Tuesday, June 18, 2013

SK Macharia loses Sh2.4 billion bank case

Tuesday, June 18, 2013 - 00:00 -- BY STAR REPORTER
THE Director of Public Prosecutions Keriako Tobiko wants a suit filed by Royal Media Services owner SK Macharia dismissed saying there is nothing about the case that can make his office review a decision made 10 years ago.
Tobiko wants the Sh2.4 billion case by Macharia against Standard Chartered Bank dismissed saying he cannot review his decision as the media proprietor has not disclosed any new evidence in the case.
In November 2000, Macharia complained to the anti-fraud unit about the failure of the bank to credit his account with Sh55 million. He asked the police to investigate the matter but after some investigations, the Attorney General wrote back saying investigations yielded nothing to support criminal charges against the bank.
Macharia says the account should be investigated and the bank forced to return his money with interest.
He claims his collapsed tissue paper company Madhupaper International and credit card company, Royal Credit, held accounts at Standard Chartered. He says they agreed that the bank would collect money on paid by his clients.
Macharia claims that although the bank paid Sh79.5 million, it  still owed him Sh55 million. He says the bank has held the money and the High Court should order the release  of the amount plus interest.
- See more at: http://the-star.co.ke/news/article-124683/sk-macharia-loses-sh24-billion-bank-case#sthash.yyjefFNz.dpuf

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