Justice Otieno declined to order a conditional extension of the orders, saying he would not interfere with the orders earlier issued before hearing the parties. The application is based on the grounds that the company is the owner of the five properties, which were charged to the bank as collateral to secure a principal loan. “A director with a major stake in the plaintiff (company) has since passed on and the surviving directors are willing to come to a structured settlement on repayment plan,” the application read in part. According to the company, the bank auctioneers had on February 16 issued a Notice of Sale to sell the properties to secure the money, plus Sh12 million interest and other charges. “Unknown to the plaintiff, the bank engaged Garam Investments Auctioneers to auction the mentioned properties on April 24 which is unlawful and in breach of the Land Act 2012,” the application states.

Source: Daily Nation May 04, 2017 20:15 UTC