James Gacucu claims that Standard Chartered listed him as a loan defaulter after learning that he intended to shift his banking facilities elsewhere.
Mr Gacucu says the move cost him a rice supply deal worth Sh100 million, which he wants compensated.
He adds that the bank is also seeking to unfairly sell his three parcels of land in South C, which were used as security for a Sh33 million loan in 2014.
Nairobi-based businessman James Gacucu has sued Standard Chartered Bank #ticker:SCBK seeking Sh100 million compensation after he allegedly missed out on a business opportunity following the lender’s move to list him with the Credit Reference Bureau (CRB).
Mr Gacucu claims in suit papers that Standard Chartered listed him as a loan defaulter after learning that he intended to shift his banking facilities elsewhere, and that the move cost him a rice supply deal worth Sh100 million, which he wants compensated.
He adds that aside from being listed as a loan defaulter, Standard Chartered is also seeking to unfairly sell his three parcels of land in South C, which were used as security for a Sh33 million loan in 2014.
But Standard Chartered Bank says Mr Gacucu and his Remma Enterprises have previously been in court unsuccessfully to stop recovery of a Sh33 million loan extended to him in 2014.
“The applicant is in default and is irregular in payments. Standard Chartered followed the lawful procedure in security realisation,” the lender says.
The lender says Mr Gacucu and his firm were in 2015 ordered by High Court judge Charles Kariuki to deposit Sh10 million with Standard Chartered and to complete the balance in 12 equal monthly installments as a condition to stop the auction of his three land parcels, which they failed to do.
Mr Gacucu says in court filings: “Standard Chartered on learning that Remma Enterprises was making arrangements with another financial institution, it maliciously and negligently rushed to enlist Remma Enterprises with the CRB in the sum of Sh56 million, making it impossible for Remma to secure any credit.”
“As a result of Standard Chartered’s breach, Remma suffered loss of business opportunity as it was unable to import or supply any goods as per its agreement with Jumbo Enterprises.” .
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