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Originally published by The Kenyan Wall Streetbusiness
September 24, 2025
2h ago
Ecobank Kenya’s Faces KSh 284mn Asset Seizure in Estate Case
Court has ordered the seizure and auction of EcoBank Kenya’s assets to recover KSh 284 million owed to the estate of Mbiyu Koinange...
✨ Key Highlights
The High Court has ordered the seizure and auction of EcoBank Kenya’s assets to recover KSh 284 million owed to the estate of former cabinet minister Mbiyu Koinange. This landmark ruling redefines banks’ obligations in managing estate accounts.
- Moran Auctioneers is authorized to attach and sell EcoBank's movable property after a 15-day notice.
- The order stems from a June judgment by Justice Eric Ogolla, finding EcoBank liable for irregular withdrawals despite a prior court order.
- Justice Ogolla ruled that the "onus of ensuring that the bank account is managed accordingly lies with the bank."
- The original 2011 ruling by Justice David Maraga mandated funds remain untouched without court approval.
- This case sets a precedent, holding financial institutions liable for losses from estate accounts, even with authorized signatories' instructions.
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