advertisement

Companies

NBK bid to sell Mombasa tycoon property delayed

Mombasa tycoon Tahir Sheikh Said. FILE PHOTO | NMG
Mombasa tycoon Tahir Sheikh Said. FILE PHOTO | NMG 

The High Court has extended orders temporarily restraining the National Bank of Kenya #ticker:NBK from interfering with possession or advertising for sale five parcels of land used as collateral to secure a Sh3.6 billion ($36.1 million) loan by a company owned by the late Mombasa tycoon Tahir Sheikh Said.

Justice Patrick Otieno extended the orders granted to Juja Coffee Exporters Ltd, which has sued the bank seeking among others an order that notification of sale dated February 16 by the bank to the company be set aside.

Mr Said, a wealthy businessman and political broker in the Coast region, died last year leaving behind heavily indebted businesses.

The tycoon was more commonly known as TSS.