Stan­bic Bank gets In­ter­pol help to seize ve­hi­cles in Sh300m loan

Cars had been sneaked out of the coun­try after track­ing de­vice tam­per­ing

Daily Nation (Kenya) - - BUSINESS - BY 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 claims that a firm, Log­i­tac Global Lo­gis­tics Lim­ited, tam­pered with track­ing de­vices in­stalled in the ve­hi­cles and sneaked them out to Demo­cratic Repub­lic of Congo, Tan­za­nia and Zam­bia.

The lender, in 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, last year, to pay the ar­rears and failed, the last op­tion was to al­low re­pos­ses­sion by the bank.

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

The plea 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 an 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 had also been used to se­cure a Sh340 mil­lion loan from Credit Bank.

But the firm’s di­rec­tor, Mr Os­man Ab­dul­lahi, ac­cuses the bank of be­ing hos­tile and stalling a bid to reg­u­larise the ac­count. It was the first to file the suit against Stan­bic, seek­ing to stop the auc­tion­ing of the mo­tor ve­hi­cles.

Log­i­tac has now filed a 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 it 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.

Newspapers in English

Newspapers from Kenya

© PressReader. All rights reserved.