Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Court orders audit of firm's loan account in bank row
Although Akshar acknowledged an outstanding debt exceeding Sh260 million as of January 2023, the court ruled that penalty interest resulting from the bank’s misconduct should be waived.
The High Court has ordered Mayfair CIB Bank to provide one of its customers, Akshar Industries, with a full and accurate statement of accounts following allegations of predatory lending practices on a Sh260 million loan dispute.
The court stopped the planned auction of Akshar’s assets, demanded a full accounting of loan repayments, and criticised the lender's “improper banking practices” for harming the borrower’s business.
