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Oil and gas tycoon sues bank to block auction of assets over Sh631m debt
The petitioners argue that the failure by CBK to enact a legal framework to regulate Islamic banking in the country violates the constitution by failing to offer them equal protection and benefit of the law.
Mombasa-based oil and gas tycoon Ibrahim Hussein Mahadi and his company Mahadi Energy have sued Premier Bank, seeking to block the lender from auctioning assets charged to a Sh631.5 million loan.
Mr Mahadi and his company also want an order issued, pending hearing and determination of the case, directing the Central Bank of Kenya (CBK) to produce in court the authority in law under which Premier Bank (formerly First Community Bank), is undertaking Islamic banking business in the country.
