TRUST BANK LIMITED & ANOTHER V. INVESTECH BANK LTD & 3 OTHERS

RULING OF THE COURT

Two applications under rule 5(2)(b) of the Court of Appeal Rules for stay of execution of the decree of the Superior Court in its Civil Case No. 2411 of 1998, were argued together before us. The first one of the applications viz Civil Application No. 258 of 1999, is by Trust Bank Limited, a Kenyan Bank, and Michael Muhindi, who was its statutory manager appointed under the provisions of the Banking Act; and the second application, to wit Civil Application No. 315 of 1999, by Vinod Patel, Ajay Shah and Nitin Chandaria, all three who were directors of Trust Bank Limited. In both applications, Investec Bank Limited, a South African Bank, which was the plaintiff in the aforementioned suit, is named the respondent. In that suit the respondent claimed special and general damages for breach of an alleged oral contract in which Trust Bank Limited which we shall hereafter refer to as Trust Bank, agreed to sell to the respondent 5,500,000 Deutsche Marks, by-transferring the s…