A receiver appointed to take over the management of certain assets of East African Cables has ended his mandate after the Nairobi Securities Exchange-listed firm reached an agreement with Ecobank Kenya Limited whose Sh188 million it had failed to pay.
Ecobank advanced the cash to the company through debentures –an agreement in which the borrower pledges several assets to the creditor as collateral. The value of the assets that had been taken over by the receiver was not immediately clear.
