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National Bank of Kenya MD Paul Russo (PHOTO: FILE)
NAIROBI, KENYA: Court of Appeal has lifted orders barring the National Bank of Kenya from selling late Mombasa Tycoon Tahir Sheikh Said (TSS) over USD 37 million (Sh3.7b) loan.
Justices William Ouko, Gatembu Kairu, and Kathurima M’Inoti overturned Environment and Lands Court Judge James Olola’s orders saying that although he was moved by sympathy that TSS had just died when the bank issued its notice, the law tilted in favour of the lender.
TSS owned a majority stake in Juja Coffee Exporters Limited. The company had borrowed from NBK Sh 2.9 billion and used a piece of land in Mombasa as security. The property was registered in TSS’s other company, Lamu Ginners Company Limited.
NBK cleared to auction late Mombasa tycoon TSS property over Sh3 7b loan standardmedia.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from standardmedia.co.ke Daily Mail and Mail on Sunday newspapers.