Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Justice Isaac Lenaola issued an order restraining RBA from calling for forensic inspections of LAPT, pending the hearing and determination of the petition before the court

Kenya

RBA stopped from delisting CPS Financial Services

Justice Isaac Lenaola issued an order restraining RBA from calling for forensic inspections of LAPT, pending the hearing and determination of the petition before the court

Justice Isaac Lenaola issued an order restraining RBA from calling for forensic inspections of LAPT, pending the hearing and determination of the petition before the court

NAIROBI Kenya, Sept 12- The Retirement Benefits Authority (RBA) on Friday suffered a setback after the High Court stopped it from interfering with operations of CPS Financial Services limited and Local Authorities Pensions Trust (LAPT).

This was after Justice Isaac Lenaola issued an order restraining RBA from calling for forensic inspections of LAPT, pending the hearing and determination of the petition before the court.

The judge directed that the application be served for hearing on 29 September.

LAPT through its lawyer Donald Kipkorir had moved to court under certificate of urgency seeking leave to quash the decision of RBA asking for certificate of registration held by the Financial Service Company for destruction.

The lawyer urged the court to issue an order prohibiting the agents of RBA from effecting the decision made against the applicants. He told the court that the RBA’s decision to deregister CPS Financial Services is arbitrary and made in bad faith.

They heard that the pension fund has thousands of municipals and county government employees who stand at risk to lose their benefit if the decision of RBA is acted upon.

“The financial service is an administrative body tasked with administration of pension fund scheme subject to the provisions of the retirement Act,” he told the court.

Meanwhile, CPF Financial Services Group Managing Director Hosea Kili in a statement explained that the institution, “has and continues to uphold impeccable standards and thus follows due process in all its undertakings.”

“We hereby wish to clarify that CPF Financial Services Ltd has not in any way violated the law in regards to the management of retirement benefits for its client schemes and members; that the decision by the Trustees of the Local Authorities Pensions Trust to incorporate the Company was a step towards separation of in-house scheme administration in line with global best practice.”

Kili blamed, “external parties (that) have been feeding our members, stakeholders and the public with misleading information on the legality of our existence.”

Advertisement. Scroll to continue reading.

He says the said reports have been generated by competitors who want to influence the minds and views of the public on the pension scheme.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...