Talks between South African financial advisory firm Alexander Forbes and local firm Zanele Investments over a disputed Sh554 million loan have collapsed and the dispute will now be heard by the High Court.
The two firms last month adjourned the suit filed by Zanele, which is fighting off a Sh554 million loan recovery attempt by Alexander Forbes, but have now opted to have Justice Grace Nzioka proceed with hearing the dispute.
Zanele has challenged the claim by Alexander Forbes, arguing that the South African financial advisory firm owes it Sh121 million relating to its 2012 purchase of the multinational’s Kenyan healthcare arm.
Lady Justice Nzioka ordered Zanele to file its written arguments in opposition of an application by Alexander Forbes to have the dispute referred to arbitration by close of business on Monday.
“Thereafter, Alexander Forbes is to file further or supplemental submissions within four days of service for mention on August 21, 2017,” she ordered.