Ref: NCBA Versus VAELL
NCBA unilaterally took possession of bank accounts and vehicles despite loan repayments not being in arrears and accounts in good credit.
Payments from the accounts were denied and matter was escalated to court. Regrettably it has now been dismissed due to “alleged lack of evidence” amongst many other reasons.
The dismissal of the case however raises fundamental questions of the role of bank statements as valid evidence, amongst all other information provided.
At present Vaell has cleared all loan obligations with NCBA for this project (a total of Kes 2.1 B at onset). Vaell also paid off NCBA an additional kes 200M for a separate loan for equipment in Tanzania. However the ruling severely prejudicies expansion plans into West and Southern Africa.
Vaell is confident that our advocates provided the respective evidence and with all due respect to the court, we will seek to address this matter in detail in the Court of Appeal.
Some trust in chariots, some in horses, but we trust in the name of the Lord.
Bertha Mvati, Managing Director of Vehicle and Equipment Leasing Limited (VAELL), Speaking to the press during the It’s Electric Expo 2022.
12th April 2022, Naivasha, Kenya.
Regional Equipment Renter Gives Kenyans a Chance to Inspect Electric Vehicles During Easter
One of the best decisions a firm can make is to switch to electric mobility. Electric vehicles are environmentally friendly and provide a delightful driving experience for drivers. As countries implement low-emission zones and governments grant incentives, an electric vehicle expo is scheduled to take place in Naivasha’s Buffalo Mall. The event, which is the first EV show in Kenya, will take place from April 12th to April 16th, 2022 at Quipbank’s headquarters.
The exhibition, organized by equipment rental platform Quipbank, partners with a diverse group of EV enthusiasts, including Bolt, VAELL, SA Group, Buffalo Mall, It’s electric and Utu, to name a few. The expo is expected to attract a wide range of manufacturers, dealers, sales agents, representatives, leasing firms, and users. The goal of the expo which will be happening during easter is to promote electric vehicles.
According to Quipbank Trust Limited Director Bertha Mvati, the expo was held in Naivasha because the region gives a more open, central, and less busy atmosphere for everyone, according to Quipbank Trust Limited Director Bertha Mvati, as the event focuses on diversity of products to meet the needs of increasingly semi-urban consumers. It has a superb blend of rural and urban settings. The company’s cosmopolitan orientation allows it to be accessed by stakeholders s without being bound by regional fortunes. It attracts residents and visitors from all across the country, as well as international tourists.
Quipbank, an equipment rental company, has asked the government to evaluate electric vehicle incentives, claiming that the current incentives are insufficient to encourage the use of EVs in order to reduce pollution and combat climate change. Among the benefits that the Naivasha headquartered renter suggests include; 100% tax exemption for electric automobiles as done by various countries to reduce the price gap with conventional vehicles. It says that these inducements should also apply to the local batteries and car manufacturing or assembly as well as importation and installation of EVs and their infrastructure. Quipbank says that government’s proposed changes to the tariff structure reducing duty for electric vehicles carrying more than 10 persons from 20 percent to 10 per cent is not sufficient to spur the uptake of the electric powered motors.
The Finance Act 2019 stipulates that the vehicles that will enjoy a 10 percent duty rate are fully electric-propelled coaches, buses and mini-buses with a seating capacity exceeding 29 persons as well as coaches, buses and mini-buses with less than 21 persons. The firm argues that the tax waiver given earlier besides it not enough it is also not all-inclusive since it does not take care of other vehicles such as saloon cars and commercial trucks.
“If the government and private stakeholders work together to create conducive environment it will encourage uptake in the rural areas. The rules should not only be for government entities setting up EV infrastructure they should also create a public-private partnership framework. This will enable private companies to take part in the development of this infrastructure and promote competition in the market. If we can formulate and implement policies that will support the growth of EVs then we are sure to succeed. The policies ought to support development of EV Infrastructure,” said Bertha Mvati, the Managing Director of VAELL Kenya.
The renter also offered support to the toll road highlighting that it will be more stimulating if it is made more practical on day-to-day living. It requested the government to consider making the toll stations free of charge to encourage usage.
“With many countries that produce the cars that we use here such UK and Japan having already drafted laws that will prohibit sales for petrol and diesel cars by 2035, we must also create an environment that will make absorption of EV 100% possible,” added Ms. Bertha.
Speaking while in Dar es Salaam, Ivaney Turyasingura, Regional Head of Sales and Fleet Quipbank said: “What is certain is that new mobility is already becoming a reality. Increasingly, it will pick up pace. We are glad to see that the Kenyan government is proactively helping shape the transition to clean, green and sustainable new mobility. We appeal to people in Kenya in general and Naivasha in particular to make the most of the exhibition and the rally. We are hoping that this expo strengthens Kenya’s positioning as an auto hub.”
The expo is aimed at promoting electric vehicles, clean transportation, and alternative fuel access. It also intends to give a stage for significant industry stakeholders to talk about clean mobility and raise awareness about it, as well as to assist in attracting possible investors in alternative fuel technology.
“This is the first ever electric expo in the region and it is not going to be the last. We will continue organizing more expos. We encourage various stakeholders to come and experience an electric future,” added Mr. Ivaney.
Leading manufacturers, dealers, a large number of firms, and the general public are expected to attend the event. On the first day of the expo, companies are scheduled to unveil new electric vehicle goods. A roundtable conversation about electric vehicles and the main launch will take place on Wednesday, April 13th, 2022. Andrew Amadi, Chief Executive Officer of the Kenya Renewable Energy Association (KEREA), Kenneth Micah, BOLT Regional Manager for East Africa, and Bertha Mvati, Managing Director of Vehicle and Equipment Leasing Limited (VAELL), are among those anticipated to attend. The show will be open to the public for free.
ABOUT QUIPBANK TRUST LIMITED
Quipbank Trust Limited is an equipment bank that offers vehicles and equipment rental and sales options. It specializes in mining and construction equipment, agricultural equipment, automotive, trucks and trailers. It provides unique and creative solutions that meet clients’ expectations not only by realizing the business objectives but particularly by strict adherence to the ethical principles of equipment exchange.
Quipbank, the E. Africa’s largest equipment sharing platform, has partnered with leasing companies across the region to dispose and rent surplus good quality used equipment. It has also partnered with local and regional banks to rent equipment of distressed firms to enable debt mitigation. It stocks assets from leading brands to offer efficient output and reduce the cost of construction and development of Africa. Quipbank is best poised to provide the highest quality rental machines and offering exceptional maintenance services towards customer satisfaction. It has entered into agreements with international firms such as Faspol from Poland, Achelis, SREI from India, Atlas Copco from Sweden, and South Africa’s Hydraform to display and sell equipment on their behalf.
For further details and updates, please contact;
Head of Corporate Communications
VAELL GROUP/QUIPBANK TRUST LIMITED,
Cell: +254 719408244/0780408244
Email: firstname.lastname@example.org email@example.com