Email & WhatsApp Chats Expose Price-Fixing Among Top Steel Firms

Hello and welcome to the Money News Roundup Newsletter. Today, we’re covering how emails and WhatsApp chats exposed top steel firms for price fixing. We also have the latest updates on the investigations into airline fare refunds.

‍Email Exposes Top Steel Bosses for Price Fixing 

Email and WhatsApp chats have revealed how top steel manufacturers in the country colluded to fix the prices of goods, thereby maximizing their profits.

As reported in the Business Daily, the Competition Authority of Kenya (CAK) had confiscated gadgets belonging to bosses of top firms.

During the investigation, an email sent in 2018 detailed that the firms had colluded to fix the prices of certain construction items.

Additionally, the firms colluded to reduce the sizes of certain steel products. This was aimed at making more profit. Further analysis also revealed that the firms agreed not to import the 0.99 coils (used for roofing).

These actions were reported to have affected consumers who did not have access to competitive prices. As a result, nine firms were fined Ksh338 million in 2023. 

Devki Steel Mills, owned by Narendra Raval was fined 46 million. Additionally, Tononoka Rolling Mills Ltd was fined Ksh62 million, and Doshi & Hardware Ltd was fined Ksh41 million.

Tax Dispute Exposes Kenyatta Family’s Links to Expressway Deal

In the Daily Nation, a fresh tax dispute has exposed the Kenyatta family’s financial interests in Edge Worth Properties Ltd - a company that gained from the Nairobi Expressway project. 

The company, linked to the family, is reported to have owned land that was given to the Expressway contractor to extract sand for the road project. The contractor also used the land to store its materials during the construction exercise.

Now, the Kenya Revenue Authority (KRA) is demanding Ksh249.2 million in unpaid taxes, arguing that interest-free loans issued by the firm to shareholders should be treated as taxable fringe benefits. KRA also rejected Edge Worth’s claims that land levelling costs (done after the sand extraction) qualified as business expenses.

Airlines Face Probe Over Fare Refunds

The COMESA Competition Commission has launched investigations into airlines operating in the COMESA region over allegations of refusing to refund or compensate passengers for unused tickets due to pandemic-related flight cancellations

As reported in the Business Daily, the Commission suspects that some airlines may have relied on unfair or undisclosed terms to deny claims, potentially violating Articles 27, 28, and 29 of the COMESA Competition Regulations.

Passengers may have been subjected to misleading or coercive conduct, or denied refunds based on terms that unfairly benefited the airlines. 

The Commission is now calling on affected consumers to submit evidence, including flight details, correspondence with the airline, tickets, boarding passes, and any refund-related communication.

Kenyans Pump Ksh496B into Investment Funds as MMF Hit Record High

More Kenyans are moving their savings into collective investment schemes (CIS), pushing total assets under management to a record Ksh496.2 billion by March 2025—a 28% jump in just one quarter. 

Money market funds remain the dominant force, accounting for 84.2% of total CIS assets. Their appeal lies in stable annual returns of 9.5–11%, outperforming traditional bank deposits. This trend signals growing interest in safer, higher-yield options amid falling interest rates and declining T-bill returns.

As reported by the People Daily, CIC Asset Management leads the industry with Ksh107.66 billion in assets, followed by NCBA, Madison, Sanlam, and ICEA LION

The interest in MMFs has been attributed to digital platforms and increased financial literacy, which are opening doors for new players and first-time investors. Some platforms now enable Kenyans to invest as little as Ksh100, accelerating uptake among retail savers.

Govt Spending on Development Projects Drops for Second Year

The National Treasury has revealed that only 9.39% of total government spending went to domestically funded development projects in the financial year ending June 2025 -marking a second consecutive year of single-digit allocation.

According to a report by the Business Daily, ministries and agencies allocated Ksh335.08 billion to projects from a total budget of Ksh3.57 trillion. 

Notably, the reduction in the development budget was implemented through supplementary budgets. Allocations to domestically funded projects for the year ended June 2025 were reduced from Ksh458.87 billion to Ksh351.34 billion, while recurrent expenditure, excluding debt servicing costs, increased to Ksh1.44 trillion from Ksh1.35 trillion.

This trend, economists warn, could hurt job creation and slow long-term economic growth. Read more on this report here. 

PSC Announces Paid Intership Positions in Govt Ministries & Departments

The Public Service Commission has announced paid internship positions in government ministries and state departments.

In a notice on My Gov (page 7), PSC listed a Bachelor’s degree, graduation (not earlier than 2018), and proficient computer skills as some of the requirements.

Interested graduates are advised to make their applications through the Commission’s job portal. 

SHA Announces Recruitments for 64 Senior Positions

Additionally, on My Gov, the Social Health Authority (SHA) has announced 64 job vacancies for directors and deputy directors in various departments, including legal services, corporate communication, customer experience, and internal audit, among others.

Read details of the vacancies, job qualifications, and the application process here (pg 20).