The Imperial Bank head office on Westlands Road in Nairobi. PHOTO | FILE
What you need to know:
Move follows an application by a Mombasa-based billionaire, Ashok Doshi, and his wife Amit who have sued the bank and CBK.
The Mombasa High Court has temporarily stopped KCB and DTB from making further payments to depositors of the troubled Imperial Bank.
Justice Patrick Otieno issued the orders Wednesday following an application by a Mombasa-based billionaire, Ashok Doshi, and his wife Amit who have sued the bank and Central Bank of Kenya.
The judge certified the application by the couple urgent and directed that it be heard on priority basis on a date fixed by the court.
“The orders shall remain in force for a period of 14 days on condition that this order is extracted forthwith and together with the application served upon the defendants,” said the judge of the Civil and Commercial division.
In their application, Mr Doshi and his wife who have a Sh1 billion deposit in Imperial Bank also want the court to order the defendants to deposit the same amount of money into an escrow account in the names of their advocates.
The plaintiffs are associated with the Doshi Group, a firm with interests in manufacturing, including sale of building materials and power cables.
Founded in 1923 in Mombasa, the Doshi Group has grown organically and through acquisitions to become one of Kenya’s largest manufacturing firms.
Through their lawyer Francis Kadima, the couple is seeking orders restraining Central Bank of Kenya and Imperial Bank from further continuing with any dealing of their (couple’s) money in any manner either by investing, transferring to banks or Kenya Insurance Deposit Corporation.
The application has been fixed for hearing interparties on May 5.
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