COURT BARS ACORN AND CYTONN FROM OPERATING FIVE BANK ACCOUNTS IN IT TUSSLE WITH BRITAM.

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Britam Investment company Lawyer Fred Ngatia during his submissions at Milimani Law court on Thursday (13/11/2014).
BY SAM ALFAN.
High Court has extended orders barring Acorn and Cytonn from operating five bank accounts in its tussle with Britam Investment over Sh3.9 billion.

Judge David Onyancha issued the order pending a ruling he will give out on November 27.

In the suit, Britam is seeking to recover the money allegedly stolen by four former employees in an order Onyancha gave on October 30 and was to expire on Wednesday.

Britam has accused four former employees-Edwin Dande (chief executive officer), Elizabeth Nkukuu (portfolio manager), Patricia Wanjama (head of legal) and Shiv Arora (investment analyst) of illegally
transferring Sh3.9 billion from its accounts to Acorn’s earlier this year.

The firm through lawyer Fred Ngatia wants the judge to extend the freeze on the bank accounts and the development of seven properties in Nairobi, Kajiado and Machakos Counties.

“Since the application has not been heard yet, then the reasons why the court granted the orders are still alive,” said Mr Ngatia.

Ngatia also sought the orders to apply to all four suits it has filed in its fight to recover the alleged loss of the monies to the former employees.

But the application to extend the orders has been opposed by Cytonn and Acorn, who argue that the court cannot extend interim orders that were given in the absence of an accused person.

“We oppose the extension because it is not based on any law,” Walter Amoko who is representing Acorn said.

Amoko’s opposition was backed by Ochieng Oduol, who is representing Dande and Nkukuu.

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