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Dyer and Blair Investment Bank Limited v. John Kungu Kiarie & CFC Stanbic Bank Limited

(2017) JELR 102621 (CA)

Court of Appeal  •  Civil Appeal 78 & 62 of 2016  •  28 Jul 2017  •  Kenya

Alnashir Ramazanali Magan Visram, Martha Karambu Koome, Wanjiru Karanja



1. This judgment relates to Civil Appeals No.78 of 2016 and 62 of 2016 as consolidated by an order of this Court made on 16th May, 2017. Both appeals emanate from a judgment of the High Court dated 10th March, 2016. For purposes of this judgment we shall refer to Dyer and Blair Investment Bank Limited as the 1st appellant and CFC Stanbic Bank Limited as the 2nd appellant. John Kungu Kiarie shall be referred to as the respondent.

2. The 1st appellant had a long standing relationship with the respondent as its client. It acted as an investment adviser and stockbroker to the respondent from time to time. Of significance to this appeal is an agreement dated 28th March, 2003 wherein the respondent agreed to avail a sum of Kshs. 100,000,000/= to the 1st appellant who in turn agreed to invest the same on his behalf. It was agreed that the investment would be done in the name of a nominee, to wit, Nomura Nominee Ltd. Pursuant to the agreement, the 1st appellant bid for a t…

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