This archive report was first published on 17 July 2020.
On April 10, 2015, Raphael Tuju's company, Dari Limited, received a loan of KSh 943.9 million from East African Development Bank for property investment.
However, Tuju failed to service the loan since 2017 when it was due, resulting in a total debt of KSh 1.5 billion.
The bank was forced to seek redress in a London court, securing orders to repossess Tuju's properties to recover the loan and interest.
But Tuju challenged the ruling through a Kenyan court and secured orders barring the lender and receiver managers from repossessing the property.
On condition that he remits KSh 50 million within seven days from the date the orders were issued, failure to which the lender would be granted green light to repossess the assets.
"We write to confirm that this condition has been complied with. Our clients have deposited KSh 50,000,000 in an interest-earning account at NCBA Bank Kenya," read a letter sent to Registrar of the Court of Appeal by Tuju's lawyer, Paul Muite.
Published on July 17, 2020, at 09:29:12.
