Suntra directed to deposit Sh5m in shares fraud suit

Suntra Investment Bank has been directed to deposit Sh5 million in court, as a condition for suspending a decision of the High Court, directing it to return nearly 100,000 shares belonging to an ex- British naval officer, which were fraudulently sold.

A bench of three judges ruled that the Nairobi Securities Exchange agent had satisfied the conditions required to grant them the order for stay.

“From the foregoing, we are satisfied that the applicant has satisfied the twin principles as required by law and the notice of motion ought to be allowed,” ruled Justices Wanjiru Karanja, Hannah Okwengu and Fatuma Sichale.

In the matter, the son and daughter of the former British naval officer identified as Anthony Williams Bentley–Buckle successfully sued Suntra Investment Bank and Custody & Registrars Services Limited, which acted as central depository agent, over the fraudulent sale of some 99,100 East African Breweries Limited shares.