The Standard Chartered Bank is rumored to be planning to sell its business in Kenya and the region.
According to credible sources, this is the reason the Bank has appealed a court’s decision ordering it to recalculate former employees benefits that were slashed because of using wrong actuarial factors.
The sources said the case messes up the bank prospects and that’s the main reason its fighting hard.
“Exiting the region is a conspiracy to deny retirees their well-deserved pension because the new entrant is unlikely to honor a decade long court battle they are not aware of. This is even after the London based mother bank had released all the court verdict amount immediately after the ruling,” the source said.
On Thursday, former Standard Chartered Bank staff were taken aback by the court ruling.
They will have to wait longer for their dues after the High Court suspended a decision directing the lender to recalculate their benefits that were slashed because of using wrong actuarial factors.
Justice Anthony Ndung’u allowed the bank to challenge the decision of the Retirement Benefits Appeals Tribunal, a move that will see the 629 retirees wait longer for the dues.
The Business Daily reported.
The pensioners have been in court for more than 13 years and some of them have since died.
The pensioners sued their former employer and the Standard Chartered Bank Kenya Pension Fund accusing them of reducing their lump sum payment by using incorrect actuarial factors in computing cash values for both the deferred pensioners and commuted values for immediate pensioners.
“As regards to plea that the leave so granted operates as a stay, I have applied my mind to the facts disclosed and the applicable law. In order that these proceedings are not rendered nugatory, it is ordered that the leave granted is to operate as a stay,” the judge ruled.
The Business Daily went on to report that the pensioners moved to court in 2009 seeking to compel the lender to pay them Sh9 billion as balance of lump sum pension benefits and interest plus a refund of Sh1.1 billion to the fund and paid together with interest totaling to Sh5.79 billion.
The lender has faulted the tribunal saying the retirees failed to tender any evidence to support the claims of their allegations on the computation of their benefits.
The bank further said the tribunal erred by ordering it to disclose to the retirees all the actuarial and other factors to be used in the re-calculation of their retirement benefits.
In the decision made in April, the tribunal noted that from the programme of early retirement introduced by the bank in 1999, the retirees who left their jobs at 50 years were entitled to their commuted lump sums and pension immediately and all those who retired below 50 years were entitled to commuted lump sums immediately and their pension would be deferred until they were 50 years.
Ends………………….
The law firm of Musyoki Mugaka advocate has threatened to Sue the Director of Public Prosecution (DPP)over utterances he uttered on Nation TV today morning.

Lawyer Dansatan Omari said that DPP Haji has never argued even one case.
He says that Haji has called them busy bodies which is not right because they act under the instructions of their clients.
“We act under instructions that are given to us, there is no matter that we have filed in our names,” added Omari.
He said that clients instruct them to move to court to seek redress on their behalf.
Omari said that some of the statements by DPP are meant to tarnish their names and are interfering with their clients.
Key Investors at the Industrial area complain about illegal structures around their companies.
A huge number of investors at the Industrial Area have raised complaints against illegal traders that have invaded their surroundings around Viwandani area.
They are saying that their security is not guaranteed now that unknown people have encroached on their area near their Industries and have created illegal settlements there.
The people who are over 100 have created illegal structures and are selling brew and hard drugs.
The investors are also concerned about their health because these settlers do not even have structured toilets or better drainage systems.
The companies that are around those areas are Panari Hotel, and East African Spectre which is the only private company in Kenya that supplies gas cylinders to oil companies, it is linked to former prime minister Raila Odinga.
Other companies around that area are metals and sweat companies. Those illegal structures are holding over 100 people.

The investors are saying that big companies want to build huge investments there but these people are frustrating them and are worried about their security.
The road near the area where the structures are built joins Mombasa Road and is called likoni and enterprise Road.
An anonymous person said who is an investor said that those people who are working within those surrounding are threatening their lives.
A complaint letter was written NEMA and that Likoni Enterprise road was constructed this year. The investors are worried that if these people continue to build illegal structures there, the crime rate will increase.
“We want to build another international hotel at this area but we are worried that the crime rate might increase due to these illegal structures, “added one of the investors.
A company director has appeared in court and pleaded not guilty to Sh 3M fraud.
Samuel Githendu Mbogo and his company Golden Bridge Agencies Limited was charged with conspiracy to defraud against the law.
They were charged that on November 19, 2020 in Nairobi City within Nairobi County, in the republic of Kenya, jointly with another before court conspired to defraud Duncan Rodney Roger one of the directors of Legal Converge Limited USD 30,000 by falsely pretending that you were in a position to secure a Financial Instrument valued not less than USD 100,000,000.
They were charged in a second count with obtaining money by false pretense against the law.
