Why tycoon Munga will lose Sh510m Britam shares to auctioneers

Billionaire businessman Peter Munga follows proceedings at Safari Park hotel in Nairobi on October 7, 2021.

Photo credit: File | Nation Media Group

The High Court in Kiambu has set aside interim orders issued to billionaire businessman Peter Munga blocking his auction over a Sh433 million defaulted bank loan, clearing the sale of 75 million shares in insurer Britam.

Justice Dorah Chepkwony declined Mr Munga's request to extend orders restraining ABC Bank and ABC Capital from auctioning his Britam Kenya stake currently worth Sh510 million.

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