Legal Battle Between Transnational And NCBA Banks Over Ksh. 32m Ends Well  

By The Weekly Vision

The fight between Transnational Bank Limited and NCBA Bank Limited which has been on for years in the corridors of justice has finally ended. The Court of Appeal in Mombasa finally delivered a ruling in favour of Transnational Bank over the controversial Ksh. 32m held by the bank. 

In a ruling dated 28th April 2023 by Court of Appeal Judges S. Gatembu, J. Lesit and G.V Odunga, the judges directed NCBA Bank Limited, to release Ksh.32m jointly held by Transnational Bank in Account No. 5342690017. According to court papers, by a Notice of Motion dated 21st September 2022, Transnational Bank Limited seeks an order compelling NCBA Bank Limited to pay the sum of Ksh. 32m jointly held by the NCBA and Transnational Bank.

According to Transnational Bank, the said sum was, in Civil Appeal No. 139 of 2018 consolidated with Civil Appeal No. 138 of 2018 directed by this Court to be deposited as security pending the outcome of the appeal. It is against the above that after the delivery of the judgment delivered on 29th July 2022, it was averred that the appeal was successful and consequently, the said security was to be forthwith released to Transnational Bank.  However, NCBA had adamantly refused and/or declined to sign the requisite documents for the release of the security to Transnational Bank for onward transmission hence the appeal.

Leave a Reply