Kenya Commercial Bank (KCB) has taken over a milling company owned by Mombasa tycoon Tahir Sheikh Said citing its default on a Sh1 billion loan.
According to the Business Daily, KCB has over Sh. 2.7 billion bad loans with Tahir Sheikh Said. The bank recently issued a statement indicating that it was taking over Tahir’s Unga Millers after he failed to honour his repayments
“Notice is hereby given that the above company was placed under administration by Kenya Commercial Bank Limited on May 30, 2016,” the bank said in a recent statement.
The paper further reported that Tahir has over Sh. 8 billion in bad debts with numerous banks.
Wealth in Kenya report of 2014 listed Mr Tahir as one of the largest land owners in the country. However, the government has since cancelled a number of title deeds associated with him. The businessman is known to have defaulted on at least Sh1.4 billion with NIC Bank and Sh300 million with National Bank.