@BusinessDaily

CBK, De La Rue appeal termination of currency tender

4 months ago, 11 Jan 16:49

By: Galgallo Fayo

The Central Bank of Kenya (CBK) and De La Rue International have appealed against the decision by the Public Procurement Administrative Review Board (PPARB) to terminate the award of a currency contract. The contract was terminated last week after Swedish firm Crane AB accused the CBK of breaching the law in awarding the deal to De La Rue by giving it a 15 per cent margin preference for having local shareholding. The CBK and De La Rue International filed separate appeals at the High Court, both seeking to quash PPARB's decision. “The respondent (PPARB) made the decision without regard to several relevant matters that were brought to its attention and took into account irrelevant matters. As a result, the respondent arrived at a wrong and unreasonable decision,” says De La Rue International in court documents. Fresh evaluation The board had further directed the CBK makes a fresh evaluation of the tenders submitted to it within a fortnight. “(CBK) is directed to undertake a fresh evaluation of all the tenders submitted to it by all the four bidders who participated in the tender process herein and complete the said process within a period of fourteen days,” the board had said in its last week judgment. The tenders watchdog ruled that De La Rue did not qualify for the preference margin of 15 per cent applied, adding that the British printers was not the lowest evaluated bidder. De La Rue has had a stranglehold on the Kenya’s lucrative money printing business except for the period between 1966 and 1985 when notes were printed by UK firm Bradbury Wilkinson, later acquired by De La Rue.
Read More


Category: business news corporate lifestyle economy opinion markets

Suggested

2 hours ago, 10:43
@BusinessDaily - By: Constant Munda
Imports to cost more in Treasury tax deal

Treasury opts to adopt protectionist policy to encourage growth while maintaining revenue ...

Category: business news lifestyle markets opinion corporate economy
19 hours ago, 17:34
@DailyNation - By: Constant Munda
Lovers of imported goods to pay more in bid to shield local firms

Finance Bill 2018 contains a number of protectionist measures . ...

Category: business news topnews
7 hours ago, 05:52
@BusinessDaily - By: James Kariuki
State orders SA buses as Dar buys in Kenya

Vehicle-builder says imports negate the government’s agenda of boosting manufacturing to create jobs ...

Category: business economy news opinion lifestyle corporate markets
21 hours ago, 15:12
@DailyNation - By: Gerald Andae
Kenya risks missing Comesa deadline for sugar sector reforms

The Council of Governors (CoG) has rejected the sale in its entirety, saying it will not solve problems facing farmers, instead demanding the assets revert to the counties. ...

Category: business news topnews
3 hours ago, 09:39
@StandardMedia - By: Reuters
Kenya moves to regulate fintech-fuelled lending craze

Kenya built a reputation as a pioneer of financial inclusion through mobile money system that enables people to transfer cash and make payments. ...

Category: business news topnews
1 hour ago
@BusinessDaily - By: Mohammed Momoh
Nigeria declares 58 universities illegal

Senator a holder of an invalid PhD certificate as the varsity he attended among the illegal ones. ...

Category: business markets news

@BusinessDaily

CBK, De La Rue appeal termination of currency tender

4 months ago, 11 Jan 16:49

By: Galgallo Fayo
The Central Bank of Kenya (CBK) and De La Rue International have appealed against the decision by the Public Procurement Administrative Review Board (PPARB) to terminate the award of a currency contract. The contract was terminated last week after Swedish firm Crane AB accused the CBK of breaching the law in awarding the deal to De La Rue by giving it a 15 per cent margin preference for having local shareholding. The CBK and De La Rue International filed separate appeals at the High Court, both seeking to quash PPARB's decision. “The respondent (PPARB) made the decision without regard to several relevant matters that were brought to its attention and took into account irrelevant matters. As a result, the respondent arrived at a wrong and unreasonable decision,” says De La Rue International in court documents. Fresh evaluation The board had further directed the CBK makes a fresh evaluation of the tenders submitted to it within a fortnight. “(CBK) is directed to undertake a fresh evaluation of all the tenders submitted to it by all the four bidders who participated in the tender process herein and complete the said process within a period of fourteen days,” the board had said in its last week judgment. The tenders watchdog ruled that De La Rue did not qualify for the preference margin of 15 per cent applied, adding that the British printers was not the lowest evaluated bidder. De La Rue has had a stranglehold on the Kenya’s lucrative money printing business except for the period between 1966 and 1985 when notes were printed by UK firm Bradbury Wilkinson, later acquired by De La Rue.
Read More

Category: business news corporate lifestyle economy opinion markets

Suggested

2 hours ago, 10:43
@BusinessDaily - By: Constant Munda
Imports to cost more in Treasury tax deal

Treasury opts to adopt protectionist policy to encourage growth while maintaining revenue ...

Category: business news lifestyle markets opinion corporate economy
19 hours ago, 17:34
@DailyNation - By: Constant Munda
Lovers of imported goods to pay more in bid to shield local firms

Finance Bill 2018 contains a number of protectionist measures . ...

Category: business news topnews
7 hours ago, 05:52
@BusinessDaily - By: James Kariuki
State orders SA buses as Dar buys in Kenya

Vehicle-builder says imports negate the government’s agenda of boosting manufacturing to create jobs ...

Category: business economy news opinion lifestyle corporate markets
21 hours ago, 15:12
@DailyNation - By: Gerald Andae
Kenya risks missing Comesa deadline for sugar sector reforms

The Council of Governors (CoG) has rejected the sale in its entirety, saying it will not solve problems facing farmers, instead demanding the assets revert to the counties. ...

Category: business news topnews
3 hours ago, 09:39
@StandardMedia - By: Reuters
Kenya moves to regulate fintech-fuelled lending craze

Kenya built a reputation as a pioneer of financial inclusion through mobile money system that enables people to transfer cash and make payments. ...

Category: business news topnews
1 hour ago
@BusinessDaily - By: Mohammed Momoh
Nigeria declares 58 universities illegal

Senator a holder of an invalid PhD certificate as the varsity he attended among the illegal ones. ...

Category: business markets news
Our App