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Kenya: Court Declines to Lift Stanbic Merger Order
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The Nation (Nairobi)
14 May 2008
Posted to the web 14 May 2008
Nairobi
Stanbic Bank of Kenya Limited on Tuesday sought to have the court to stop its merger with CFC Bank Limited lifted.
But Lady Justice Roselyn Nambuye directed the application by SBK seeking to vacate her orders of May 8, 2008 be heard on Wednesday. She did not lift the temporary order which remains in force for 14 days.
Justice Nambuye directed SBK lawyers Obura Mbeche and Professor Githu Muigai to serve their suit papers on the lawyers appearing for the 15 former bank employees.
The bank lawyers told the judge their application will be treated as a reply to the issues raised by the former workers of the bank in their application of May 6, 2008.
Lawyers Mathew Oseko and Moses Kurgat for the former employees told the judge they needed time to respond to the issues raised by the bank.
They said they will file and serve the replying affidavit to SBK lawyers before 2.30 pm tomorrow (Wednesday) when the case was slotted for hearing.
Illegal
The former bank workers claim that the intended merger illegal since the company which owns SBK is not a registered in Kenya as a financial institution. They claim the merger is complex and against the country's banking rules.
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Justice Nambuye allowed a plea by the former workers led Mr Jimmy Kavilu to suspend the merger until their case is heard and determined.
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