Mauritius bank wins lengthy Sh841m loan fight with Kenyan oil marketer

The High Court has allowed Mauritius Commercial Bank (MCB) to recover a $6.5 million (Sh841.7 million) debt from a Kenyan petroleum company after a decade-long financing dispute tied to the collapse of Imperial Bank.

The court ordered Jade Petroleum Limited to pay the debt after finding that MCB had paid the money to South Africa’s FirstRand Bank, trading as Rand Merchant Bank (RMB), when it called guarantees issued to secure debt by the petroleum firm.