LEFT: Billionaire Manu Chandaria RIGHT: Tycoon Raju Sanghani In a case that has been ongoing for several years, High Court Judge Justice Alfred Mabeya has ruled in favor of Shivali Ltd, Naval Holdings, Kety Investments, and Saaf Holding, companies associated with tycoon Raju Sanghani, in their lawsuit against Guardian Bank Limited and various firms associated with the Chandaria family.
The companies associated with Sanghani are former shareholders of Guilders Bank, which was sold to Guardian Bank.
They sued the Chandaria family's firms, which are associated with Guardian Bank, claiming that they were owed money.
Mabeya delivered the judgment virtually via a Microsoft Teams meeting on February 17, 2023.
He ruled in favor of the plaintiffs and ordered the defendants to pay millions of shillings with accrued interest.
However, the defendants were dissatisfied with the ruling and immediately filed a notice of appeal.
The case was heard in the High Court's Commercial and Tax Division.
The appellant's lawyer is Triple Ok Law Advocates, while Kago and Company is acting for the respondents who won big at the High Court.
The ruling is a significant victory for Sanghani and his associated companies.
The case has been closely watched by the business community, and the ruling will have far-reaching implications for the sector.
The defendants have the right to appeal the ruling, and the case will now be heard in the Court of Appeal. It remains to be seen how the appeal will proceed.