CIVIL FORFEITURE IN KENYA

Forfeiture is defined as the loss of goods/chattels as a punishment for some crime ormisdemeanor by an owner. It is the process by which property suspected to be an outcomeof a crime or used to commit a crime is confiscated by the relevant authorities.There exist two types of forfeiture in law: Civil and Criminal forfeiture. […]

Legal analysis of the Supreme Court’s Ruling on Interest Rates: Regulatory Processunder Section 44 of the Banking Act

On June 27, 2024, the Supreme Court delivered a pivotal judgment in Supreme Court
Petition Number E005 of 2023, Stanbic Bank Kenya Limited versus Santowels
Limited. The Court held that interest rates on loans and facilities advanced by banks and
financial institutions are subject to the regulatory process under Section 44 of the Banking
Act. This section mandates prior approval by the Cabinet Secretary before increasing the
rate of banking charges.