Activist Okiya Omtatah has moved to court challenging the tax waiver given to the NIC and CBA banks merger.
He wants the court to stop the secretive and opaque decision by the treasury to exempt them from paying tax.
"The impugned tax waiver which was granted on July 26 but was only announced in August 18 is irregular, unlawful and unconstitutional" reads court documents.
In May, the Competition Authority gave a nod to the merger between CBA and NIC banks.
CBA, whose market share is at 6.05 per cent, and NIC Bank with 4.62 per cent will both hold 10.67 per cent of the market share post-merger.
“However, it is anticipated that the merged entity will continue facing competition from tier-one banks who, together, control 55.32% of the market,” the regulator said in their notice.
More to follow...
