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EA ROUND UP: Kigali Arrests Fraudster As Kenya Inflation Drops

adiposity http://colosseo.com.br/wp-content/plugins/wp-super-cache/advanced-cache.php geneva;”>Kigali City On Alert After Fraudster Is Arrested

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check http://chelseamamma.co.uk/wp-admin/includes/dashboard.php geneva;”>The police has warned the public against a suspected racket of fraudsters, urging for more vigilance, The New Times reports.

The call came after they arrested a suspected serial fraudster yesterday, with 11 laptops worth Rwf9.7m, stolen from an Indian businessman using a forged cheque.

Three of the laptops had already been sold by the time of arrest.

According to Police Spokesperson, Supt. Theos Badege, they acted on a tip-off that a certain man in Remera-Giporoso area, residing in a guesthouse, had many computers which he was selling at a giveaway price.

“After getting the information, we swung into action to verify and indeed we went to the hotel and found 11 laptops with the suspect, Jean Remy Shema.

Kenya inflation rate drops for first time this year

The rate of inflation has reduced for the first time this year, raising hopes that the rising cost of living will not spill into next year, The Daily Nation reports.

Official data from the Kenya National Bureau of Statistics show that the rate of inflation in December slowed down to 18.93 per cent from 19.72 per cent reported in November, mainly helped by a stronger shilling and reduction in cost of major food items, electricity and fuel. (READ: Kenya’s inflation rate hits 19.7 pc)

“The prices of sugar, mangoes, maize flour, maize grain and rice went down by 3.44, 7.11, 1.34, 1.97 and 1.23 per cent, respectively,” read the report in part.

UK to cancel all of Sudan’s debt by 2014: report

The British government intends to forgive more than $ 1 billion in debt owed by Sudan over the next few years, according to a report by the Financial Times.

Officials at the UK Department for International Development told the Financial Times that cancelling the debt of countries such as Sudan would be counted as part of the target to spend 0.7% of national income on foreign aid by 2014.

The newspaper said that Britain is expected to relieve Sudan of £740 million ($1.2 billion) in debt.

It noted that Sudan defaulted on its £173m debt to the UK in 1984 under the rule of late President Ja’afar Nimeiri, and ever since it has not made a single repayment.

But with astronomical interests rates that ranged between 10%-12% annually the debt now stands at £678 million ($1.0 billion), The Sudan Tribune notes.

The UK-based Jubilee Debt Campaign, which says that debt repayments and loan conditions cripple economic development in poor countries, criticized the move on Sudan’s debt and suggested that it is simply a smoke screen.

“Any debt cancellation for Sudan is not aid,” said Tim Jones, policy officer at the Jubilee Debt Campaign.

Reprieve for regional bank in Sh219bn case

The Court of Appeal yesterday gave a reprieve to the East African Development Bank (EADB), after quashing a High Court judgment that had ordered it to pay transport firm Blueline Enterprises $68.5 million (Sh109.2 billion). The total amount in the award, however, was $137 million (Sh219bn) with interest.A panel of three judges ruled that the order against EADB was wrong because the regional financial institution enjoyed absolute immunity from judicial proceedings in relation to disputes arising from the exercise of its lending powers.

The appeal court declared as null and void, the entire proceedings of the High Court that had given rise to the appeal, faulting the lower court for wrongly entertaining the execution proceedings after the EADB had unequivocally pleaded immunity.

Blueline Enterprises Limited sued EADB in 1997 after the bank had placed the business under receivership after its proprietor, Mr John Lamba, failed to pay $1.5 million of a three-year $2.3 million loan extended in 1990.

The parties then mutually consented to resolve the dispute through an arbitrator, who, after hearing both parties, awarded $61.3million to Blueline, reports The Citizen.

Lawyer asks court to block oil agreements

A lawyer, acting in his private capacity as a citizen, has petitioned court to issue an injunction restraining government from signing any oil deals, Daily Monitor reports.

Mr Hamada Mulumba through Bwambale , Musede and Co. Advocates has petitioned court to restrain the Attorney General, Heritage Oil and Gas Limited and Tullow Uganda from “undertaking any further dealings including but not limited to exploration, production, selling, assigning, transferring any interest in exploration Area 3A (EA-3A) kingfisher (Kajubirizi) of the Albertine Graben.”

Tullow Uganda, one of the oil firms jointly sued with government, yesterday said they had received the suit. “Tullow is aware of the petition and shall follow due process to contest this case,” said Ms Cathy Adengo, the corporate communications manager.

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