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Jirongo strikes deal to settle Sh20bn CBK dispute out of court
Mr Cyrus Jirongo, the former Lugari MP, claims in court papers that he had opened talks with the CBK for a settlement of dispute over the bank’s attempt to sell his land in Ruai in 2013 but the negotiations collapsed. PHOTO | FILE
The High Court yesterday granted permission to financial services regulator CBK to negotiate a settlement with former Lugari MP Cyrus Jirongo over a Sh20 billion dispute that has sparked a vicious battle over the politician’s 1,000-acre plot in Nairobi’s Ruai area.
Parties to the dispute have been fighting it out in and out of court culminating in the Central Bank of Kenya’s (CBK) attempt last November to sell the land, which Mr Jirongo had charged as security for a loan he took from Postbank (under liquidation).
