Nairobi, Feb. 10 -- The High Court has rejected an application seeking to hold an Ecobank Kenya manager liable for releasing funds belonging to a plane leasing firm facing insolvency.

The court declined to hold the branch manager at Ecobank Towers liable, saying there was evidence to show that the funds belonging to DAC Aviation (EA) Limited were released to a third party, pursuant to a court order.

The Kenyan aircraft leasing company based at Wilson Airport was placed under receivership over a debt of Sh1.3 billion owed to an Irish aviation firm, Amra Leasing Ltd.

The receiver manager, PVRA Rao, submitted that the bank violated the Insolvency Act by releasing funds after the commencement of the liquidation. Mr Rao wanted the court to ...