Morning members. We are seeking advise. We've heard many views but we want to hear yours too. We are a group of people who have sold property though law firms and the money is purportedly held in the firms accounts in Chase Bank. We are looking for joint legal action against the firms and probably even the LSK. Please advice. Thanks.

you may sue the law firms. If the money was paid to them to hold as stakeholders, then it is immaterial whether they deposited in a licensed bank which went under. that is not a viable defence to them (maybe a mitigation to allow them to pay in instalments). forget what gathige has posted above, it is ill-advised and has no basis in law as a defence. advocates usually have an indemnity cover but it is mostly for negligence and fidelity issues. but best find out if the insurance cover for yours had an extension to cover such eventualities. if yes then you sue the law firm and the insurance pays. if not then you sue the law firm and hope the proprietor/partners has/have enough money to pay you otherwise you may have judgement with no money. as for lsk, they have no liability in this. so don’t waste your time with them.

The sale was done just before Chase bank went under?Whats the proof that the proceeds were banked at Chase?

There are too many crooks in Kenya, problem is you can't take them anywhere!!!!

last they told me (chase bank) is that 'new' money can be withdrawn while 'old' money is still not accessible. that was some time this year. not much has changed to the best of my knowledge.

Whats up?

There has been a story about SBM taking only the good book.Sorry am yet to get my tutorials on how to put a link here.It was in the Standard on Sato.

Would like to hear more ftom experts here.

That is a good move;it will allow depositors whose money has been stuck for the past 18 months to access the money and improve liquidity in the market.
The restrictions on deposits is going to be done away with once money moves to SBM