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Tuesday, March 31, 2020

Bank goes after Tuju’s kids in recovery of Sh. 1.6 billion loan

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Tuju Loan: The East Afrian Development Bank is set to recover the Sh. 1.6 billion that Cabinet Secretary without Portfolio Raphael Tuju borrowed from his kids.

The bank says the children guaranteed their father the money. The lender has already sent a demand notice to the Cabinet Secretary’s children Mano Tuju, Alma Tuju and Yma Tuju– demanding payment of $16.5 million (Sh. 1.6 billion) with interest, failure to which the lender threatened to file a bankruptcy suit against them.

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““You shall pay EADB…as payment of the principal and interest payable as at 20th December pursuant to a guarantee and indemnity dates 10th April 2015. Further take notice that failure to the pay the afore-stated amount shall result in EADB filing for bankruptcy against your estate,” the demand notice says.

The move comes shortly after a court gave the greenlight to EADB to auction off Tuju over the loan. The High Court verdict that was read by High Court judge Wilfrida Okwany paved the way for the seizure of Mr Tuju’s assets by the East Africa Development Bank (EADB) for the loan advanced to his company, Dari Limited. Tuju had moved to the High Court after a United Kingdom court ruled in favour of EADB. Tuju and EADB had agreed that they would settle any dispute over the loan before an English court.

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According to court documents, Tuju’s Dari borrowed Sh. 900 million in 2015 to purchase a property known as Tree Lane in Nairobi. Tuju agreed to use titles of his expansive parcel in Karen as security. In the UK court, Tuju explained that there was a Phase Two of the project, which would involve raising additional financing. The court heard that it was understood the loan advanced to Dari would be paid through the second phase project. But Justice Toledano found that the agreement between the parties did not say anything about a two-phase project.

In the case, CS Tuju had argued that the ruling by the UK court deputy judge Daniel Toledano could not be enforced in Kenya, as he was not given a fair chance in the English court to challenge EADB’s claim. But the court dismissed this argument. Tuju Loan.

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