[2020] KEHC 4765 (KLR)
The court found that the prayer for stay of execution had been overtaken by events, as the Standard Chartered Bank had already redeemed its lien over the treasury bonds in question. Regarding the provision of accounts, the court noted that relevant account statements had been furnished in the affidavits of Kennedy...
Source-derived case information.
- Citation
- [2020] KEHC 4765 (KLR)
- Parties
- Applicant: Fredrick Tsofa Mwenyi; Applicant: Grace Wambui Gichobi; Respondent: Central Bank of Kenya
- Court
- High Court
- Court Station
- High Court at Nairobi (Milimani Commercial Courts)
- Jurisdiction
- Kenya
- Case Number
- Miscellaneous Application 299 of 2016
- Procedural Posture
- Miscellaneous Application / Ruling on Notice of Motion for Stay and Provision of Accounts
- Outcome
- motion compromised and marked as such; costs in the cause
- Judges
- F Tuiyott
- Legal Topics
- Stay of Execution, Consent Orders, Provision of Accounts
- Source Language
- en
Source-derived case record
Summary, issues, holding and outcome
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Parties
Fredrick Tsofa Mwenyi
Applicant
Grace Wambui Gichobi
Applicant
Central Bank of Kenya
Respondent
Procedural Posture
Miscellaneous Application / Ruling on Notice of Motion for Stay and Provision of Accounts
Legal Issues
- 1 Whether the court should stay execution of the consent order dated 29th June 2018 pending determination of related suits.
- 2 Whether the court should compel the respondent and Standard Chartered Bank to provide statements of treasury bonds and interest payable to Tsavo Securities Limited.
Ratio Decidendi
The court found that the prayer for stay of execution had been overtaken by events, as the Standard Chartered Bank had already redeemed its lien over the treasury bonds in question. Regarding the provision of accounts, the court noted that relevant account statements had been furnished in the affidavits of Kennedy K. Abuga and Boniface Machuki, and there was no evidence presented to show that these accounts were insufficient. Consequently, the court held that the Notice of Motion was partly overtaken by events and partly resolved by the rendering of accounts, and thus the motion was compromised and marked as such, with costs in the cause.
Court Disposition
motion compromised and marked as such; costs in the cause
Orders
- The Notice of Motion dated 1st February 2019 is compromised and marked as such.
- Costs in the cause.
Full Case Text
Judgment text and source record
23 paragraphs
REPUBLIC OF KENYA
IN THE HIGH COURT OF KENYA
AT NAIROBI
MILIMANI LAW COURTS
COMMERCIAL & ADMIRALTY DIVISION
MISCELLANEOUS APPLICATION NO. 299 OF 2015
TOGETHER WITH CIVIL SUIT NO. 408 OF 2014
& HCCC NO. 267 OF 2014
FREDRICK TSOFA MWENI.................................................1ST PLAINTIFF/APPLICANT
GRACE WAMBUI GICHOBI................................................2ND PLAINTIFF/APPLICANT
VERSUS
CENTRAL BANK OF KENYA...............................................DEFENDANT/RESPONDENT
RULING
1. Before Court is a Notice of Motion dated 1st February 2019 and filed on 4th February 2019 by the Applicants for the following two substantive orders:-
2. That this Honourable Court be pleased to stay the execution of the Consent Order dated 29th June 2018 pending hearing and determination of HCC No. 267 of 2014, HCC No. 408 of 2014 and Misc. App. No. 299 of 2015.
2. That this Honourable Court be pleased to compel the Standard Chartered Bank Limited and the Defendant/Respondent to provide the Statement of Treasury Bonds and Coupon/Interest payable to Tsavo Securities Limited to date for Bank Accounts Bank Account 10102015128100 and the CBK CDS 05110037202 (Portfolio account 110579-1)
2. Prayer 3 for stay has been overtaken by events. Pursuant to Court Orders herein, Standard Chartered Bank redeemed its lien over Treasury Bonds held in favor of Tsavo Securities Limited.
3. As regards accounts, some accounts have been furnished in the replying affidavit of Kennedy K. Abuga sworn on 4th February 2020 and of Boniface Machuki sworn on 5th March 2019. This Court is not told that the accounts rendered are insufficient.
4. The result is that the Notice of Motion dated 1st February 2019 and filed on 4th February 2019 has partly been overtaken by events and partly resolved by rendering of accounts. The Motion is therefore compromised and marked as such. Costs in the cause.
Dated, Signed and Delivered in Court at Nairobi this 13th Day of February 2020
F. TUIYOTT
JUDGE
PRESENT: