StanChart to pay former workers after Supreme Court loss
NAIROBI, Kenya, Sept 9 - Standard Chartered Kenya Limited has begun the process of paying about Sh7 billion to former employees after losing a pension Kenya breaking news | Kenya news today |..
✨ Key Highlights
After losing a Supreme Court case, Standard Chartered Kenya Limited has commenced the process of paying approximately Sh7 billion to over 600 former employees due to a pension miscalculation. The bank has initiated structured engagements to execute the judgment, assuring clients of its adequate capitalization to meet these obligations.
- Sh7 billion is the approximate amount Standard Chartered Kenya Limited is paying in pension dues.
- The Supreme Court of Kenya dismissed StanChart's appeal, upholding a Court of Appeal ruling.
- Deputy Chief Justice Philomena Mwilu ruled on the Supreme Court's dismissal, citing mere allegations of constitutional violations were insufficient.
- The case originated with the Retirement Benefits Authority (RBA) and went through the Retirement Benefits Tribunal, High Court, and Court of Appeal before reaching the Supreme Court.
Continue Reading
Read the complete article from Capital Business
Part of the Day's Coverage
Standard Chartered to Pay KSh 7bn After Supreme Court Loss; SACCO Sector Assets Cross KSh 1 Trillion - September 2025
Standard Chartered Kenya Limited has begun the process to pay approximately Sh7 billion to over 600 former employees following a Supreme Court loss related to a pension miscalculation. The bank is reassuring markets that it is “Adequately Capitalised” to meet the obligations, which are estimated at over KSh 7 billion and conclude a two-decade legal battle. In broader financial sector news, Kenya’s SACCO sector surpassed KSh 1 trillion in combined assets by the end of 2024. This growth, however, is accompanied by a rise in non-performing loans and governance concerns. Separately, I&M Bank has expanded its network by opening two new branches in Kapsabet, Nandi County, and Nyali, Mombasa County, increasing its national footprint to 65 outlets across 24 counties.
