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Ex-Nakumatt CEO Atul Shah to pursue millions in Imperial Bank accounts
The High Court has allowed Atul Shah to proceed with a case against the collapsed Imperial Bank Ltd (IBL) seeking a refund of the millions he had deposited. FILE PHOTO | NMG
The High Court has allowed former Nakumatt chief executive officer Atul Shah to proceed with a case against Imperial Bank Ltd (IBL) seeking a refund of the millions that he had deposited with the collapsed lender.
Justice Alfred Mabeya allowed Mr Shah together with Neelam Atul Shah to pursue the matter saying their application has merit.
The Kenya Deposit Insurance Corporation (KDIC) had opposed the case arguing that the lender was placed under liquidation and the application was thus unwarranted.
Justice Mabeya said a stay against the liquidation of IBL has since been lifted by the Court of Appeal.
“In the premises, there is no prejudice to be suffered by any of the parties if the leave sought is granted. The plaintiffs need to fully ventilate their grievances at the full trial of the suit,” the judge said.
The court, at the same time, allowed Mr Shah’s application to amend the petition he filed in 2020 following another ruling of the High Court.
The former Nakumatt CEO said he had several accounts with the collapsed bank that held colossal amounts of money, which KDIC declined to release.
The lender was placed under liquidation by the Central Bank of Kenya and KDIC appointed the liquidator.
Mr Shah said unless the leave was granted and the suit concluded, KDIC will continue making discriminatory payments on some depositors leaving others, including himself out.
He further said the case should be concluded at the earliest opportunity otherwise they would be left without a remedy especially now that the bank is under liquidation.
Mr Shah had informed the court that the amendment would also bring out all the issues in contention and enable the court to determine the matter in its entirety.
