Quickmart supermarket chain is set to receive Sh80 million from security firm Wells Fargo following a dramatic cash heist in November 2023.

Two Wells Fargo employees allegedly stole Sh94.9 million while transporting the money collected from various Quickmart branches in Nairobi scheduled to be conveyed to Family Bank Kenyatta Avenue.

The settlement comes after Quickmart sued Wells Fargo in February 2024 for breaching their valuables-in-transit contract.

According to court documents filed by Wells Fargo's valuables in transit general manager, Peter Walters, the company admits fault and is prepared to pay the Sh80 million in line with the contract's indemnity clause.

"I confirm the defendant is now in a position to make a payment of Sh80,000,000. The defendant is not liable for the claims of interest and costs of the suit or for any sum over and above Sh80,000,000," Walters stated.

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This clause, as stated by Walters, binds Wells Fargo to compensate Quickmart "against loss or damage up to the limit specified in the contract" which unfortunately leaves Quickmart with a potential Sh14.9 million shortfall.

The Sh80 million will be paid from an insurance policy taken out by Wells Fargo with an undisclosed underwriter.

While admitting liability for the stolen cash, Wells Fargo disputes Quickmart's claims for interest and legal costs incurred during the lawsuit.

The company maintains they kept Quickmart informed throughout the process, including filing a claim with their insurer on the day of the heist and engaging a loss adjuster.

"Wells Fargo and I were in constant communication with representatives of the plaintiff, and it is not correct that the defendant was unresponsive or uncommunicative.

Court documents further reveal that the contract stipulated mediation for dispute resolution.

However, Quickmart opted to bypass mediation and seek legal intervention to recover the stolen funds.

With the settlement offer, Wells Fargo is reportedly seeking to have the case marked as settled after the Sh80 million is paid.

This leaves Quickmart with a decision: accept the settlement and potentially lose Sh14.9 million, or continue the lawsuit and risk exceeding the Sh80 million limit of the security firm's liability.

The heist remains unsolved as the two main suspects are still at large. Police arrested eight individuals in November 2023 and recovered Sh9.1 million, but the bulk of the stolen cash is unaccounted for.