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Jamii Bora Bank sues EY in Sh451m Uchumi shares row

Mr Jonathan Ciano, former Uchumi Supermarkets CEO (left) and Jamii Bora Bank CEO Samuel Kimani. Ernst & Young is accused of failing to disclose critical information that would have informed the prospective investors of the true financial position of the retailer. PHOTO | FILE

Jamii Bora Bank has moved to court seeking to recover millions of shillings it claims to have lost when it bought a large stake in Uchumi Supermarkets on the strength of a report produced by the audit firm Ernst & Young that gave the retailer a clean bill of health.

The bank, which is Uchumi’s single largest shareholder, says it sank Sh451 million in the retail chain during the 2014 sale of shares through a rights issue only to discover later that the decision was based on false information contained in a report prepared by Ernst & Young.

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