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2,500 Companies Shut For Failing To Disclose Owners

ag paul kihara,
Attorney General Paul Kihara. [Courtesy]

The government has deregistered at least 2,540 companies for failing to disclose their owners and beneficiaries.

This follows an order issued in October last year by the Attorney General requiring that the entities provide personal information of shareholders who own more than 10 percent or exercise control in a firm.

“2,540 entities were struck off the register in 2020. This was an influx. This was occasioned by enforcement of the beneficial ownership information disclosure requirements since the BOI e-register was operationalised on October 13, 2020,” read a statement from Business Registration Service.

Business Daily reports that at least 6,000 firms have been closed since July 2017.

Read: Kenyans Snitch On 359 Companies, Individuals Over Ksh2 Billion Tax Evasion

As of mid-June, about 148,908 private companies had declared the information, which included names, phone numbers, residential address, national ID or passport copies, occupation, the date they became, and cease to become owners.

The move was aimed at curbing vices such as money laundering, financing of terrorism, unmask illicit wealth, and corruption.

In the year ending June 2021, the number of new business names registered increased by 38.7 percent to 101,674 compared to 73,302 in a similar period last year, while private companies increased by 15.4 percent to 50,932 from 44,128 over the periods.

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Written by Francis Muli

Follow me on Twitter @francismuli_. Email francis@kahawatungu.com

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