Mauritian private equity firm African Seed Investment Fund LLC has opened a legal battle with Equity Bank founder and chairman Peter Munga, seeking to have him declared bankrupt for failing to repay a $590,000 (Sh60.7 million) loan advanced to his company four years ago.
African Seed claims in a suit it has filed in the High Court that the Sh60.7 million loan was extended to Freshco Kenya Limited – a company owned by Mr Munga – in five instalments between March and September 2013.
