Connect with us

Hi, what are you looking for?

Cyprian Is Nyakundi


Absa Bank Gets Relief In Sh1.5bn Case

Absa Bank

Absa Bank Kenya

Absa Bank has received a much-needed reprieve in a case where it is seeking to challenge a Sh1.5 billion compensation awarded to a transport firm, New Mega Africa Ltd.

The compensation was awarded after the bank failed to defend a claim filed against it last year.

The High Court in Mombasa has granted Absa Bank 15 days to file its defence documents and any other relevant documents to counter the compensation award.

This decision provides the bank enough time to prepare its legal defence and present a comprehensive case in court.

The transport firm, which specializes in transporting clinker from Kenya to Tororo, Uganda for cement and other related products, had sued arguing that Absa’s leak of its confidential financial statement scared off lenders, leading to a refusal to lend the firm money.

This, in turn, led to a disruption of the firm’s business operations, with its creditors and suppliers descending upon it.

The court found that the bank had failed to maintain the secrecy of the client’s account by printing its financial statements without authority and sharing them with third parties without express consent.

This recent development comes in the wake of revelations of more hidden skeletons in Absa Bank’s closet, as the bank seeks to clear its name in numerous legal battles, including a copyright infringement case against a local trader entrepreneur Edward James Njoroge Njuguna.

Njuguna complained that the bank changed its name to “Absa Bank Kenya” despite the previous registration of a similar title “Absa Kenya Limited” and the issuance of a certificate of incorporation.

The Absa name was registered in 2007 for a period of ten years and was renewed in 2017 for another ten years.

According to records from Registration of Business Services at the State Law Office, Absa Kenya Limited was registered on November 17, 2006, and the company is active to date.

Further, the website was registered on September 13, 2005, and has been active ever since.

In his submissions, Njoroge said that his firm, Absa Kenya Limited, had suffered greatly because of the alleged infringement and its trading partners had canceled various transactions.

Would you like to get published on this Popular Blog? You can now email Cyprian Nyakundi any breaking news, Exposes, story ideas, human interest articles or interesting videos on: [email protected] Videos and pictures can be sent to +254 710 280 973 on WhatsApp, Signal and Telegram.



Click to comment


You May Also Like


Following Al Jazeera’s investigative documentary on gold scams that happen in Zimbabwe led by Kamlesh Pattni, police in Kenya have stepped up the hunt...


It is high time Kenyans boycotted products from the Mhindi-owned Environment polluter London Distillers due to unhygienic practices. The company has compromised the Competition...


Employees of the National Industrial Training Authority (NITA) have written a letter to the Head of Public Service and Chief of Staff at State...


Sleuths from the Ethics and Anti Corruption Commission could soon land at City Hall following revelations that a former senior officer who was in...

Copyright © 2021 Cyprian Is Nyakundi.



daftar sbobet


%d bloggers like this: