Royal Media Services (RMS) owner Samuel Kamau Macharia popularly known as SK, on Tuesday lost a Sh 56 million legal suit with a bank when the Supreme Court ruled that it lacked power to re-open any matter finalised before the promulgation of the new Constitution.
A five -judge bench led by Chief Justice Dr Willy Mutunga held that the issue before them was dealt with by the Court of Appeal, which gave its judgment vesting certain property rights and obligations on the parties in dispute.
Macharia was seeking to challenge a decision setting aside a judgment against Kenya Commercial Bank (KCB), Kenya Finance Company (KFC) and Kenya National Capital Corporation (KNCC).
The award was given in January 2003 by Justice (Rtd) Richard Kuloba in favour of the lenders.
MadhuPaper had borrowed Sh 50 million from KCB, KFC and KNCC for setting up a tissue paper manufacturing plant.
MadhuPaper gave the lending institutions a charge over its assets and the lenders put it in receivership after it defaulted in repayment.
Dr Mutunga ruled that the Supreme Court cannot assume appellate jurisdiction when it is not given to by any law.
The Kenyan DAILY POST
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