Corporate News
Judge to continue hearing KPCU receivership case
Kenya Planters’ Co-operative Union headquarters in Nairobi. KPCU is seeking orders restraining KCB from placing it under receivership. Photo/FILE
Posted Monday, February 22 2010 at 00:00
Lady Justice Jeanne Gacheche temporarily removed the receivership status, allowing the co-operative to conduct its normal business.
Status lifted
She allowed KPCU to continue running its affairs without the interference of the bank, the Coffee Board of Kenya, and receiver managers, Mr Harveen Gadhoke and Mr Daniel Ndonye.
But KCB argued for the stay of Lady Justice Gacheche’s orders and Lady Justice Roselyn Wendoh stayed the orders, in effect restoring the receivership status.
KPCU wants receivership status lifted on grounds that several constitutional issues regarding the matter have been raised.
The miller was placed under receivership last October over a Sh644 million debt.
Consultancy firm Deloitte assumed the entire operations on behalf of the debenture holder, KCB.
RSS