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KCB sues G4S for robbery

02 October 2013, 14:36

Nairobi - The Kenya Co-operative Bank (KCB) is suing a leading security firm for the KES 80 million (US$800 000) that was stolen from its Nairobi branch three years ago.

The suit against G4S Security Services has been filed at the Nairobi Commercial Court.

The bank, in its petition, cited negligence on the side of the security firm as the major cause of the cash that was on transit intended for reload at Automated Teller Machines (ATMs).

The incident that occurred in 2010 saw the administration police, KCB employees and G4S workers arrested and charged in connection with the stolen cash.

KCB intends to use the court order to compel the security firm pay for the lost cash with an additional 24 percent interest that has accrued since 2010. This amounts to KES 133 million.

The suit comes barely two months after the High Court, in its ruling delivered by Justice George Kimondo, ordered another security firm, Securicor, to pay KES 18.55 million to the Consolidated Bank in compensation cash lost on transit.

The heist happened in December of 2002.

Cash heists are widespread in Kenya during the festive season. These, which can result in death of security personnel, have been blamed on organized external gangs taking advantage of the security companies’ weaknesses in the Cash-in-transit systems.

- CAJ News


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