Standard Chartered Bank fights to recover Sh500m from Singapore
SEE ALSO :Kombani dreams big with love for writingThe judge was told that Vivo wrote to the bank notifying it that they never issued any instructions for a money transfer and the oil company did not have any dealings with either Continental Energy or GTH Investments. Standard Chartered’s Africa region head of investigations, Mercy Nyawade, filed a complaint with BIFU. Several bank employees were interviewed, but information regarding the investigations was never released. The ban also sent swift messages to Singapore recalling the money but it could not be done as the money had already been deposited into Continental Energy’s dollar account. It then emerged Singapore police seized the amount and a case was filed before the Asian’s country’s court as to who was entitled to the money; the lender or the energy firm. Singapore police also sent its investigations report to Director of Public Prosecution Keriako Tobiko. The DPP replied on June 28, 2016, saying the case lacked sufficient evidence for him to prefer any charges of money laundering in Kenya. SINGAPORE COURT In the Singapore Court, the energy firm relied on the reply by the Kenyan authorities to claim the money and in January this year, the court ordered that the amount be released. The bank then filed a suit before the Singapore High Court against Continental Energy to recover the money. The judge heard the documents by the Kenyan authorities were to be produced before the Singapore court. Tobiko had opposed the bank’s application, saying all the information had been released.
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