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Bank ordered to pay KPA supplier Sh25m for loss of key tender

Stanbic Bank branch on Kenyatta Avenue, Nairobi. [File, Standard]

The appellate court has ordered Stanbic Bank Ltd to pay Kenya Haulage Agency Ltd Sh25 million for negligence that occasioned the firm to miss a Kenya Ports Authority (KPA) tender.

The Court of Appeal said the bank failed to issue a security bond valid for 120 days as agreed for the tender to supply ribbed-type pneumatic rubber fenders to KPA.

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