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Kenya: Nyaga Stocks Boss Asks for More Time
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The Nation (Nairobi)
16 May 2008
Posted to the web 16 May 2008
Sam Kiplagat And Jillo Kadida
Nairobi
The managing director of the troubled Nyaga Stockbrokers Patrick Ndwiga Gakiavih on Thursday sent his lawyer to defend him in court over accusations of fraud.
Although many expected him to appear in person, Mr Gakiavih, through his lawyer Muciimi Mbaka, asked the court to give him more time to enable him reply to accusations brought against him by the Capital Markets Authority.
The market regulator has accused Mr Gakiavih of among other issues withdrawing Sh523 million of his clients' money without their consent.
The owner of the brokerage firm owned 99 per cent of the shares while his wife, Elizabeth, owned 0.01 per cent.
Lady Justice Lesiit directed both parties to appear for the hearing of the case on June 9.
Meanwhile, Kenyans will know whether the new labour law will be repealed or not when High Court delivers its verdict on Thursday.
High Court judge Justice Jacktone Boma Ojwang will determine whether section 58(2) is unconstitutional.
This section of the Act which is being challenged prevents cases pending in court from proceeding.
Statutory
And now the Law Society of Kenya says the Act denies its members and the public access to any legal forum.
LSK's lawyer Fred Ngatia said his client has all the authority to file the case because it has statutory duty to protect and assist both its members and public.
And in another case, a man who claims he was a customer of Charter House Bank was on Thursday allowed to serve summons to the bank's statutory manager.
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Mr Vijay Kumar Kanti was also directed by High Court Judge Jessie Lesiit to serve the summons to Rose Detho within 14 days. Mr Kanti wants a Sh10 million refund and an interest of 12 per cent per annum accrued since July 2000.
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