Will they be made to pay back what they have been thieving from their long suffering customers or will the gravy train continue?
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Quote:Bankers will spend tonight holding the Holy Book, deep in prayer and hopeful that tomorrow brings good tidings.
This is what a 10-year-old lawsuit has brought the industry to — hope and prayer.
In 2003, Rose Florence Wanjiru moved to the High Court, demanding Sh38,960 refund from Standard Chartered Bank for charges on her account. Her claim was that the charges were illegal since the bank had not received approval from the Finance Minister, as required by the Banking Act.
Section 44 of the Banking Act provides that “No institution shall increase its rate of banking or other charges except with the prior approval of the minister.”
In her suit, Ms Wanjiru is pursuing the refund claim on her behalf as well as every person holding an account with any of the 44 banks in Kenya.
It is better to keep your mouth closed and let people think you are a fool than to open it and remove all doubt...
-Mark Twain