KCB ordered to keep off Sh145b in row with investment firm

The Kenya Commercial Bank has been barred from interfering with Sh145 billion at the centre of a dispute with an investment firm.

Commercial Court in Nairobi issued the orders after Fox-Capital Investment Ltd sued the lender, accusing it of withholding funds wired by a Swiss company for six months without explanation.

“ Pending the hearing of this application inter-parties, the defendant or respondent whether by itself, its servants, employees and or agents be and is hereby restrained from trading with, interfering with, transferring, meddling and or dealing with any manner whatsoever and howsoever with the foreign inward EUR 978,675,835.00 remittance (being the equivalent of Sh 145 billion at the prevailing exchange rates as at the time of filing this suit) being held by the defendant or respondent in a “held – pre-settlement suspense" status under Incident No. KCB-FIN-IT-2026-0417 for the credit and benefit of the plaintiff or applicant,” ruled Justice Rhoda Rutto.

 The judge issued the orders after KCB claimed it did not have the money. Its lawyers Renson Ondieki and Kiragu Kimani claimed that Fox Capital had not proved that the bank had received the money.

“ The balance of convenience tilts against the grant or continuation of the orders sought, which would effectively require the defendant to treat and preserve EUR 978,675,835 as funds belonging to the plaintiff before the plaintiff has established that such funds were ever received by or are held by the defendant,” argued Kimani.

At the same time, Kimani argued against issuing the orders, saying that there was no suggestion that his client would be unable to pay damages in the event it is found culpable.

 Foxcapital Investment Limited, in the case, accused the bank of illegally withholding Sh 145 billion that was sent to it by Bay Bionics Limited, a firm based in Switzerland, to invest in Treasury bonds, public-private partnerships, and renewable energy projects.