Githendu was charged that on November 19, 2020 in Nairobi City within Nairobi, with intent to defraud jointly with others not before the court, obtained USD 30,000 from Duncan Rodney Roger one of the directors of Legal Converge Limited USD 30,000 by falsely pretending that you were in a position to secure a Financial Instrument valued not less than USD 100,000,000.
He pleaded not guilty before magistrate Susan Shitubi and was released on Sh 1M Cash bail or a bond of Sh 2M.
A Nairobi Court has convicted eight accused persons who falsely received Sh 90Million from a businessman claiming they were in a position to sell land.
Trial magistrate Martha Mutuku found that Fredrick Kinyanjui Kiruthi,Ngai Njeru,Irene Wangui Waweru,Charity Mumbu Njue,Gerald Maina Gachau and Regina Njeri Kinyanjui are guilty of obtaining money by false pretenses offence.
They are found guilty of receiving the money and purchasing property and registered it under the names of their relatives.
The judgment has come after the victim lawyer Charles Mugane fought a taught court battle for over 8 years to see that the victims receives justice.
Lawyer Mugane applauded the judgement saying that the old man who had been dubbed of such huge amount of money has received justice.
“We are happy that after detailed arguments in court,finally my clients have received justice, “added Mugane.
Kinyanjui,Njeru and Wangui had been charged that on March 9,2011 at Prime Bank Limited Riverside Branch in Nairobi within Nairobi County,Jointly with others not before court with intent to defraud obtained from George Gacheru Munga,trading as Thorn Hill Holdings Limited a sum of Sh 9,000,000 by falsely pretending that they were in a position to sell to him a parcel of Land nemely Kajiado/Kaputei North /1420 knowing it was untrue.
The convicts had also been charged with acquisition of property from the proceeds of a crime and anti-money laundering act.
Among the accused are Four family members and three businessmen, they include a couple and their two daughters, as well as two businessmen.
Irene benefited her two daughters as well as her husband. She bought them a Toyota Harrier, land in Ruiru, land in Nairobi, and a lorry, which she registered in the names of her two daughters.
Magistrate Martha Mutuku while convicting them said there are no genuine records from the registrar of lands and that indicates that the transactions was entered using forged title deed.
“The accused benefited from the proceeds of crime and therefore I convict them accordingly, “added Mutuku.
They will sentenced on Tuesday after mitigation.
The sentence will be virtual.
Two police officers have been charged with receiving Sh 5000 bribe.
The two Corporal Grace Wangari Wanja and Constable John Karuma Thomas denied the charges before the Anti-corruption Magistrate Thomas Nzioki.
They were charged that on January 23, 2019 fraudulently received benefits of Ksh 5,000 from George Chege Kiarii by falsely pretending to be in a position of helping him recover his civil debt of Ksh 25,000 from a motor vehicle spare parts broker.
After denying the charges, the two officers through lawyer Danstan Omari pleaded with the court to release the accused persons on reasonable bond terms stating that they are not a flight risk.
“The accused persons are not a flight risk as they are government officers and their fixed abode known. They will abide with all orders set by the court, “Omari said.
The magistrate however released the two police officers on a bond of Ksh 100,000 with an alternative cash bail of Ksh 50,000.
The case will be mentioned on July 20, 2022.
A case in which former Judge Robert Mugo Mutitu is being charged with theft of Sh 6.8 million from a client has been suspended at the lower court pending the application filed at High court.
When the parties appeared before magistrate Bernard Ochoi yesterday, the lawyer for the accused Karathe Wandugi said he has received an order of stay from the high court.
“The accused are not present in court and their plea had been deferred,” he added.
He added that they have since filed a Judicial Review at the high court which needs to be concluded first.
“We have been directed to file the main motion within 7 days but the matter has stayed pending a full hearing of that matter, “he added.
Wandugi said that after the hearing the judge may give directions. He added that they may seek an out-of-court settlement.
The former judge together with his alleged sons have been charged with theft of Sh6. 8 million from a client.
The former judge, who was axed from the Judiciary in 2003 during the judicial purge that saw 23 judges leave the bench unceremoniously, did not plead to the two charges of conspiracy to defraud and theft.
A law partner to the judge, John Njoroge Thiongo, was also summoned to appear in court to be charged alongside Mutito.
The two are accused of being agents of Wangui, and they stole the money the complainant entrusted them to purchase a parcel of land in Nairobi.
Magistrate Ochoi allowed an application by wandugi saying that the councils need to appear before judge and present their case.
The accused were dispensed from attending court.
The matter will be mentioned on August 30, 2022.Wandugi said the accused had reached the complainants to try an out-of-court settlement.
