News
EADB Goes After Tuju Children Over Sh1.6bn Debt
The East African Development Bank (EADB) which had filed a case before a London court over a Sh1.4 billion ($13.6 million) loan that Dari restaurant, which is affiliated with Jubilee secretary-general Raphael Tuju is now targeting his children on grounds that Tuju listed them as guarantors.
The bank has sent a demand notice to the Mano Tuju, Alma Tuju and Yma Tuju demanding immediate payment of the now Sh1.6 billion ($16.5 million) with interest, failure to which the lender threatened to file a bankruptcy suit against them.
“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,” noted a demand notice send to Mano Tuju and attached in court documents… Further take notice that failure to the pay the afore-stated amount shall result in EADB filing for bankruptcy against your estate.”
The bank was recently given by a UK judge the go ahead to seize Mr Tuju’s property under Dari Limited for sale. READ
EADB claims the loan was issued back in July 2015 at Sh951 million ($9.19 million) and has since acrued Principal and loan interest. The loan has been defaulted since 2017.
Tujus children, in a petition pending before the High Court, have accused the bank of haunting and being unjust to them. They say that Dari Ltd, is able to and has reasonable prospects of repaying the debt.
The Tujus said the demand notice is incompetent and does not disclose the fact that the EADB holds security against the Sh1.6 billion loan. They also argue that a valuation conducted on the property in 2015 put it at a combined market value of Sh1.84 billion, an excess of the amount owed.
Tuju is currently recuperating at a London hospital after he was involved in a road accident while on his way to attend the burial of former President Daniel arap Moi.
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