Sidian Bank has been allowed by court to sell some property belonging to microfinance lender, Fortune Credit Ltd, to recover a loan of Sh20 million advanced two years ago.
The court allowed the auction after the microfinance failed to establish that the impending auction of its two parcels of land, situated in Kajiado County, was unlawful.
Sidian Bank has been allowed by court to sell some property belonging to microfinance lender, Fortune Credit Ltd, to recover a loan of Sh20 million advanced two years ago.
The court allowed the auction after the microfinance failed to establish that the impending auction of its two parcels of land, situated in Kajiado County, was unlawful.
Justice David Majanja said the company had admitted indebtedness to the bank. He also found that the statutory notices for the sale were properly issued and served upon the company and the valuation of the suit properties was proper.
Court papers indicate that in mid-2019, the bank agreed to extend two loan facilities to the company. The first loan was of Sh14,560,000 and was secured by the company’s property title No.CIS MARA/OLOLULUNGA/11917.
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