In a long-awaited ruling, the High Court has ordered a bank to pay Sh284 million to the estate of the late powerful politician Peter Mbiyu Koinange.
This is after the lender mysteriously allowed unknown persons to withdraw the money in defiance of a court order.
Justice Eric Ogolla found Ecobank Kenya Ltd guilty of negligence, willful misconduct, and breach of fiduciary duty.
The Milimani High Court ruling comes after years of complex litigation among the late minister's numerous heirs and administrators, who accused Ecobank of illegally disbursing funds contrary to a standing court order issued on July 26, 2011, by High Court judge David Maraga (now retired Chief Justice). "(The bank) stood in a fiduciary relationship to the estate and must therefore be held fully accountable to the beneficiaries.
