PONTRILAS INVESTMENTS LIMITED v. THE CENTRAL BANK OF KENYA & ANOTHER
Case Number | APPLICATION NO. 14 OF 2019 (ARISING FROM REFERENCE NO. 8 OF 2017) |
Summary | Imperial Bank Limited, a financial institution registered in the Republic of Kenya, was on 13th October 2015 put under receivership by the Central Bank of Kenya (‘the First Respondent’), and placed under the supervision and management of the Kenyan Deposit Insurance Corporation (KDIC) for twelve (12) months. This action by the First Respondent was informed by allegations of fraudulent activities of substantial magnitude, as well as the misrepresentation of Imperial Bank’s financial status. Despite repeated assurances by the First Respondent that the matter would be resolved in the interest of Imperial Bank’s depositors; the Governor of the Central Bank did on 28th June 2017 intimate that the Bank was due to be sold or liquidated.
|
Respondent | THE CENTRAL BANK OF KENYA & ANOTHER |
Complainant | PONTRILAS INVESTMENTS LIMITED |
Date filed | |
Countries | Kenya |
Keyword | |
Treaty Article | |
First Instance Judgment
Verdict | In the result, we would partially grant the Application in the following terms:
- By consent of the Parties, the application for amendment is allowed. The Amended Reference stands duly amended by correcting the date of the meeting mentioned in paragraph 65B of the Amended Reference to read 28th June 2017.
- The application for the production of the documentation delineated in items B13(c), (e) and (i) of Schedule A to the Application is hereby allowed.
- The application for the production of the documents outlined in clauses B1, B2, B3, B4, B6, B7, B8, B9, B11, B12 and B13(a), (b), (d), (f), (g) and (h) of the same Schedule is hereby disallowed.
- The application for witness summons to issue in respect of Dr. Patrick Njoroge is hereby disallowed.
- Witness summons are hereby issued in respect of the Head of the First Respondent’s Bank Supervisory Department to appear in person for purposes of adducing evidence and production of the documents stipulated in clause 48(b) hereof.
- We order each Party to bear its own costs.
It is so ordered. |
PDF document | Download the decision as PDF
|
Date delivered | June 15, 2020 |
Quorum | |
Appeal Judgment
Verdict | |
PDF document | |
Date delivered | |
Quorum | |