The insurance regulator blocked shareholders of Resolution Insurance from accessing funds controlled by an owner of rival Xplico Insurance to recapitalise the firm before it collapsed with Sh6.5billion in client cash, court documents have revealed.
The court papers filed by Peter Nduati, who was the face of Resolution, show that New Point Capital, a UK fund owned by Keith Beekmeyer, was to provide over Sh691 million ($6 million) for investment in the Kenyan insurer by Linkham Services Limited.
