Home Tags Posts tagged with "Gideon Muriuki"
Tag:

Gideon Muriuki

Gidjoy Investment Operations Manager has failed to explain to court why the incident report of an attack on their property in Donholm says the report was made at Savanna base and not Buruburu police station as he alleged.

Mark Munge testified during examination in chief that after receiving a call from his head of security informing him that they were under attack, he called Buruburu police station and told the guard to do the same.

Giving his testimony before Principal Magistrate Gibert Shikwe, Munge testified that he called the OCS Buruburu and reported the matter.

“On 27th March 2018, he received a call from Dickson Nyairo, the security in charge saying that they were being attacked by Patrobas (one of the accused persons) and his group. I told him to call the police,” said Munge.

Munge testified that he recorded his statement on the same day at 5 PM.

The defense lawyer also pointed out that the crime and incident report also shows it was reported at 10.30 AM and not 8AM as the manager claimed.

The court heard that the manager has worked for the land selling company since 2012 and had been authorised by one of the directors, Gideon Muriuki, the CEO Cooperative Bank of Kenya, to testify on behalf of the company.

Munge said that he received the call at about 7.45 and visited the property at 9 am.


According to the witness, when he got there, he went inside the said land together with the guards and found that about 100 meters of the wall had been destroyed.


“We had a fence of wooden poles and wires around the 7 acre land. The damage was valued at about Sh 144,000,” Munge testified.

The court further heard that the land has been subdivided into 36 parcels.

In the case, 10 Sawesava group members are charged with malicious damage of a perimeter wall belonging to Gidjoy.


The accused perons are Benita Alando Nailanel, Peter Keya Owino, David Mutuku Makau, Kennedy Odhiambo Alex, Titus Ochieng Okoth, Boniface Oduor Anyiego, Calvince Ochieng Ooko, Patrobas Awino (group secretary), Nick Omondi Owango and Philemon Otieno are charged with malicious damage of the said fence.

Sowesava Self-help group and Gidjoy Investment have been in logger heads over the ownership of the said land.

Both parties claim to possess title deed as proof of ownership.

The High Court ordered the parties not to interfere with the said land until the hearing and determination of the case.

Munge also testified that the property had been invaded before, about three days before the March 27 attack where again the fence was damaged.

“About three days before, on 24th March 2018 we were attacked again by unknown people,” the witness added.

In addition, the court was told that the witness was named as the victim of the offence and not Gidjoy Investment, a company associated with Muriuki and wife Joyce.

Questioned on which plots the fence was damaged, the witness said he was not sure of the same.

During cross-examination by the sixth accused who did not have legal representation, the court heard that the Operations Manager had nothing to prove that the wall was erect the day before the alleged damage.

The court further heard that the Manager did not know who attacked them on 24th March yet is indicated in the charge sheet that it was the accused persons.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail

Shareholders of Jamii Bora Bank have unanimously approved Co-operative Bank’s offer to acquire 90% of the bank. This is pursuant to an Extra Ordinary General Meeting held on 1st July 2020.

This will be through the subscription of 224,153,154 new class of Ordinary Shares that would enable Co-op Bank inject Kshs.1 Billion and appoint a Board to run the business.

The Co-operative Bank Group is one of the largest banks in the region with an asset base of over Kshs.470 billion, predominantly owned by the over 15 million member Kenya Co-operative movement.

Jamii Bora Bank is a fully-fledged Commercial Bank, licensed and regulated by the Central Bank of Kenya, with over 444,000 customers in 17 branches and employs over 190 staff. The Bank has a strategic niche in MSME banking, offering working capital and trade finance solutions.

The next steps will now be the regulatory approvals notably from Central Bank of Kenya, Capital Markets Authority and the Competition Authority of Kenya.

According to Co-op Bank’s CEO Gideon Muriuki, the strategic entry of Co-op Bank coming in as a 90% strategic owner is an “Inclusive Growth Model” that particularly safeguards the existing shareholders of Jamii Bora; in that they will now share in the expected future Transformation gains/profitability growth.

The deal now awaits regulatory approval from Central Bank of Kenya (CBK), Competition Authority of Kenya and the Capital Markets Authority. CBK had in March welcomed the talks saying the deal would enhance stability in the banking sector.

Co-op bank’s growth strategy has been more focused on expanding in Kenya as opposed to expanding beyond boarders. Outside Kenya, the lender owns 51 percent stake in Co-op bank South Sudan.

With over 440,000 customers and 17 branches, Jamii Bora is a value-add to Co-op Bank, with minimal overlaps and large upside potential for exploration of deeper banking relationships by Co-op Bank.

Co-op Bank has in the past indicated that upon acquisition, Jamii Bora may become the new platform for Co-op Bank to offer specialized business lines such as youth and women banking, asset finance and leasing.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail

Morgan Stanley Capital International ( MSCI), one of the world’s biggest index compilers, has added Co-operative Bank of Kenya into its Frontiers Index Small Cap Index.

The index lists, what are regarded as blue-chip listed stocks from selected frontier markets of Asia, Middle East, Central and Eastern Europe and Africa.

Inclusion in the index raises the visibility of a listed company among prospective investors seeking opportunity in frontier markets.

Kenya was the only African country with companies on the index after firms in Morocco, Burkina Faso and Mauritius were “deleted”, according to a notice from MSCI.

The MSCI Frontier Markets Indexes include large, mid-sized, capitalisation companies and provide a broad representation of the equity opportunity set while taking investment requirements into consideration within each mars.

MSCI classifies 32 countries as Frontier Markets, 23 of which are included in the MSCI Frontier Markets Index.

For over 40 years, MSCI has provided global investors with research-based tools and services that include indexes, data, analytical models, regulatory reporting and research to help investors get deeper insights.

0 comment
0 FacebookTwitterPinterestLinkedinTumblrWhatsappTelegramEmail