Oliver Fowler has been appointed as the new Board Chair of I&M bank
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I&M Bank has announced the retirement of Mr. Suresh Bhagwanji Raja (SBR) Shah, its Founder and Chairman since 1974. Mr. Suresh has been subsequently succeeded by Mr. Oliver Fowler to serve as the new Chairman effective March 2021.
A statement from the bank said Shah will continue to remain on the Board as a Non-Executive Director.
With a carrer spanning 47 years as a banker, Mr. SBR Shah has led the Financial Services provider through its myriad of milestones such as acquisitions of Biashara Bank, Giro Bank, and Youjays Insurance in Kenya. He also oversaw the development of the Bank into a Financial Services Group that provides diverse solutions such as Real-estate, Financial Advisory and Bancassurance. During his tenure, I&M Bank moved from a tier 3 Bank to a tier 1 Bank.
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Atul Shah, the former chief executive officer of the collapsed retail giant Nakumatt lost his home to auctioneers over a U$18,609,740 debt.
The auction follows the conclusion of a protracted court battle after the Kenyan High Court dismissed a petition seeking to overturn the forced sale of the high-end property by KCB Group.
Justice Francis Tuiyott dismissed the petition by the administrator of the collapsed Supermarket chain, saying it has no chance of success.
Nakumatt’s court-appointed administrator had opposed the sale on grounds that the auction failed to follow the law, and tagged Mr Shah as an interested party to suit.
Taarifa Rwanda
Published 16 mins ago
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Malawi’s Cannabis Regulatory Authority said on Friday they had issued 86 licenses to 35 companies and cooperatives to venture into cannabis cultivation for industrial hemp production.
Boniface Kadzamila the Board Chairman of Cannabis Regulatory Authority made the announcement from Lilongwe on Friday afternoon.
He said that a total of 41 companies applied but only 35 of them satisfied the requirements.
According to him the authority has issued licenses for cultivation, processing and storage and has not yet issued any license for export of cannabis.
A recent analysis by Invegrow Limited, one of the firms that conducted research on industrial hemp, found that a kilogram of industrial hemp could fetch U$1,444 on the market that there is potential for direct annual benefit for Malawians in excess of U$ 135,440,973 on 16.5 hectares or U$8,803,663 per five hectares.
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