THE STANDARD
MONEY & CAREERS
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.
THE STANDARD By
Kamau Muthoni |
March 12th 2021 at 00:00:00 GMT +0300
Mombasa businessman Tahir Sheikh Said alias TSS. [Maarufu Mohammed, Standard]
The Court of Appeal has lifted orders barring the National Bank of Kenya (NBK) from selling the property of late Mombasa tycoon Tahir Sheikh Said (TSS) over a Sh4 billion loan.
Justices William Ouko, Gatembu Kairu and Kathurima M’Inoti overturned Environment and Lands Court’s orders, saying that although Justice James Olola sympathised with the fact that TSS had just died when the bank issued its notice, the law was tilted in favour of the lender.
TSS owned a majority stake in Juja Coffee Exporters, which had borrowed Sh2.9 billion from NBK and used a parcel of land in Mombasa as security. The property was registered under another firm owned by the businessman, Lamu Ginners Company.