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KCB hired receiver managers cleared to take over Proctor & Allan
The High Court has allowed receiver managers appointed by KCB Bank Kenya to take over the operations of Proctor & Allan (EA) Ltd over a debt of Sh4.9 billion.
The High Court has allowed receiver managers appointed by KCB Bank Kenya to take over the operations of Proctor & Allan (EA) Ltd, a giant cereal maker, over a debt of Sh4.9 billion.
High Court judge Njoki Mwangi ruled that the loan agreements signed by the parties expressly empowered the lender to appoint the receivers to take control of, or dispose of the charged assets in the event of default.
