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GAZETTE NOTICE NO. 8035

THE COMPETITION ACT

(Cap. 504)

SETTLEMENT

IT IS notified for general information and pursuant to section 39 of the Competition Act (“the Act”) that the Competition Authority of Kenya (“the Authority”) and KCB Bank Kenya Limited (“the Company”) have entered into a settlement agreement in respect of the investigations initiated by the Authority pursuant to section 55 (a) (v) of the Act, that prohibits false or misleading representations by a supplier of a product or service and sections 56(1), (3) and (4) of the Act, that prohibits unconscionable conduct. The investigations were in relation to a complaint regarding an advertisement on the Company’s website that Platinum Credit Card holders were entitled to a 45-day interest-free period whereas the complainant was charged interest. The Company also failed to inform the complainant of its credit billing and repayment cycles. The Company opted to enter into a Settlement Agreement with the Authority pursuant to section 38 of the Act. Dated the14th December, 2023. ADANO W. ROBA, MR/6208816 Ag. Director-General. 28th June, 2024 THE KENYA GAZETTE

Dated the 28th June, 2024.

ADANO W. ROBA,

Ag. Director-General.

Extracted Entities (1)

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8035

Details

Act / Legislation: THE COMPETITION ACT
Reference: Cap. 504
Section: section 39
Signed By: ADANO W. ROBA
Title: Ag. Director-General
Date Signed: 28th June 2024
Page: 42
Extraction Method: regex

Source Gazette

Vol. CXXVI No. 94

Published 15th January 2024