Ruto’s govt list 108 companies set for closure in 3 months over non-compliance
Ruto's govt list 108 companies on the verge of being closed down in 3 months over non-compliance
Ruto’s govt list 108 companies on the verge of being closed down in 3 months over non-compliance.
On Friday, December 2, Business Registration Services (BRS) published a list of more than 108 businesses that were about to be dissolved for failing to abide by the set regulations.
After the three months have passed, the firms will be deregistered by February 2023, in accordance with the Companies Act.
“Pursuant to section 897 (3) of the Companies Act, it is notified for the general information of the public that at the expiration of three months from the date of publication of this notice, unless the cause is shown to the contrary, the Registrar of Companies shall strike off the names of the companies and they shall be dissolved,” Gazette notice number 14851 signed by Joyce Korir read in part.
The Registrar of Firms stated in its notification that everyone who objected to the anticipated dissolution of the companies had three months to file their concerns.
The listed companies included Riverfront Estates Limited, Rosslyn Two Rivers Limited, and Rosslyn Two Rivers Limited, located in the affluent upper-market estates in Nairobi.
Companies listed by BRS also vary from those involved in transportation, catering, supplies, and even real estate firms.
Others include pharmaceutical companies, construction, liquor, and motor bazaars.
The list comprised Nyali Luxury Executive Apartment, Obsidian Bay Limited, Shikanisha Enterprises, and Shinerary Motors Kenya Company Limited.
Tamel Foot, Sunnybrook General Mart Limited, and World Net Sounds Limited were also listed by BRS. The intended closure is set to render hundreds of Kenyans jobless.
The notification of dissolution was issued when the nation was emerging from a severe inflation and worldwide recession.
Following the general election on August 8 and the impacts of the Ukraine-Russia war, the majority of businesses were likewise on the road to recovery.
However, a recent report from the Kenya National Bureau of Statistics (KNBS) indicated that the economy of the nation was improving as a result of a minor decline in inflation from 9.6% to 9.50%.
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