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Sixeighty Hotel sues CfC Bank in payment row

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Pedestrians walk past a CFC Stanbic Bank branch in Nairobi. PHOTO | FILE

The parent firm of Nairobi’s Sixeighty Hotel has sued CfC Stanbic Bank for allegedly refusing to pay interest on its foreign currency accounts held with the lender.

Sentrim Kenya Limited says in court papers that CfC has refused to pay it Sh20 million in accrued interest and waived bank charges from 13 foreign currency accounts. The firm further accuses the bank of reneging on an agreement that was to see the sums deposited in its account on a monthly basis.

The firm allegedly struck a deal with CfC that was to see funds in its accounts of between $5,001 (Sh47,000) and $50,000 (Sh4.7 million) earn an interest of three per cent per annum. Sentrim says interest earned between April 2008 and March 2013 is yet to be deposited in its accounts despite demands.

“The total of all interest not credited by the bank to Sentrim’s main account is Sh20.5 million and the plaintiff claims the same. Sentrim has severally demanded to the bankers due interest but they have neglected to pay,” says Sentrim CEO Rajni Shah.

CfC is yet to respond to the suit.

Sentrim holds dollar, euro and pound accounts. Sentrim also has 16 Kenya shilling accounts with CfC under its various businesses, including Hotel Boulevard and Amboseli.

Justice Jacqueline Kamau ordered Sentrim to serve CfC with the suit papers and appear before her on June 16 for a hearing.