EADB says it is doubtful Raphael Tuju will repay Sh1.5bn loan
Jubilee Party Secretary-General RaphaelTuju during a media briefing at his office in Nairobi on July 2, 2018. PHOTO | EVANS HABIL | NATION MEDIA GROUP
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Appearing before Justice Wilfrida Okwany on Monday, the bank, through lawyer Githu Muigai, said it was apprehensive about failure to recover the money.
The bank accused Dari of defaulting in repayment of a loan of $9.3 million (Sh943.9 million) granted to the company in 2015, thereby breaching the obligation under the said agreement.
Mr Tuju accused EADB of disbursing Sh932.7 million instead of the agreed Sh943.9 million, and added that the bank reneged on the plan to offer Sh294 million for building the luxury homes for sale.
The East African Development Bank (EADB) has moved to the High Court to enforce an order by a UK judge for the lender to recover Sh1.5 billion from Jubilee Party Secretary-General Raphael Tuju.
Appearing before Justice Wilfrida Okwany on Monday, the bank, through lawyer Githu Muigai, said it was apprehensive about failure to recover the money.
