Assignment No.4 MAGU Ltd is a company incorporated in K

Assignment No.4
MAGU Ltd is a company incorporated in Kenya carrying out business of Agency banking within East Africa. MAGU Ltd entered into a contract with Kenya Commercial Management Bank to offer its services to its customers under its trade name KCMB mtaani.MAGU Ltd has engaged 13 employees to offer such services to KCMB clientele.Mr.Simonsone of the employees in Kibindoni town collected cash on 13th August 2012 as deposits from clients but failed to remit the same to the management of MAGU Ltd.Mr.Simons is currently at large and the management of MAGU Ltd does not know what to do the money not having been credited to the customers account and under increasing pressure from KCBM to account for the deposits. The management has approached you for your wise counsel with regard to the incident. Offer you advise bearing in mind principal-agency relationship between MAGU Ltd and KCBM.
Instructions:
Students advised to read law of agency before handling the question
Assignment carries 10 marks.
Attachments:

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