Security Firm Wells Fargo whose staff were implicated in the theft of Ksh94.9 million belonging to Quickmart Supermarket has offered to refund Ksh80 million to settle the matter.
In the November 2023 incident, two of Wells Fargo’s employees allegedly colluded with a police escort to vanish with cash while enroute to a bank in Nairobi.
Quickmart later filed a lawsuit against Wells Fargo in February 2024, citing breach of contract.
According to court documents, Quickmart entered into a valuables-in-transit contract with Wells Fargo in 2021, entrusting the security firm with the transportation of cash and other valuables from its various outlets to banking facilities.
However, Wells Fargo failed to deposit the collected sum of Ksh94.918 million into Quickmart’s accounts, instead claiming that the entire amount had been stolen.
Quickmart alleged that Wells Fargo’s negligence and breach of contract forced them to seek a Ksh95 million bailout from Family Bank to cover the losses incurred.
Wells Fargo agrees to pay
In response to the lawsuit, Wells Fargo, through its General Manager for valuables in transit, Peter Walters, has offered to pay Quickmart Ksh80 million, in accordance with the contract.
ADVERT
Also Read: Quickmart Breaks Silence on Losing Ksh94M to Wells Fargo Guards
This settlement, which falls within the contract’s indemnity limit, aims to resolve the dispute amicably without further legal proceedings.
“Pursuant to the provisions of clause 2(a) of the contract, the defendant accepts that it is bound to indemnify the plaintiff (Quickmart) against loss or damage up to the limit specified in the contract and which occurred during the period of the defendant’s responsibility and which was due to the sole negligence or dishonesty whatsoever, whether it amounted to fraud of the defendant’s employees whilst acting in the course of their employment,” reads the court papers.
Despite the ongoing legal battle, the security firm maintains that it has remained communicative with Quickmart, keeping them informed of developments in the case.
Also Read: Quickmart Heist: DCI Pounces on 4 More Wells Fargo Staff
The security firm also noted that it promptly notified its insurer about the loss of funds, indicating a willingness to cooperate in resolving the matter.
The court will determine whether the security firm breached its contractual obligations and if it should be held accountable for the loss.
Following the heist, eight individuals were arrested in connection to the crime, but the main suspects behind the heist however remain at large.
