Mauritius’ SBM Holdings Ltd will not deposit security of Sh2.5billion as sought by former shareholders of Fidelity Commercial Bank Ltd (renamed to SBM Bank Kenya), pending the determination of a dispute over the acquisition of the Kenya-based lender in 2017.
High Court judge Alfred Mabeya dismissed the application by the litigants led by Sultan Khimji, seeking to compel SBM Holdings to deposit the money as security, pending the determination of the case.