The matter at the lower court will be mentioned on JULY 20.
A man accused of forging National Police Service document has been charged at Milimani Law Courts.
Nelson Mukara Sechere appeared before magistrate Bernard Ochoi of Milimani Law Courts and denied two counts of forgery and uttering false documents.
He is being accused with defrauding six persons in need Sh2.4 M by the pretense to secure them jobs at the National police service.
The accused was charged that at unknown date and at unknown place within the Republic of Kenya, with intent to defraud forged a National Police Service Female Docket Number (National Police Service Recruitment letter) purporting t to be a National Police Service Female Docket Number for Naibel Sharon Chemtai.
Nelson is also alleged to have falsely uttered a forged National police service female docket number purporting it to be a genuine document for Naibel Sharon Chemtai to Ashley Ayuma.
According to court documents the accused person alerted the complainant Ashley Ayuma that there he was in a position to secure recruit slots at National Police college in Kiganjo after showing her several recruitment documents.
“He then told her that for that to happen each recruit must give Ksh400, 000 to cater for that process as already the recruits were in college.” Read the police report in part.
The report continued to say that the complainant having been convinced she reached out to her uncle in the village to provide names of people with needs to be recruited to police service.
Her uncle then gave her six names and the accused demanded Ksh 2.4M.
He pleaded not guilty and was released on a cash bail of Ksh 50k.
FreeKenya Movement have Celebrated victory from a court ruling that allowed Independent Candidates to form coalitions and creation of an office of the registrar of Independent Candidates.
Bob Njagi the Chairman of FreeKenya Movement and also a Kajiado MPaspirantsaid they applaud Judge Anthony Mrima for giving them victory.
“We call on IEBC to give a 7-days window for independent candidates disenfranchised to by these regulations to present their nomination papers, otherwise there is no elections to speak of with such damning judgment hanging over the elections,” added Njagi.
They said that IEBC is allowing itself to be a weapon against independent candidate and its commissioners should resign.
They added that the draconian regulations that IEBC has pushed upon independent candidates was first mooted in 2017 when it was clear that the political parties had bungled elections and there was going to be an avalanche of movement to take up independent slots and there could be a huge public support for independent candidates in those elections.
“We are reminding the IEBC that the court pronounced itself that these regulations serially broke several articles of the constitution. If they insist that they want to keep defending this law, we shall just wait until the elections are over and nullify them through court and recommend that these officials mentioned above the surcharged for the losses,” added Njagi.
Freekenya started in 2018 during discussion of loading of the VAT on petroleum products and by September 20when the Bill came up for discussion in parliament pushed MPs not to adopt the bill but they did so, prompting the movement to start a referendum initiative.
“Part of the issues the movement was pushing for was formulation of people’s government structures to ensure quantifiable public participation and taxation reforms to abolish taxes on basic and essential commodities including petrol kerosene and diesel,” added Njagi.
Justice Mrima said it was unfair for the Wafula Chekubati-led commission to require the candidates to hunt for signatures and accompany them with the IDs while those who are vying after being nominated by their parties were not required to do the same.
The judge said the differential treatment was against equality and the right for all to vie or seek an elective post.
According to the judge, IEBC already has data on all persons who have registered as voters. He said it can use the same data to ascertain if a person has the required threshold of support.
Man accused of defiling a 2 yrs old child in church to be sentenced tomorrow.
A man accused of defiling a two years old child at a church premises has pleaded guilty to the offense at Milimani Law Courts.
The man Erastus Kariuki appeared before a Milimani law courts magistrate and pleaded guilty to one count of defilement against the law.
He was accused that on July 3,2022 at around 3 pm at Zimmerman area within Kasarani sub-County .He unlawfully and intentionally used his genital organ namely penis to penetrate a genital organ namely vagina of a child P.N.B aged two years.
After pleading guilty to the offense the prosecution said that they were not ready with the facts because the child is being treated at Coma rock Hospital.
Police records indicate that the child was defiled around church premises.
The child was just playing outside while the church had a mini-haram bee and the suspect came in as one of the contributors.
The accused managed to contribute Sh 100 through another pastor.
In some few minutes the mother of the child heard her daughter crying only to be directed by her cry and found out the suspect who is unknown to tem holding her child on his thigh penetrating her just outside.
The mother screamed and rescued her daughter and ran towards the church only the mob came and started assaulting him.
He was rescued by some members of the church who took him to the police past Zimmerman.
The minor was taken to the MSF clinic and referred to Komarock Modern Hospital for correction and also the suspect was taken to health center for medical treatment and in stable condition.
He was later charged in court.
In mitigation, the accused told the court that he was bewitched in his mouth.
The accused will be sentenced tomorrow.