Stanbic Bank gets Interpol help to seize vehicles in Sh300m loan
Cars had been sneaked out of the country after tracking device tampering
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.