Spire Bank’s move to sell a Kilimani-based Sh1.6 billion building owned by Ravasam Development Company has entangled it into an ownership battle between shareholders of the real estate firm.
Two businessmen based in Reunion, a dependency of France, have claimed that some employees of Spire Bank (formerly known as Equatorial Commercial Bank) colluded with Ghanaian national Eric Agbeko and Kenyan Philip Nyambok to fraudulently borrow Sh190 million from the lender in Ravasam’s name.
