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A Nairobi court has delivered a landmark judgment in favour of slain advocate Mathew Kyalo Mbobu, declaring a loan agreement with unconscionable interest rates illegal and ordering the return of his property.
Justice Moses Ado ruled that a Sh11 million loan facility advanced by Hypac Investments Limited carried terms that were undeniably excessive and manifestly oppressive, with monthly interest rates translating to over 400% annually when compounded with weekly penalties.
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