Kenya Deposit Insurance Corporation (KDIC)’s lawyer Philip Murgor yesterday afternoon issued a statement to clarify claims in story we published yesterday his client was going to discard the Sh1.5bn FTI Consulting forensic audit in the Imperial Bank directors’ asset freeze suit whose hearing begins on Monday, October 17th.
In the story, Money & Markets extensively quoted correspondence between Murgor and Andrew Wandabwa who is the lawyer representing Imperial Bank non- executive directors and shareholders.
In his response to the directors, Murgor had written on October 11th upon Andrew’s request for the full Imperial Bank forensic audit report conducted by US based FTI Consulting.
While he does not dispute the quoted sections of his letter to Wandabwa dated October 11th, Murgor, in his statement to the newsrooms yesterday afternoon, is seen to be backpedalling on his initial statements, this time stating that indeed, his case will rely on findings from the FTI Consulting forensic audit.
“A reading of both the plaint dated 30th September 2016, and Affidavit by Mohamud Ahmed, sworn or 30th September 2016, and filed in court on the same day, expressly indicates that FTI Consulting conducted detailed and lengthy investigations and arrived at certain findings that support the case against the defendants. It is therefore incorrect to state that KDIC will not be relying on the detailed forensic audit conducted by FTI Consulting,” says Murgor.
He further confirms that while his clients, Imperial Bank Limited (In Receivership) and KDIC have repeatedly referred to the detailed forensic audit investigations conducted by FTI Consulting, they have not specifically quoted from any report, further claiming that his clients, the plaintiffs, have indicated that a partner of FTI Consulting will testify as an expert and produce evidence at the hearing of the case, as necessary.
Called for comment, Imperial Bank directors’ lawyer lawyer, Wandabwa, requested us to send him the statement, promising to get back to us, as he had not seen the press statement.
Wandabwa had written to request KDIC to provide them with the forensic audit extensively attributed in the asset freeze suits.
In his request to KDIC on October 11th, Wandabwa says: “As we endeavour to draft and file our replying affidavit it has come to become apparent that the affidavit filed in support of your client’s notice of motion dated 30th September, 2016 heavily relies on investigation reports by FTI Consulting. In order to enable us respond substantively to the allegation leveled against our client it will be necessary for us to have sight of all FTI Consulting investigations reports and documents relied upon in the said report as well as the terms of defense used to engage FTI Consulting of the said investigation.”
The hearing of the case begins today, Monday, October 17th.
Here’s Murgor’s press statement:
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