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Bank says Ngong Forest titles used to secure Sh400m

BUSIA
By | February 8th 2011

By Evelyn Kwamboka

Transnational Bank says title deeds of a land in Ngong Forest were used as securities in a Sh400 million debt.

The bank’s senior manager Farid Abdulrazak Sheik said the collapsed Kenya Times Media Trust put in the title deeds as a security on the 1999 debt.

The company that operated three accounts at the bank submitted the titles to the bank’s advocates - Nyaundi & Tuiyot Company advocates.

"There were indemnities against nominees or any suits arising from the securities. Kenya Times was to be responsible for criminal or any suits touching on the properties," he said.

The properties were sold and the law firm forwarded Sh206 million cheque to the bank’s account to offset the debt.

Ruto protest

The banker told the court that none of the cheques was written in the names of any accused person in the case.

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He said the cheques were reflected in the bank’s loss and profit accounts that were forwarded to the Central Bank of Kenya.

Meanwhile, Eldoret North MP William Ruto has protested the prosecution’s move to introduce a new witness.

The witness, who did not record his statement more than seven years ago, was allegedly brought in last minute to mend the prosecution’s case.

Businessman Joshua Kulei, former Commissioner of Lands Sammy Mwaita, and companies charged in the case supported Ruto’s sentiments in objecting the witness’s bid to give evidence.

Chief Magistrate Gilbert Mutembei was forced to step down Mr Charles Kimunyi Kimotori for the court to make a ruling.

Hearing continues today.

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