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Corporate

KCB appeals order to avail loan accounts

KCB Group has appealed against a High Court decision, which held that it fabricated statements of accounts of a company it advanced a loan 27 years ago to finance a flower project in Nyandarua County.

The lender, which advanced a loan to Benjoh Amalgamated Limited in 1989, is asking the Court of Appeal to quash the ruling by a former High Court judge who found that it “had manufactured the statement of accounts of the company”.

Benjoh Amalgamated is associated with President Uhuru Kenyatta’s kin, Ngengi Muigai.

The firm says it did not know how much money was disbursed to suppliers of the flower project and how much cash was advanced to it.

Benjoh had disputed the outstanding loan amount the bank demanded, saying it did not know how Sh70 million was arrived at as no proper statement of accounts was made available to it on request.

KCB had asked the late Lady Justice Joyce Khaminwa to dismiss the case by Benjoh seeking the accounts, saying the issue had been revisited in 18 previous cases.

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