Safaricom loses petition not to disclose business contracts:
Safaricom has lost its petition to get rid of a provision in the country’s competition law forcing it to reveal business reports to the Competition Authority of Kenya (CAK). Safaricom recently petitioned against the provisions of the Competition Act of 2010, the national law concerned with problems of business competition in Kenya.
However, the National Assembly Committee on Finance and National Planning in Kenya rejected the telecoms giant’s petition because of the Act’s clauses on discouraging restrictive trade practices in Kenya. This might not be surprising because of the market share value that Safaricom maintains on the Nairobi Stock Exchange (NSE).