By MN Reporter
Jubilee Secretary-General Raphael Tuju has been ordered by the Court of Appeal to deposit Sh50million to prevent sale of his hotel in Karen over Sh1.6 billion loan dispute.
On Friday, Court of Appeal justices Martha Koome, Mohamed Warsame and Jamila Mohammed gave Tuju a lifeline by issuing temporarily orders stopping the East African Development Bank from placing Dari Ltd under receivership.
The orders will stay, until Tuju’s appeal is heard and determined after he deposits the amount within 30 days in a bank account held jointly by his lawyers and those representing the bank.
If he fails to raise the amount in 30 days, “the stay orders shall lapse and the application (for appeal) shall stand dismissed.”
The case has seen high political stakes with two judges dropping from the case for among other fears fear of being removed from office.
The bank wants Dari Ltd declared bankrupt for failing to repay the loan advanced to it in April 2015.
In another matter regarding receivership, the bank had filed contempt proceedings against Dari Ltd and its directors for preventing the appointed receiver managers from accessing the company premises.