Britam abandons claim against Acorn in Sh5bn out-of-court settlement

Financial services group British American Asset Managers (BAAM) has dropped a multibillion-shilling claim it filed against property development group Acorn and seven of its affiliates following an out-of-court deal that will also see it relinquish a minority stake it holds in the real estate firm.

The deal will see Acorn pay Sh5 billion to BAAM, funds whose transfer from the financial services firm’s accounts by four of its former employees was contested.