Loud explosion near the Ambassadeur Hotel, Nairobi, terrorist fears

A few minutes ago, while driving along Moi Avenue, I heard a very loud explosion coming from the direction of the Ambassadeur Hotel. The explosion set off car alarms of vehicles parked on nearby streets.

There are fears that the explosion may have been caused by a suicide bomber.

Witnesses said a man with what looked like grenades was seen trying to jump into a bus when the explosion occurred. The witnesses said he attempted to detonate the grenade and was killed in the explosion.

The Ambassadeur Hotel is located in the city centre and has a major bus stage right next to it. At about 8.15am when the explosion occurred, there were scores of pedestrians and workers waiting for buses to their offices.

Rescue teams are reported to have rushed to the site as there have been some fatal injuries and there are scores injured.

This blog shall be updated as soon as all facts are obtained.

Police hunting for Mungiki, the Role of the National Security Intelligence Service

As of today, more than 30 people have been shot by Kenyan police in cold blood as they look for the dreaded Mungiki. The Kenyan constitution otherwise provides that anyone is innocent until proven guility in a Court of Law. The Kenyan National Security Intelligence Service is the intelligence agency of the Government of Kenya. Mungiki has been covered by the Kenyan media for years. Mungiki has been a security issue for this country for some time. Why has the NSIS never been able to infiltrate this gang and arrest them and take them to a Court of law? Mungiki must be eliminated from Kenya, no doubt...but the innocent must not suffer. Our Constitution protects them. Photos from the East African Standard.Very emotive.

Capital Markets Authority shall not protect minority shareholders in Kakuzi Limited sale of Siret Tea Estate

A few weeks ago, Kakuzi Limited, listed on both the Kenyan and London Stock Exchanges, held its Annual General Meeting. At that fairly acrimonious meeting, in spite of the majority shareholders present voting against a proposal to sell the Siret Tea Estate and Factory (to a company in which the Directors of Kakuzi have interest), the proposal was nevertheless pushed through by the few supporters but majority shareholders present.

Siret Tea Estate is the jewel in Kakuzi's crown and the sale of this asset shall substantially depreciate the overall value of Kakuzi.

It is also interesting to note that the Capital Markets Authority has indicated that it shall not interfere with the sale of the asset.

Section 11(1)(d) provides that one of the main objectives of the Authority is the protection of investor interests....which of course includes minority shareholders.

Undoubtedly, the propertiership of Kakuzi in Siret Tea Estate attracted investors to purchase its equity. The minority shareholders had not envisaged that the majority shareholders would thereafter sell of the major asset of the company to a company owned by its Directors.

Is this not sufficient reason for the Capital Markets Authority to provide substantive direction?

Nevertheless, Kakuzi has declared that the allegation that its Directors are seeking to benefit from the sale of the Siret Tea Estate is scurrilous and completely unfounded.

At the end of the day, Kakuzi shareholders themselves have an obligation to establish the factual position, as they would be the losers at the end of the day!