A sh29.2 million defaulter has sued Imperial Bank Ltd (in receivership) seeking to have it restrained from referring it to the Credit Reference Bureau(CRB).
Adsite Ltd, an outdoor advertising company also want Imperial Bank restrained from charging interest and penalties on the loan accounts.
Imperial bank, which is under the receivership of KCB has also been blocked from selling or auctioning a parcel of land and a motor vehicle which are part of securities for the loans.
Adsite Ltd seeks the orders pending hearing and determination of its case said in or about 2014 and 2015, the bank gave it a term loan of Sh27.5 million and another Sh1.7 million overdraft.
Through lawyer Willis Oluga, the company in its application at the High Court in Mombasa argues that together with its directors, they had personal deposits at the bank amounting to more than Sh30 million.
“The credit balances in the accounts were sufficient to clear the loan balances as at December 16 2015.” Adsite told the court.
It says the bank continues to hold onto the money while alleging that it was in loan arrears.
The Mombasa High court has set October 14th as the hearing date.
In May, the dangling Imperial Bank was placed under KCB receivership
Press Release: Acquisition of Certain Assets and Liabilities of Imperial Bank Limited (In Receivership) by KCB Bank Kenya Limited pic.twitter.com/zPCJDtqfFv
— Central Bank of Kenya (@CBKKenya) May 22, 2020
