High Court extends order stopping three banks from selling TSS Unga Millers
The High Court in Mombasa has extended an order stopping three banks from selling or taking over a milling company owned by Mombasa tycoon Tahir Said. Judge Partick Otieno ordered the extension until the case is heard and determined. He directed lawyers representing Kenya Commercial Bank, National Bank of Kenya, NIC bank and the milling company, TSS, to decide the way forward. The case will be mentioned on November 2. KCB allegedly took over TSS after defaulting on a Sh1 billion loan. The bank, which has in excess of Sh1 billion non-performing loans with TSS, issued a notice in May, indicating it had taken over the miller. Said is said to have Sh8 billion in non-performing loans with several banks booked under other subsidiaries in his business empire. The businessman is alleged to have defaulted on at least Sh1.4 billion loan with NIC Bank and Sh300 million with NBK.