CAK fines GT Bank KSh 33.2 million, orders refund to ASL Limited

The competition authority of Kenya has hit Guaranty Trust Bank Kenya Limited, with a 33.2 million shillings penalty, over what the regulator termed as engaging in false and misleading representations and unconscionable conduct against its customer, ASL Limited, contrary to the Competition Act. This move follows a complaint lodged to the regulator by ASL on 5th October 2024, alleging unfair treatment in the management of and renewal of its credit facilities held with the bank.