Kenya Re Board To appeal reinstatement of MD Jared Mwarania
Kenya Re board members are set to appeal the reinstatement of MD Jadiah Mwarania which was upheld by Justice Byram Onganya of the Employment and Labour Relations Court.
Mr. Mwarania was reinstated as MD on 20th July after his exit was announced in March where Michael Mbeshi would take over as MD.
He had moved to court alleging unfair termination and obtained orders restraining board members from appointing a new MD. The court cited wrongful termination asking the firm to pay him dues accrued while he was away.
He claims that he reported for duty by 8 am in March only to be informed that the board convened a meeting without his knowledge and handing over a termination letter.
He says his genesis of misfortunes began following a directive from Joseph Kinyua the then Chief of Staff and Head of Public service in June last year, to ensure some board members had been replaced during the company’s 19th AGM. Those were to be replaced included Chair David Kimei and members Maina Mukoma and Chiboli Shakaba.
Mr. Kimei has cited that Mr. Mwarania had been sacked over poor performance with the 2017 financial reports contradicting his statement.
The re insurer net profits went up to Ksh 3.5 billion from Ksh 3.2 billion in the previous year which was attributed to the growth of the retakaful market and expansion in the West and South African markets.