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Indian bank loses Karuturi takeover bid in loan dispute

A greenhouse at Karuturi Limited’s flower farm in Naivasha. PHOTO | FILE

The High Court has stopped India’s ICICI Bank from taking over management of Naivasha-based flower farm Karuturi over a multibillion-shilling loan repayment dispute.

Justice Francis Gikonyo last week ruled that ICICI’s appointment of a receiver manager to run Karuturi was malicious, as the bank was the first to breach the loan contract.

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