This archive report was first published on 18 August 2020.
On August 18, 2020, a court in Kenya delivered a devastating blow to 14 land buyers in Kiambu, ruling in favor of Transnational Bank in a dispute over a Sh100 million loan.
The buyers had purchased land from Suraya Developers, intending to build apartments, but the project stalled, and the bank stepped in to recover its loan.
According to court documents, the bank had charged the property, giving it priority over the buyers' interests.
Justice David Majanja dismissed the buyers' application, stating that they failed to provide sale agreements to support their claims.
The judge ruled that the bank's interest superseded any other interest, including those of the investors.
"In the absence of these agreements, which form the basis of the contractual relationship, I cannot say the Plaintiffs have established a prima facie case with a probability of success in relation to the registered interest of Transnational Bank," the judge said.
