BY SAM ALFAN.
The Chief Executive officer of SBM Bank risks being sent to prison for contempt of court over the refusal to release of Sh1.7 million.
The administrator of the estate of Innocent Kamadi Anyange wants the lender’s CEO Moezz Mir jailed for six months and SBM Bank be condemned and fined for disobeying court orders directing them to release the money.
“This court declares that SBM Bank limited through its Chief Executive officer Moezz Mir has willfully disobeyed the lawful court order herein dated 8th of November, 2023 and consequently finds him to be contempt of court,” seeks Nathan Madoga, the administrator.
He further wants the lender to be condemned to pay a fine commensurable or reasonably proportional to punishment for disobedience of court orders dated November 28, last year and issued on the November 6, 2023.
The court heard that pursuant to the Order of the Court dated 30th June 2020, the decretal sums Sh1,726,998.35 were credited by the Judgement Debtors into a joint interest earning account domiciled at SBM Bank.
The account was opened in the names of KTK Advocates & Edwin Omulama & Associates Advocates on 02/09/2020.
The court order directed the sums to be credited into the stated joint account pending hearing and determination of an intended appeal.
The court heard that on 19th September 2023, struck out the Judgement Debtors’ Appeal having been filed out of time and without leave of the court.
On 23rd November 2023, the Judgement Debtors filed an application under certificate of urgency at the Kiambu High Court, seeking a stay of the execution of the ruling and decree.
In a ruling, the High Court in Kiambu issued an order of maintenance of status quo of orders dated 27th November 2023.
The process of execution of the Judgement and Decree of the Kikuyu Magistrate’s Court by way of release of the decretal sums held at SBM Bank was in progress because the Decree Holder had moved the said Court for the relevant order and given notice thereof to the Judgement Debtors as by law required.
On 28th November 2023 the Judgement Debtors and the Decree Holder duly appeared before the Chief Magistrate at the Kikuyu Magistrates Court when the former tried to block the issuance of the order for the release of the decretal sums.
