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Listed lender Standard Chartered Bank Kenya has moved to reassure markets after the Supreme Court’s decision striking out its appeal in a multibillion-shilling pension case.
- •In a statement on Monday, the lender said it has “initiated a structured process” to execute the judgment and will keep pensioners informed.
- •The Supreme Court decision closed the final avenue of appeal for Stanchart Kenya, confirming Retirement Benefits Authority Tribunal in pension disputes and ending a two-decade legal battle.
- •Thse orders require a KSh 1.1B refund to the pension fund and recalculation of benefits for 629 retirees, with arrears and interest dating back to 2000 and 2009, bringing the total at estimates of more than KSh 7B.
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StanChart Kenya has said it is committed to meeting the obligations within the law.
“We have initiated a structured process to execute the judgement in accordance with the legal requirements and are committed to maintaining open communication with affected pensioners,”
The bank statement said.
It also sought to calm market concerns, adding:
“We would like to reassure our clients and stakeholders that we are adequately capitalised to meet the anticipated obligations.”
In addition to emphasising its financial strength and pledged to maintain open communication with retirees.