Wananchi queue to open CDS accounts ahead of Safaricom IPO in 2008. FILE
KCB Group has made a fresh claim against Suntra Investment Bank over botched purchase of Safaricom shares during the telco’s IPO in 2008.
KCB is seeking a refund of Sh10 million and interest covering the five years after the firm failed to purchase Safaricom shares on behalf of its client, Magic Movers.
Magic Movers had borrowed the money from KCB to buy the shares through Suntra which allegedly failed to forward the share allotment form together with the money, hence Citi Bank, the receiving lender, failed to process the order.
Magic Movers has also sued KCB for missing out on capital gains given that Safaricom is trading at its highest level at Sh9.40 compared to the IPO price of Sh5.
KCB last year sued Suntra seeking a refund of Sh50 million paid on behalf of its client, whom the investment bank allegedly failed to refund fully.
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