Court orders bank to unfreeze trader’s accountA Gulf African Bank branch along Kenyatta Avenue in Nairobi. The High Court has directed a bank to lift the freeze on the account of a businessman in a dispute over interest fee.The Nairobi businessman, Mohamed Abdi, obtained orders from the Commercial Court on Wednesday directing Gulf African Bank to stop freezing his account. The businessman who moved to court last week claims damages from the bank for the loss of time and value of his money unlawfully frozen. He also wants the court to declare that Islamic financing does not attract the levy of interest unlike conventional loan. On September 13, Abdi said he deposited 200,000 dollars (about Sh20 million) in his account with the Gulf Bank.

Source: Standard Digital December 22, 2018 21:04 UTC