Equity Bank #ticker:EQTY chairman Peter Munga has lost his bid to dismiss a bankruptcy petition that a Mauritian private equity fund filed accusing him of refusing to repay a $590,000 (Sh60.7 million) loan advanced to his company four years ago.
Mr Munga’s quest to dislodge the petition suffered a fatal blow when the judge allowed African Seed Investment Fund LLC’s case to proceed, arguing that the Equity chairman did not produce enough evidence to dispute the Mauritian fund’s claim.
