"Karuturi owners sue to stop Stanbic from selling assets"
In a statement by farm executive director Yeshoda Karuturi, the firm had filed a contempt of court case against Stanbic bank for initiating an expression of interest process for the company’s assets.
She accused the bank of irregularly demanding $24m (Sh2,410,068,000 ) from the farm which amounts to 600 per cent of the loan advanced.
Karuturi’s owners have now obtained a new hearing date at the Court of Appeal – June 14 – as they fight the sale of their land valued at over Sh10 billion.
Stanbic placed Karuturi under receivership in February 2014, after the firm failed to repay a $4 million (Sh400 million) loan.
The land hosts a flower farm, hospital, schools and other amenities.
Read more at The Star (George Murage and Brian Wasuna)