JUDGMENT OF THE COURT
1. Richardson and David Limited, is a limited liability company. It was a depositor with a Bank called Dubai Kenya Limited (hereinafter referred to as “DBK”) where it held Shs.142,000,000/= in shilling account No. 81199809 (Shs.4,816,860.57) and US $1,130,264.85 in dollar account (No.81199817).
2. On 14th August 2015, the Central Bank of Kenya placed DBK Bank under receivership and appointed Kenya Deposit Insurance Corporation (“KDIC”) as a receiver for a period of 12 months pursuant to Section 43(1) and (2) and 53(1) of Kenya Deposit Insurance Corporation Act 2012. On 25.8.2015, the CBK appointed KDIC as a liquidator of DBK.
3. The reasons that led to this action by the Central Bank of Kenya (“CBK”) included failure by DBK Bank to meet daily cash reserve ratios; failure to honour several financial obligations as and when they fell due including Ksh.48.18 million due to the Bank of Africa Kenya Limited; failure to meet cash reserve ratio requirements fro…