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Kenyan MPs probe sale of troubled Spire Bank to teachers Wednesday April 28 2021 Advertisement Kenyan lawmakers have opened an investigation into the controversial sale of the troubled Spire Bank to Mwalimu National Sacco (MNS) in a deal estimated at over Ksh3 billion ($28 million). The sacco board blamed the poor performance of the lender on business tycoon Naushad Merali who withdrew all of his deposits amounting to Ksh1.7 billion ($15.74 million) immediately after selling his shares in the bank. The Senate Committee on Finance and Budget is investigating the transaction that has raised eyebrows in investment circles and is demanding an explanation from Central Bank on how teachers appeared to have been duped into putting money in an investment that has failed to generate profit in the last six years. ....
THE STANDARD By Ndungu Gachane | January 12th 2021 at 15:37:23 GMT +0300 Kirinyaga Senator Charles Kibiru briefs the press during the Mt Kenya parliamentary group meeting at Thika Green Hotels. [Kibata Kihu, Standard] Kirinyaga Senator Charles Kibiru has dismissed Senate Whip Irungu Kangata’s assertions that he has replaced him to lead the Building Bridges Initiative (BBI) campaigns in Mt Kenya region. Speaking to The Standard, the Senator said it’s unfortunate for Kang ata to ‘lie’ to the members of the public that he has been replaced from a position he never held, saying the election of a chairperson of BBI coordination meetings was only discussed for the first time at a meeting in Thika last week. ....