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Oil firm wants StanChart to halt sale of land in Sh456m loan row

Standard Chartered Bank on Kenyatta Avenue in Nairobi. PHOTO | FILE

Logistics firm Oceanic Oil Limited has sued Standard Chartered Bank to stop the sale of four parcels of land which the lender wants to dispose of to recover a disputed Sh456 million loan.

Oceanic Oil holds that Standard Chartered in 2011 failed to release the entire amount it borrowed to build offices, a convenience store, a fuel depot and petrol stations in Eldoret and Kisumu.

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