Reprieve for Guardian Bank and Chandaria in lender buyout row

Court of Appeal ruled that there was no evidence to show that Guardian Bank was obligated to pay for Guilders’ purchase. [File, Standard]

The Court of Appeal has handed businessman Maganlal Motichand Chandaria’s family a major reprieve after reducing a Sh2.5 billion award handed by the High Court in a long-standing row over Guilders International Bank ownership.

The family will now pay Sh750 million, which includes Sh196 million that was the principal amount for the purchase of Guilders.