Nairobi, Feb. 16 -- The Court of Appeal has backed the dismissal of a former managing director of CIC Insurance Asset Management, Peter Mwaura, for misleading the board over Sh605 million deposits at the collapsed Imperial Bank.

The three-judge bench held that the insurer had valid grounds to end the employment relationship on claims that he performed his duties negligently and caused deposits to be made at Imperial Bank in excess of the agreed Sh485 million limit.

The court found that his 2016 exit followed a lawful disciplinary process and a voluntaryresignation.

Mr Mwaura reckoned that he was forced to resign and sought Sh29 million in compensation, reinstatement and damages.

The bench overturned a 2019 finding of the Employment an...