Standard Chartered Bank Faces Contempt Threat Over Pension Dispute
“Public interest cannot be selective. To exclude the non-629 would perpetuate discrimination and contradict the spirit of the Supreme Court’s finding,” they said through their Lawyer Danstan Omari.
Standard Chartered Bank Kenya has been challenged by a group of retirees who accuse it of going against the Supreme Court ruling on pension benefits.
The “non-629” pensioners say the Bank and Trustees have excluded them from compensation despite the apex court, on September 5, upholding earlier rulings that found the Bank unlawfully applied the wrong actuarial factors during the 1999 shift from a Defined Benefit to a Defined Contribution scheme.
While the Bank has suggested the judgment applies only to 629 members who first went to court, the non-629 members argue both groups suffered the same unlawful treatment. They say excluding them amounts to discrimination and violates constitutional protections.
“Public interest cannot be selective. To exclude the non-629 would perpetuate discrimination and contradict the spirit of the Supreme Court’s finding,” they said through their Lawyer Danstan Omari.
In a statement, the pensioners accused senior executives, Trustees, and the Board of issuing misleading profit warnings, notices, and letters that disregarded judicial authority. They described the conduct as “systemic governance failure” and “possible contempt of court.”
“This is systemic governance failure. The Bank and Trustees have undermined the rule of law and betrayed the trust of pensioners,” they added.
The group is demanding a fresh actuarial valuation, corrected communications, recalculation of balances with compounded returns, and a members’ meeting to explain compliance.
They have given the Bank and Trustees seven days to act or face a High Court application seeking to jail or fine the CEO, CFO, CRO, Head of Legal, Trustees, and the full Board for contempt.
