[2024] KECPT 981 (KLR)

[2024] KECPT 981 (KLR)

The Tribunal found that the respondent did not deny owing the claimant the sum of Kshs. 469,668.79 as at the date of filing the claim. The Tribunal considered the respondent's arguments regarding the AGM resolution to suspend refunds due to liquidity challenges but held that the claimant had already waited since...

Source-derived case information.

Citation
[2024] KECPT 981 (KLR)
Parties
Claimant: Veronica Suyianka; Respondent: Metropolitant Sacco Ltd
Court
Cooperative Tribunal
Jurisdiction
Kenya
Case Number
Tribunal Case E277 (184) of 2023
Procedural Posture
Tribunal Claim / Judgment
Outcome
judgment for claimant
Judges
BM Kimemia, J. Mwatsama, B Sawe, F Lotuiya, P. Gichuki, M Chesikaw, PO Aol
Legal Topics
Sacco Member Withdrawal, Refund of Deposits, Liquidity Challenges, Resolution of Agm
Source Language
en
Civil Procedure Banking and Finance Sacco Member Withdrawal Refund of Deposits Liquidity Challenges Resolution of Agm

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Parties

Veronica Suyianka

Claimant

Metropolitant Sacco Ltd

Respondent

Procedural Posture

Tribunal Claim / Judgment

  1. 1 Whether the claimant is entitled to a refund of her deposits upon withdrawal from the Sacco.
  2. 2 Whether the respondent's AGM resolution to suspend refunds is binding on the claimant.

Ratio Decidendi

The Tribunal found that the respondent did not deny owing the claimant the sum of Kshs. 469,668.79 as at the date of filing the claim. The Tribunal considered the respondent's arguments regarding the AGM resolution to suspend refunds due to liquidity challenges but held that the claimant had already waited since August 2022 and that further delay was unjustified. The Tribunal concluded that the claimant was entitled to the refund of her deposits, together with costs and interest, as the respondent's internal resolutions could not indefinitely postpone a member's statutory right to a refund upon withdrawal.

Court Disposition

judgment for claimant

Orders

  • Judgment entered in favour of the claimant against the respondent for the sum of Kshs. 469,668.79 plus costs and interest.
  • Respondent granted 30 days stay of execution.