A South Korean investor has sued DTB for liquidating and withdrawing Sh150 million from two fixed deposit accounts without her approval using forged documents.
The investor, Sun Pil Lim, wife of Safari Park Hotel and Casino President Young K Roh, filed two cases against Diamond Trust Bank Kenya Limited, demanding the return of her money.
In the first case, Sun, the chairperson of Daehan Pharmaceutical Limited, approached the High Court’s Commercial and Admiralty Division to recover the Sh100 million her company had placed in a fixed deposit.
Represented by Muriungi and Company Advocates, Sun stated that she co-founded Daehan Pharmaceutical Limited with three other directors: Lee Jong Chan, Jang Jongmin, and Jolly Jeminah Lanji Ouko.
The company was intended to import medical devices and drugs from Korea for sale in Kenya.
After incorporation, the company opened an account with DTB’s Thika Road Mall branch and wired Sh100 million, with instructions to place the funds in a fixed deposit account at an interest rate of 16 per cent.
The bank issued three certificates of deposit for the cash, split into Sh40 million and two Sh30 million tranches.
“The terms of the certificate of deposit issued by the defendant were the deposit was in Kenya shillings, interest rate was 16 per cent,” the plaint states.
This account required two director signatures for operations, including cheque signings.
Additionally, Sun opened a personal account in her name, for which she was the sole signatory, and deposited Sh50 million in a fixed deposit account, receiving two certificates of deposit.
When Daehan Pharmaceutical Limited’s board inquired about the account, the Thika Road Mall branch manager became “evasive, misleading and deceptive.” Lee, a director assigned to follow up, later confessed to Sun’s husband that he had conspired with the manager to withdraw the money.
After failing to obtain clear information from the bank, Sun filed a court application and secured orders for the bank to release all documents related to the account.
Upon reviewing the documents, she discovered that the Sh100 million in fixed deposit had been liquidated and withdrawn using her forged signature, even though she was one of two required signatories.
Court records show the money was withdrawn between March and December using 157 cheques in a total of 146 transactions to deplete the entire Sh100 million.
Sun claims that Lee forged her signature and conspired with the bank manager to liquidate the account and share the money.
“Mr Lee informed us that he shared the money with the said manager in order to be allowed to liquidate the deposit and withdraw the money,” states the plaint.
To facilitate the liquidation, Sun said the bank relied on an undated letter, which led to the premature liquidation of Sh30 million, again using a forged signature.
Similar letters were presented to liquidate the remaining Sh70 million.
The same scheme was used to empty Sun’s personal fixed deposit account, which is the subject of the second civil suit, case number EO 68.
Although Sun was the sole signatory for the Sh50 million in this account, Lee forged her signature, wrote a letter requesting liquidation, and transferred the funds to a different account.
Sun is now asking the court to order DTB to pay her Sh169,944,520, including interest earned, court costs, and any other relief the court deems appropriate.
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