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Editorial note by John Mbaluto / Partner
Greetings,Some of the highlights in this “pentagon” issue include, Juliet C. Mazera and Beryl Rachier’s discussion on the salient aspects of the Bribery Act, 2016 and examine its efficacy in tackling corruption. I analyse the provisions of the Local Content Bill which is pending for debate before the Senate and if passed, is poised to change the way Kenya’s extractive industry works, by entrenching local interest in the sector. Nelly Gitau and Lena Onchwari explain the mechanism behind share buybacks, which is an entirely new feature in Kenyan Company law.
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IN THIS ISSUE
GREASE-PROOFING:HIGHLIGHTS OF KENYA’S ANTI-BRIBERY LEGISLATION by Juliet C. Mazera / Consultant and Beryl Rachier / Associate
The Bribery Act, 2016 recognises the need for organisations to train their employees and agents and therefore places a mandatory obligation on public and private entities to put in place procedures for the prevention of bribery and corruption (prevention procedures).
HOMEGROUND ADVANTAGEENTRENCHING LOCAL INTERESTS IN THE EXTRACTIVE INDUSTRY by John Mbaluto / Partner
The Bill requires oil and gas exploration companies to commit to a skills and technology transfer agreement with local firms and individuals. This will ensure more Kenyans are employable in the extractive industry.
NEW IN THE MARKET:SHARE BUYBACKS UNDER THE COMPANIES ACT, 2015 by Nelly Gitau / Partner and Lena Onchwari / Senior AssociateIn a typical share buyback transaction, a company buys back its shares and then cancels them and the amount of the company’s issued share capital is diminished by the nominal value of the cancelled shares.
PRAYING AND LEARNINGSOME CONSTITUTIONAL DIMENSIONS ON THE FREEDOM OF RELIGION by Walter Amoko / Partner
It was inevitable that the balance (or imbalance, if you will) of religion in schools would be the subject of Constitutional litigation especially on behalf of religious minorities.
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These articles are of a general nature; these legislative developments have only been summarized here. This newsletter is not intended to address the circumstances of any particular individual or entity. While the information is accurate as at date hereof, there can be no guarantee that the information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice and after a thorough examination of the particular situation.
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