Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
KDCI’s bid to block three law firms from Imperial Bank case flops
KDIC alleged that the creation of the new holding company known as Imperial Securities Ltd was to enable the bank to invite a strategic investor to overcome its financial shortcomings caused by massive fraud on its depositors’ funds.
The Kenya Deposit Insurance Corporation (KDIC) has lost an appeal in which it had sought to block three law firms from representing directors and shareholders of collapsed lender Imperial Bank Ltd (IBL).
The Court of Appeal rejected the appeal saying it was not enough to make ‘vague unsubstantiated allegations’ on such matters and the mere fact that the lender instructed an advocate or that an advocate was in its panel of advocates, was not a sufficient ground to disqualify them from the case.
