Good evening Nyakundi,
I saw your article detailing how Faulu Bank defrauded a lady of her property.
The corruption at Faulu bank doesn’t stop there since it is in their DNA.
Managers are engaged in insider fraud and everyone is stealing as if their are running their own kitchen.
I would want you to follow a particular case where the rogue microfinance was fined a paltry Ksh. 150,000 by the competition authority after violating anti-trust laws.
With a fine of Ksh. 150,000, will they ever learn?
The Competition Authority of Kenya (CAK) in July, fined Faulu Bank a paltry Sh150,000 for unethical business conduct that was considered ‘unconscionable conduct’.
The company was found to have violated Section 56 of the Competition Act.
A settlement was later reached to pay the paltry and non-deterrent fee. “The company gave an undertaing vide the settlement agreement to in future refrain from engaging in any conduct that is in contravention of the Act.
The ridiculous penalties that CAK has been levying after using more money to investigate and literally send the offenders to go scot-free has been worrying.
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