KCB moves to court over Sh4.3bn City Hall default
Tuesday May 25 2021
By COLLINS OMULO
Summary
In an application filed before the High Court in Milimani, KCB wants the court to recognise a ruling from an arbitration and compel the county government to settle the debt.
The county government was directed to pay KCB Sh4.3 billion in November last year after the matter was referred to Phillip Bliss Aliker.
KCB Group #ticker:KCB has moved to the High Court to enforce the collection of Sh4.3 billion worth of loan and interest from the Nairobi County which has defaulted on the credit inherited from Equity Bank .
THE STANDARD
NAIROBI
Nairobi County Assembly. [Samson Wire, Standard]
Nairobi County MCAs are pushing for a Sh1.5 billion general-purpose account to specifically manage funds allocated for ward development projects.
The MCAs argue this is the only way to cure the slow implementation of projects by the executive in wards.
They want the general-purpose account to hold funds allocated to the 85 wards in the 2021/22 financial year.
Nairobi County Assembly Budget and Appropriations committee chairperson Robert Mbatia said if implemented, the funds will be transferred from the County Revenue Fund account to the general-purpose account.
He said if MCAs fail to utilise the funds because of unforeseen circumstances then the funds will remain in the account and be carried forward to the next financial year.