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[July 02, 2014]
Tuskys, Ukwala bosses risk jail over takeover bid [Nation (Kenya)]
(Nation (Kenya) Via Acquire Media NewsEdge) Directors of Tuskys and Ukwala risk jail terms and multi-million shilling fines for defying an order to reverse an unsanctioned outlet acquisition deal.
The supermarket chains missed a Monday night deadline set by the Competition Authority of Kenya to terminate the acquisition of three Ukwala outlets by Tuskys.
The authority now says it will forward the matter to the Director of Public Prosecutions as a violation of laws against restrictive trade practices.
If charged and found guilty under Section 21 of the Competition Act, the owners of the two businesses could face up to five years in prison, a fine not exceeding Sh10 million or both.
CAK could also impose a penalty of up to ten per cent of their turnover.
CLICK HERE to read the full report in the Business Daily.
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