De La Rue to invest Ksh.286M in Kenya after ruling on tender row
Published on: October 13, 2018 01:11 (EAT)
De La Rue is set to invest Ksh.286 million (US$2.9 million) in the expansion of their site in Kenya to strengthen and underpin local operations. This comes after the British banknote manufacturer on Friday got a reprieve from a court ruling in the money printing tender row with Central Bank of Kenya (CBK). “This is part of a long term investment of Ksh1.4billion to upgrade the site in Ruaraka on Thika Road to become a regional hub for East Africa and the wider continent and a Global Centre of Excellence for De La Rue,” a statement from the firm reads. The firm expressed delight with the court verdict that read: “As already alluded to, allegations of malfides and or vested interests were never proved and remained allegations. “The Supreme Court observed that in matters in the domain of public interest litigation tend to be exempted from award of costs. “We shall therefore not penalise the 1st respondent in costs following the success of the appeal.On the whole, the appeal succeeds. “The Judgment and Decree of the High Court in Petition Number No. 597 of 2017 dated 9th April, 2018 is hereby set aside and substituted with an order dismissing the said petition with no order as to costs in respect of the proceedings both in the High Court and in this Court.” In a statement to newsrooms on Friday, the firm’s marketing director Robin Mackenzie maintained that the CBK had run a proper, fair and transparent procurement. According to him, the court dismissed “baseless” accusations of collusion out of hand. This means that Central Bank of Kenya can now proceed with the printing of new-look currency after the Court of Appeal on Friday held that the De La Rue tender was above board. The firm also pledged continued support to the CBK and to actively participate in growing the economy of Kenya as it has invested in Kenya for over 25 years. There are 3000 Kenyan employees at De La Rue with an extended workforce of around 3000 which reportedly contributes Ksh.1.25billion every year to the local economy.