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Family Bank is embroiled in a legal battle with a private firm over interest charges accrued on a bank loan taken in 2010. Olive Farm accuses the lender of shifting the interest rate charged on the loan contrary to the Banking Act.
“The defendant is currently charging the plaintiff an interest rate of 24.5 per cent, which is totally unreasonable and illegal,” the court heard. The firm through its lawyer Kihara Muruthi narrated that it had borrowed Sh5 million from Family Bank in 2010 and ought to have paid an interest rate of 18.5 per cent per year and if it defaulted the loan would accrue a further 0.6 per month on top of the agreed rate.
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