Tuju now barred from disposing of properties in Sh1.5b loan dispute
SEE ALSO :I’ll defend my seat in March, says Tuju“Any decision to be taken by the company must be in consultation with the receivers. No disposal of assets which are subject of the debenture,” ruled Justice Nzioka. According to court documents, Dari allegedly borrowed from EADB Sh900 million in 2015 to purchase a property in Nairobi known as Tree Lane. In the deal, the former Rarieda MP agreed to provide security using titles of his expansive parcels of land in Karen. EADB in its court papers, is armed with a judgment from a United Kingdom court that required it should be paid Sh1.5 billion. The lender argued that its interest is to recover its debt, which had allegedly not been paid to date. “The plaintiffs are using extra judicial powers to bar the receivers from doing their work. There is a judgment from UK of Sh15 million dollars. There is no payment whatsoever. If receivership is stayed, then we can have payments,” Gachuhi argued. In the UK court, EABD argued that Dari defaulted on its obligation, hence, it demanded from the firm and its guarantors for payments. The court heard that nothing was paid despite the demand. “The claimant (EADB) commenced the action and seeks to recover by way of summary judgment the sums under the terms of facility agreement. As at the date of hearing, that sum is USD 15 million dollars,” EADB told UK court Judge Toledano.
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