More than 10,000 members of the dissolved Kenya Akiba Micro Financing Limited who petitioned the Chief Justice to compel Central Bank of Kenya to return Sh2 billion and other assets that were confiscated during its closure inched closer to justice after a trial court in Nairobi ruled that their case has merit.
CBK had banked on the case being dismissed but justice Francis Tuiyot has ruled that case must go for a full hearing and determination, and directed the liquidator to prepare its defence.
The judge noted that this was a huge claim and gave the state counsel time to prepare adequately. He said that although it was during vacation he was ready to hear the case on April 6 2014 so that the creditors are compensated.
In their petition the creditors allege that CBK has delayed in resolving the issue of compensation payable to them as ordered by High Court judge Alfred Mabeya in May 4, 2012.
Akiba Micro Finance Ltd, owned by Imenti Central MP Gideon Mwiti, was invaded by officers from CBK, Banking Fraud Investigation Unit (BFIU) and policemen in November 2005, who took away computers, title deeds, and logbooks.
The firm was accused of irregularly carrying out banking services.