Financial Services

  • Acting in a claim seeking the tracing and recovery of approximately USD 340 million which was fraudulently siphoned from a Kenyan bank (It is one of the largest banking fraud disputes in Kenya). We successfully defended the client against claim by the shareholders seeking to be enjoined in this suit, against stiff competition
  • Part of a team that provided the Strategic Investors of a bank (the Bank) with an opinion on the legal options or recourse that they may have under contract or in tort against various third parties that were involved in the unlawful and fraudulent actions that lead to a run on the Bank which caused it to be placed under receivership by the Central Bank of Kenya
  • Advised and acted for the Deposit Protection Fund Board(now known as the Kenya Deposit Insurance Corporation), relating to recovery of debts owed to several collapsed financial institutions
  • Assisted a team drafting asset finance documents for Africa Export-Import Bank on the USD 2 billion pre-delivery and delivery financing for Kenya Airways Limited
  • Advised the Nairobi Stock Exchange(NSE) and Capital Markets Authority(CMA) on the demutualization of the NSE as well as compliance with various statutory regimes governing their operations
  • Advised a regional bank on the tax implications of an interest rates swap agreement payment, with a Kenyan thermal energy company
  • Part of the team that represented a local leading investment company in various litigation proceedings relating to a multibillion the takeover offer/bid of Rea Vipingo Plantations Limited. This was at the Court of Appeal, High Court and the Capital Markets Tribunal
  • Part of a team that is representing a multinational bank in a representative action challenging the levying of increased bank charges
  • Defending the Central Bank of Kenya over claims arising from its regulatory and supervisory duties
  • Advising a client in the equipment leasing business in an ongoing acquisition of a controlling interest/stake(estimated Value of KES 1.38 billion)
  • Preparation and perfection of security documentation (debenture, charges and corporate) for a leading Kenyan bank with multinational coverage(the estimated matter value is USD 5.23 million)
  • Preparation and perfection of security documentation(debenture, charges and corporate guarantees and the relevant board resolutions) for a leading Kenyan bank in respect to their lending of USD 4 Million
  • Advised a multilateral development bank on the USD 30 million financing of a tertiary care multispecialty hospital
  • Successfully represented the appellant in the case of Central Bank of Kenya(CBK) v Kenya Kiba Microfinance Ltd
  • Acting in the case of Intercom v. Standard Chartered Bank(a landmark case in banking law)
  • Acting for CBK in the recovery of all amounts in the “Goldenberg” related cases, in excess of USD 1 billion
  • Acting in a suit against ABN AMRO Bank and its officers, in a matter involving fraudulent claims and liability by officers of the Bank, in making advances to the Bank
  • Advising on the National Bank of Kenya’s(NBK) rights issue(2014)(ongoing, as at the date of this profile)
  • Advised(1988, 1996 and 1998) on the initial and secondary privatisation including ESOP to Kenya Commercial Bank(KCB) employees
  • Advised KCB and the Government of Kenya(GoK) on the initial floating of KCB shares at the NSE and subsequent secondary listing. Our tasks included providing legal input on the prospectus, preparing and reviewing all appropriate legal documentation for listing on the NSE, reviewing and reconstructing constituent instruments, exercising due diligence agreements and ensuring smooth legal conduct of the floating exercise
  • Advised Standard Chartered Kenya, Limited on their pension fund on amendment of their deed and rules in light of their staff restructuring programme
  • Advised the Industrial and Commercial Development Corporation on an application for capital increase through a rights issue
  • Acting in the merger of Southern Credit Banking Corporation and Bullion Bank Limited
  • Acting in the reconstruction of Delphis Bank Limited
  • Acting as part of the legal team which attempted to revive Daima Bank Limited
  • Advised and acted for the Deposit Protection Fund Board(now known as the Kenya Deposit Insurance Corporation), relating to recovery of debts owed to several collapsed financial institutions
  • Advising KCB and GoK on the initial flotation of KCB shares at Nairobi Stock Exchange(now Nairobi Securities Exchange)(NSE) and subsequent secondary listing. Providing legal input on the prospectus, preparing and reviewing all appropriate legal documentation for listing on the NSE, reviewing and reconstructing constituent instruments, conducting Due Diligence, drafting Agreements and ensuring smooth legal conduct of the flotation exercise
  • Advising the GoK and Telkom Kenya Limited on the sale of a substantial stake in Telkom Kenya Limited, to a strategic Investor and Initial Public Offer(IPO)
  • Legal Advisor to the KCB Rights Issue in 2004 and 2010.
  • Advised the GoK and KenGen during the offer for sale by the GoK of 659,508,437 ordinary shares with a par value of KES 2.50 each in KenGen, at an offer price of KES11.90 per share
  • Advised KenGen and GoK during the secondary offer for sale of additional shares by the GoK
  • Advised Standard Group Limited and the Standard Limited on legal issues relating to the transfer from the Alternative Investment Market Segment to the Main Investment Market Segment, on the NSE
  • Advised the Co-operative Insurance Company of Kenya Limited(CIC) in the Private Placement of 11,000,000 Class “A” Shares and 9,000,000 Class “B” Shares with a par value of 20 each of the CIC at the price of KES 22.50. The private placement was successfully concluded in January 2008
  • Advised a private limited liability company(the Company) engaged in the business of advanced medical care that is undertaking the construction of a hospital on land in Kiambu. For the purposes of financing the aforementioned construction project, the Company has entered into an arrangement with a development bank to grant it facilities amounting to USD 30.5 million
  • Representing Standard Chartered Bank in a case, involving alleged wrongful dismissal and malicious prosecution(claim value KES 6 million, excluding the interest)

Insights

ISLAMIC BANKING:THE REGULATORY IMPERATIVE

Obligated: Examining the Duty of Care in Banking

A matter of “interest”: more updates on the new Banking (Amendment) Act, 2016

Kenya’s Government-led banking shake-up: the Banking (Amendment) Act, 2016.

“Capped”: Game changing interest rate legislation passed by Parliament

Important notice: Disruption of services at the Land Registries

Testing the safety net in banking: Is deposit insurance adequate?

The other side of the coin: Bitcoin’s short stint in Kenya

CEOs code of conduct:  the CMA’s new Corporate Governance Code

Commencement of the Insolvency Act, 2015: Legal Notice No.1 of 2016


Key Contacts

George Oraro SC

goraro@oraro.co.ke

020 – 271 3 636/271 1 480

Pamella Ager

pamella@oraro.co.ke

020 – 271 3 636/271 1 480

Walter Amoko

wamoko@oraro.co.ke

020 – 271 3 636/271 1 480

John Mbaluto

john@oraro.co.ke

020 – 271 3 636/271 1 480

Noella Lubano

Noella C. Lubano

noella@oraro.co.ke

020 – 271 3 636/271 1 480

Nelly Gitau

nelly@oraro.co.ke

020 – 271 3 636/271 1 480