National Bank Managing Director Munir Ahmed
National Bank Managing Director Munir Ahmed
Wednesday, February 25, 2015
NATIONAL Bank of Kenya CEO Munir Ahmed has been fined Sh3.5 million for contempt of court.
Court of Appeal judges Wanjiru Karanja, Wycliffe Mwera and Philomena Mwilu in a ruling yesterday said Ahmed should take liability on behalf of the bank.
“The NBK is a corporation, which acts through its officers, its agents take the responsibility,” the trio said.
Ahmed was found in contempt of court after the bank auctioned a Sh700 million property in Westlands, Nairobi, belonging to Shimmers Plaza before a ruling on the case was delivered.
The judges had issued orders against the auction pending the conclusion of the case.
The ruling on the case between Shimmers and NBK was to be issued on November 29, 2013, but was deferred to December 13, 2013.
But in his defence, Ahmed said he was not served with the injunction order.
The three ordered that the bank pay the fine in seven days and in default, there will be an order of legal possession of the bank’s property.