The National Oil Corporation of Kenya (NOCK) has been declared “technically insolvent” by a parliamentary watchdog committee, which has now ordered a special audit into the agency’s operations.

According to the National Assembly’s Public Investments Committee on Commercial Affairs and Energy, NOCK is unable to meet its recurrent expenditures, owes over Sh7.4 billion in debt, and is at risk of defaulting on loans from major banks.

…

“Protecting the integrity of the Companies House register is crucial because UK businesses rely on this information to make informed decisions about who they trade with, lend to, and invest in. When companies submit false information, it undermines confidence in our entire business environment.”

Despite historic student debt relief during the Biden administration, nearly 43 million Americans still carry student loan debt, and many struggle to repay their loans. In fact, more than 5 million borrowers are in default on their federal student loans, and the number of borrowers in default is expected to increase to as many as 10 million in the next few months. But recent changes in federal policy threaten to make loan repayment even more challenging. 

As borrowers face new barriers to student debt relief, what role can state debt relief programs play in promoting financial stability for graduates and ensuring states can retain highly educated workforces?

As the Feds Step Out, How Much Can States Step In?

Congress…

US-based chemical recycling company Brightmark has filed for bankruptcy for three subsidiaries associated with its Ashley, Indiana pyrolysis plant. The affected entities are Brightmark Plastics Renewal LLC, Brightmark Plastics Renewal Indiana, and Brightmark Plastics Renewal Services LLC. According to court filings in the United States Bankruptcy Court for the District of Delaware, these subsidiaries are burdened with approximately $178.35 million in secured debt. This includes $172.5 million in green bonds, with a missed bond payment of $12.9 million on March 1. Additionally, there is an outstanding bridge loan of $5.585 million issued on March 5.

The subsidiaries also disclosed around $1.81…

The Public Investments Committee on Commercial Affairs and Energy has declared the National Oil Corporation technically insolvent and questioned its deal with a private fuel station chain in Kenya.

A session scheduled by the committee with NOCK officials on Thursday was also suspended, with the MPs citing grave concerns over the financial mismanagement and rising debt.

Led by Pokot South MP David Pkosing, the committee also flagged a troubling lack of transparency in the state organisation’s partnerships.

“The National Oil Corporation is no longer a going concern. We are staring at a dead agency that can neither meet salaries nor sustain operations,” MP Pkosing declared.

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• Automarket Europe Limited, Integra Group Limited, Maxell Limited, Montana & Montana Limited, and Supermarket Plus Ltd filed false accounts showing turnovers of up to £642 million despite having no genuine business activity 

• All five companies shared office addresses in South London and Croydon. They also falsely named reputable accountants as auditors, and failed to co-operate with Insolvency Service investigations before being shut down 

• The companies were investigated by the Insolvency Service as a result of referrals from Companies House following legislation to improve corporate standards 

Five companies which submitted false accounts showing hundreds of millions of pounds of profits have been…

By Ana B. Ibarra, CalMatters

This story was originally published by CalMatters. Sign up for their newsletters.

Sierra Freeman has a rare genetic disorder that makes her prone to aneurysms and has sent her to the hospital repeatedly. 

In July 2022, the Stockton resident had surgeries to repair an aortic tear and a ruptured blood vessel in her brain and spent two months at Stanford Medical Center, which hosts one of the leading programs in connective tissue disorders like the one Freeman has. 

Over the next 18 months, she racked up more than $4 million in medical bills, most of which…

There’s a mystery afoot on Capitol Hill. Tucked within the Republican megabill President Donald Trump signed on July 4 was a tax provision that surprised most, if not all, of the Republican members of Congress who voted for it. The provision limits the amount gamblers can deduct from their income taxes based on their losses — and nobody seems to know how it got into the bill.

The riddle before us is a reminder that our lawmakers don’t always know all the relevant details of the legislation they’re being pushed to support. It’s also why, if only to save themselves embarrassment, these GOP senators would have done well to resist Trump’s arbitrary demand that they give him a “big, beautiful bill” to sign by the Fourth of…