CBK ‘holding sureties’

Depositors of a micro finance company that was shut six years ago on Monday asked the High Court to order the Central Bank of Kenya to return their securities.

The more than 3,000 depositors told Mr Justice Muga Apondi that the securities worth Sh2 billion were taken away by the Banking Fraud Investigation Department (BFID) on November 2, 2005, during raids on the offices of the Kenya Akiba Micro Finance Limited in Nairobi, Ongata Rongai and Kitengela.

Lawyer Peter Simani for Kenya Akiba Micro Finance Limited told the judge that the officials took away logbooks and title deeds.

In a suit filed against CBK, its governor and 11 police officers attached to BFID the micro-finance company says it was treated unfairly and its business closed irregularly.

The case will proceed on July 26 and 27.