Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
NCBA, Multiple Hauliers locked in Sh88bn arbitration row in London
If the shareholders succeed, the bank could face substantial liability. If the bank enforces its security before arbitration concludes, it could recover part or all of the Sh12.7 billion exposure but risk accusations of undermining the arbitration process.
NCBA Bank Kenya PLC and logistics firm Multiple Hauliers (EA) are locked in a Sh88 billion dispute before the London Court of International Arbitration over a multi-billion shilling loan disbursed in 2017.
The case involves a push by the bank to recover a Sh12.7 billion debt from the logistics firm, whose shareholders, however, maintained that the lender triggered its financial woes after it failed to disburse the full agreed amount.
