Windsor plc, the broking group, agreed to pay out about £1.5m over disputed commissions.

The company's board said it reached a settlement with Kenya Ports Authority and Kenya Ferry Services, together known as KPA, in respect of a dispute over business placed between 1994 and 1998.

Chairman David Low said the row was over commissions paid to Windsor for business placed under previous management.

"We didn't want to argue about it so we just paid them the money," he said.

KPA had claimed the full commissions plus interest, but Windsor had agreed to pay the commissions without interest, which Low said was "very favourable" to the company.

Windsor had provided for a payment of £850,000 in its latest accounts. The balance of £676,000 would come from existing resources.