High Court ex­tends or­der stop­ping three banks from sell­ing TSS Unga Millers

The Star (Kenya) - - Politics Judiciary -

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.

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