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jnchaure

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  1. Disclaimer!! this is just a question not a case in court of law!!!! Please help for the purpose of research.. Mr. Ken is a wealthy businessman who is the sole director of a large company known as Laser Printers (Pty) Ltd. Mr. Ken and Laser Printers (Pty) Ltd have been banking with First National Bank for the past 10 years and have various bank accounts with the bank. It emerges that Laser Printers (Pty) Ltd has been funding the election campaigns of a political party in Kenya. The media reports that Laser Printers (Pty) Ltd has been using its bank accounts with First National Bank to warehouse money destined for the political party thereby continuing to further ‘a corrupt and oppressive regime.’ When the bank discovers this information it decides to sever all ties with Mr. Ken and Laser Printers (Pty) Ltd. On 10 August 2010, the bank notifies Mr. Ken that they will be closing all bank accounts both in his name and in the name of Laser Printers (Pty) Ltd with effect from 1 September 2010. The bank advises Mr. Ken to make alternate banking arrangements. After the bank accounts are closed on 1 September 2010, the bank issues the following statement to the media: ‘In light of recent events, we have decided to sever all ties with Mr. Ken and his company, Laser Printers (Pty) Ltd. Mr. Ken was a prominent client of the bank who had millions of shillings in his various bank accounts with us. We were not aware, however, that the bank accounts were used to fund the activities of a political party. Mr. Ken is upset about the fact that the bank has closed the bank accounts and has published this information. He is particularly concerned about the fact that no other bank will now accept him as their client. Advise him on the legal position and on all of his rights in the above matter.
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