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KCB takes over two firms for defaulting on Sh1.9bn debts

Mumias Sugar receiver manager Ponangipalli Venkata Ramana Rao (2L) appearing before the National Assembly Labor and Social Welfare Committee chairperson Johnson Sakaja at the Red Cross Building on December 3, 2019.

Photo credit: File | Nation Media Group

By  Dominic Omondi

Business Reporter

Nation Media Group

KCB Bank Kenya has taken over two companies for defaulting on loans amounting to Sh1.93 billion, extending its aggressive loan recovery strategy aimed at reducing its stock of non-performing credit facilities.

KCB-appointed administrators announced that they had taken over Korara Highlands Tea Factory Limited, which is in debt to the tune of Sh1.155 billion.

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