Home ECONOMY High Court Declines to Suspend Planned Acquisition of NBK by KCB Group

High Court Declines to Suspend Planned Acquisition of NBK by KCB Group

by biasharadigest

The takeover of National Bank of Kenya by the Kenya Commercial Bank Group remains in force after the High Court declined to issue conservatory order to suspend the deal.

In his ruling. Justice Weldon Korir directed the petition challenging the acquisition of NBK by KCB group to be heard on 26th June this year certifying the case as ‘urgent.’

The deal had been challenged by petitioners Evans Aseto and John Kiptoo who claimed that deal is marred with illegalities, irregularity and that most of the details on the merger are scanty.

The petitioners also raised concern that the acquisition will occasion the loss of jobs to may Kenyans under the employment as there is a high likelihood that various positions will be declared redundant.

The banks have been faulted for not obtaining an authorizing order from the Competition Authority of Kenya to oversee such transaction and subsequently give or deny approval.

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