Stan­bic gets In­ter­pol help to seize ve­hi­cles

Lender ac­cuses firm of tam­per­ing with track­ing de­vices and sneak­ing ve­hi­cles out to DRC, Tan­za­nia

Business Daily (Kenya) - - CORPORATE NEWS - Gal­gallo Fayo [email protected]­tion­

Stan­bic Bank Lim­ited has ob­tained a court or­der au­tho­ris­ing In­ter­pol and the Kenya Po­lice to search, seize and repa­tri­ate 32 ve­hi­cles that were used to se­cure a Sh300 mil­lion loan from the lender that have since been sneaked out of the coun­try.

The bank says that a firm, Log­i­tac Global Lo­gis­tics Lim­ited, tam­pered with track­ing de­vices in­stalled in the ve­hi­cles and sneaked them out to the Demo­cratic Repub­lic of Congo, Tan­za­nia and Zam­bia.

The lender in the doc­u­ments filed in court says that it learnt that the ve­hi­cles were no longer in Kenya when it sent its auc­tion­eer to re­pos­sess them.

Jus­tice Rachel Ngetich said the firm, hav­ing been given un­til Novem­ber 26, 2018, to pay the ar­rears and failed, the re­main­ing op­tion was to al­low re­pos­ses­sion by the bank.

“Prayer 3 of this ap­pli­ca­tion is al­lowed if plain­tiff failed to de­posit Sh25,239,047 by Novem­ber 26, 2018,” said the judge in the rul­ing dated De­cem­ber 13, 2018.

The prayer 3 states that ‘pend­ing the hear­ing and de­ter­mi­na­tion…. be pleased to is­sue an or­der au­tho­ris­ing West­min­ster com­mer­cial auc­tion­eers through the as­sis­tance of the Na­tional Po­lice Ser­vice in col­lab­o­ra­tion with In­ter­pol to im­pound and de­liver to Leakey’s stor­age or such other places as the court may di­rect ve­hi­cles… and var­i­ous trail­ers’.

The doc­u­ments list 32 ve­hi­cles as those be­ing sought, among them 13 trail­ers, a loader and ex­ca­va­tor. The po­lice, through OCS Cen­tral Nairobi, on De­cem­ber 28 wrote to the Direc­torate of Crim­i­nal In­ves­ti­ga­tion (DCI) in­form­ing it that the “com­mand is in­ves­ti­gat­ing the cases of fraud­u­lent dis­po­si­tion of mort­gaged goods con­trary to the pe­nal code”.

The ve­hi­cles are said to have been spot­ted in Lubum­bashi, DRC, with the OCS ap­peal­ing to In­ter­pol and DCI to re­pos­sess and repa­tri­ate them as per the court or­der. The let­ter, copied to In­ter­pol, re­veals that the ve­hi­cles have also been used to se­cure a Sh340 mil­lion loan from Credit Bank.

But the firm’s di­rec­tor, Os­man Ab­dul­lahi, ac­cuses the bank of be­ing hos­tile and stalling the bid to reg­u­larise the ac­count.

The com­pany was the first to file the suit against Stan­bic seek­ing to stop the auc­tion­ing of the ve­hi­cles. Log­i­tac Global Lo­gis­tics has now filed fresh ap­pli­ca­tion seek­ing to sus­pend the court or­ders to seize and bring the ve­hi­cles back to Kenya.

It says the bank had al­ready sold five ve­hi­cles that it seized and that is ap­pre­hen­sive that un­less the or­ders are va­cated it will af­fect an on­go­ing dis­cus­sion with Dubai Is­lamic Bank which it says has agreed to buy out the loan.


A Stan­bic Bank branch in Nairobi.

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