The Court of Appeal has discharged Guardian Bank from a High Court order requiring it to pay Sh196 million to former shareholders of the defunct Guilders International Bank, ending one of Kenya’s longest-running business acquisition disputes that began in 2005.
A three-judge bench — Justices Daniel Musinga, Francis Tuiyott, and George Odunga — ruled that eight guarantors, not Guardian Bank, are responsible for settling the 200,000-share purchase debt from the 1999 takeover deal.
