The High Court has given a nod to banks, Saccos and other lenders to blacklist guarantors with Credit Reference Bureaus (CRB) in case of defaulted loans.
The court has allowed financial institutions to blacklist guarantors if principal borrowers fail to repay in a case where a Kenyan, Obadiah Gitonga, sued Cooperative Bank of Kenya (CBK) for blacklisting him over a bad loan where he was the guarantor.
“The referral of any information to the CRB is a requirement of the law and the defendant as a financial institution is entitled to do the same, and as a result of their negligence in notifying the plaintiff of the outstanding balance, the court has held that the plaintiff will not pay any interest on the said sum,” ruled Lady Justice Grace Nzioka.
Gitonga was seeking to have his name removed from CRB, a request the court declined, noting that Cooperative bank acted within the precincts of the law in blacklisting him.
“In the given circumstances, I find no basis for granting the orders sought,” ruled the court.
Justice Nzioka ruled that a guarantor assumes the responsibility of settling the debt where the principal debtor fails.
Gitonga accused Co-op Bank of maliciously listing him with the CRB and causing him huge losses after lenders rejected his applications for loan on grounds of his negative credit record.
Where is our 15 Trillion???…
Where is our 15 Trillion???
Distribution of looted wealth in the Moi family
Gideon Moi
1. Eagle Airlines
2. Chemusian Ltd
3. Fresh Produce Ltd
4. Siginon Freight
5. Car Track Kenya Ltd.
6. First American Bank (which has since been sold to Kenyatta-family owned Commercial Bank of Africa)
7. Equatorial Bank (which rebranded to Spire Bank in 2016)
8. The Sasine Group of Farms
9. Cable and Wireless.
10. Kent Ship Maritime.
11. Sielei Properties Ltd
12. Giant Holdings Ltd
13. Revak Ltd, Sudbury Ltd
14.Sudbury Investments
15. Giant Forex Bureau
16. Westfield International Ltd
17. Chesco Ltd
18. Hampstead Enterprises
19. Metipso Services Ltd
20. Maternity Shop Ltd
21. Maritime Logistics Ltd
22. Homestead Enterprises
Philip Moi
23. Mugoya Construction
24. Asian Roses
25. First Force Security
26. Equity Stock Brokers
27. Safariland Club
28. Taurino Enterprises
29. Regent Management
30. Giro Bank
31. Paradise Holdings
32. Gateway Properties
33. Hahuru Investors
34. Sheraton Holdings
35. Concord Holdings
36. Extra Kenya
37. Tiger Farm Ltd
38. Moi High
39. Kabarak University
40. Real estates in South African, London & California
Majority of the companies are shell corporations holding Kenya’s looted wealth between 1978 – 2002.
You can verify all of this looted wealth in the Kroll report. The Moi family needs to be prosecuted & all assets recovered.
Courtesy of twitter.
And Kenyans just got a Moi…
And Kenyans just got a Moi day instead??? Him and his family should be dispossessed of all the wealth they looted since circa 1978.