JUDGMENT OF THE COURT
INTRODUCTION
1. This is an appeal from the ruling and order of the High Court (Olga Sewe,J.) delivered on 29th September 2017 striking out the appellant’s suit on grounds that it was filed out of time and is barred by Limitation of Actions Act and that the appellant should have pursued its claim under the special procedure provided under the Capital Markets Act.
Background
2. The appellant, Pioneer Holdings (Africa) Ltd (Pioneer) had for many years engaged the 1st respondent, Francis Thuo and Partners Ltd, a stock brokerage firm (the stock broker), to purchase, sell and generally trade in shares in the Nairobi Stock Exchange on its behalf. According to Pioneer, in the years 1993 and 1994, the stock broker failed to deliver to it shares that it had already paid for; that after protracted demands and follow-up, the stock broker made some of those shares available in the year 2004; that on 5th March 2007, the stock broker was placed under statutory management by which t…