{"id":9896,"date":"2020-06-20T18:34:19","date_gmt":"2020-06-20T18:34:19","guid":{"rendered":"https:\/\/www.africa-press.com\/kenya\/?p=9896"},"modified":"2020-06-20T18:34:19","modified_gmt":"2020-06-20T18:34:19","slug":"eabd-now-goes-after-bank-of-africa-in-sh1-6b-loan-row-with-tuju","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/eabd-now-goes-after-bank-of-africa-in-sh1-6b-loan-row-with-tuju","title":{"rendered":"EABD now goes after Bank of Africa in Sh1.6B loan row with Tuju"},"content":{"rendered":"

AfricaPress-Kenya:<\/strong> The Sh1.6 billion loan dispute between East Africa Development Bank (EADB) and Jubilee Secretary General Raphael Tuju has taken a new twist with the lender now training its guns on Bank of Africa (BOA).<\/p>\n

This comes even as\u00a0Tuju got a temporary reprieve yesterday after Court of Appeal halted implementation of a judgement by United Kingdom court to attach his property.<\/p>\n

Court of Appeal judges Martha Koome, Mohamed Warsame and Jamila Mohamed barred EADB from seizing and\u00a0disposing assets which Tuju had offered as security for a loan advanced to his company, Dari Limited, for property development.However, the orders will only be enforced if Tuju deposits Sh50 million in a joint account within 30 days, failure to which his application will stand dismissed.<\/p>\n

\u201cWe observe that the respondent holds security being legal charges over LR No 1055\/165 and LR No 11320\/3 under the facility agreement and are satisfied the applicants would suffer substantial loss if the impugned judgement is executed,\u201d the judges ruled.<\/p>\n

High Court Judge Wilfrida Okwany had given the regional bank a go-ahead to attach Tuju\u2019s property, saying he had an opportunity before the United Kingdom Court of Appeal, which he equally lost.<\/p>\n

According to Justice Okwany, Tuju\u2019s prayers amounted to asking the Kenyan Court to sit on appeal of the UK Court. She observed that her role after the judgement was ceremonial, to just validate its enforcement in the country.<\/p>\n

Earlier, Tuju and EADB had agreed to have the former Rarieda MP open two accounts, an escrow account and a debt service account with BOA to secure the loan for purchasing a property in Nairobi known as Tree Lane, and developing residential houses for sale.<\/p>\n

EADB accuses BOA of breaching an agreement requiring it to notify the regional bank whenever withdrawals or transfers of money from the escrow account opened in its favour back in 2015 were made. Tuju\u2019s\u00a0loan now stands at Sh1.6 billion.<\/p>\n

\u201cBOA breached obligations under the escrow account agreement because it permitted such withdrawals or transfers without prior consent from EADB,\u201d a letter written by EADB\u2019s head of business in Kenya Loise Muigai to BOA reads in part.<\/p>\n","protected":false},"excerpt":{"rendered":"

AfricaPress-Kenya: The Sh1.6 billion loan dispute between East Africa Development Bank (EADB) and Jubilee Secretary General Raphael Tuju has taken a new twist with the lender now training its guns on Bank of Africa (BOA). This comes even as\u00a0Tuju got a temporary reprieve yesterday after Court of Appeal halted implementation of a judgement by United […]<\/p>\n","protected":false},"author":84,"featured_media":9889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[1131,966,1321],"class_list":["post-9896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-bank-of-africa","tag-east-africa-development-bank","tag-raphael-tuju"],"yoast_head":"\nEABD now goes after Bank of Africa in Sh1.6B loan row with Tuju - kenya<\/title>\n<meta name=\"description\" content=\"The Sh1.6 billion loan dispute between East Africa Development Bank (EADB) and Jubilee Secretary General Raphael Tuju has taken a new twist with the lender\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/eabd-now-goes-after-bank-of-africa-in-sh1-6b-loan-row-with-tuju\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EABD now goes after Bank of Africa in Sh1.6B loan row with Tuju\" \/>\n<meta property=\"og:description\" content=\"The Sh1.6 billion loan dispute between East Africa Development Bank (EADB) and Jubilee Secretary General Raphael Tuju has taken a new twist with the lender\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/eabd-now-goes-after-bank-of-africa-in-sh1-6b-loan-row-with-tuju\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-20T18:34:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/06\/banks_fight_over_loa5eecf0d2b4185.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"443\" \/>\n\t<meta property=\"og:image:height\" content=\"250\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/eabd-now-goes-after-bank-of-africa-in-sh1-6b-loan-row-with-tuju#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/eabd-now-goes-after-bank-of-africa-in-sh1-6b-loan-row-with-tuju\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"EABD now goes after Bank of Africa in Sh1.6B loan row with Tuju\",\"datePublished\":\"2020-06-20T18:34:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/eabd-now-goes-after-bank-of-africa-in-sh1-6b-loan-row-with-tuju\"},\"wordCount\":371,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/eabd-now-goes-after-bank-of-africa-in-sh1-6b-loan-row-with-tuju#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/06\/banks_fight_over_loa5eecf0d2b4185.jpg\",\"keywords\":[\"Bank of Africa\",\"East Africa Development Bank\",\"Raphael Tuju\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/eabd-now-goes-after-bank-of-africa-in-sh1-6b-loan-row-with-tuju#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/eabd-now-goes-after-bank-of-africa-in-sh1-6b-loan-row-with-tuju\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/eabd-now-goes-after-bank-of-africa-in-sh1-6b-loan-row-with-tuju\",\"name\":\"EABD now goes after Bank of Africa in Sh1.6B loan row with Tuju - 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