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An international tribunal has dashed the hopes of investors who were seeking to recoup their investment from Mayfair Insurance Company Limited after the Nakumatt Supermarket collapse.
At the heart of the battle lodged before the London Court of International Arbitration was whether the insurer ought to have paid Sh508 million which was at least 80 per cent investment, it had allegedly guaranteed the investors.
In a verdict that is a win for Mayfair, the arbitrators; lawyers Njoroge Regeru, John Ohaga and former judge Aaron Ringera agreed that the investors could not be insured as they did not produce evidence that they honoured their part of the bargain by paying the premiums and the commitment fees.
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