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THE STANDARD NEWS NAIROBI, KENYA: Shareholders of Kenya Reinsurance and ScanGroup will have to wait longer to know the financial health of the firms, which have announced they will delay the release of last year s results. The firms were expected to announce the financials by the end of last month as per the Capital Markets Authority regulations. In newspaper notices, both Kenya Reinsurance and Scangroup, say they will release the results by end of May. The firms join Crown Paints, which also alerted shareholders and investors to expect the results before June 15 of this year. Kenya-Re’s Company Secretary Charles Kariuki attributed the delay to a change in actuarial valuation methodology, in respect to unearned premium reserves and claims reserves to an approach recommended by the Insurance Regulatory Authority. ....
Ex-CEO probe delays Scangroup results Friday May 07 2021 By VICTOR JUMA Summary The move indicates that Mr Thakrar’s departure was related to financial misconduct though the company has not specified the allegations he is facing. Scangroup missed the April 30 deadline for publishing its results without giving an explanation to shareholders. The Capital Markets Authority (CMA) disclosed to Business Daily the reasons for the delay. Investigations into misconduct of former Scangroup #ticker:SCAN chief executive Bharat Thakrar has forced the marketing services firm to delay publishing its results for the year ended December as the auditor awaits the outcome of the probe. ....
The World Federation of Advertisers says ad fraud will cost advertisers $50 billion a year by 2025. As global brands increase their investment in media, questions around media industry transparency are again being raised in one of the world's fastest-growing markets, Africa. ....