal Daily – Less drama, more SuperSport techcabal.com
