The National Bank of Kenya wants the court to dismiss an application by a company associated with the late business tycoon Tahir Sheikh Said popularly known as TSS seeking to stop it from offering for sale or interfering with its rights over a parcel of prime land in Mombasa.
The bank says that Juja Coffee Exporters Ltd whom the late TSS was a majority shareholder failed to comply with a statutory notice issued to it prompting the bank to serve it with a 40-day notice of intention to sell the land.
According to suit documents, Juja Coffee Exporters Ltd used the parcel of land as security to a loan advanced to Virgin Packaging Ltd, the second respondent in the suit by NBK.
The bank says that the outstanding debt owed to it by Juja Coffee Estates Ltd and Virgin Packaging Ltd stood at Sh 913 million as at November 22.
[Article source: The Business Daily, by Philip Muyanga]
