News
Billionaire Accuses Transnational Bank Of Unfairness For Attaching His Sh500M Property Over A Sh46M Loan
Billionaire David Langat is embroiled in a legal fight with Transnational Bank over a loan he secured for his firms Koima Developers Ltd and Koisagat Tea Estate Ltd in 2015 to finance their working capital requirements.
The bank has moved to court to attach a parcel of land belonging to the billionaire that he used to secure the loan. They argue the loan now stands at Sh134M an amount that the firms refute.
The two firms claim that Transnational Bank unfairly targets the land worth more than Sh500 million yet they only owed the lender Sh46 million and not Sh134 million as alleged by the bank.
The companies say that on or about August, they learnt of an alleged notice in respect of a charge over the land as a guarantor in favour of DL Koisagat Ltd as borrower.
The notice, they claim, was not served on them.
According to the notice, a sale was to take place 40 days from the service to recover the disputed amount of money inclusive of interest and penalties.
The firms argue that they’ve already paid 2/3 of the loan according to the records in February and March they demonstrated to having paid Sh20.9M of the Sh46M and defended themselves over the default citing the shortcomings of the Covid pandemic that has slowed down business.
Langat argues that he has unsuccessfully tried negotiate restructuring of the loan repayment in the light to the pandemic, cries which they say fell on deaf ears.
The two firms claim that the bank had threatened to forward the claimed debt to a CRB, plans they termed malicious and would tarnish their names and prevent them from obtaining credit facilities for seven years.
Langat’s brand new Eurocopter EC 135 helicopter he recently bought.
Langat a reclusive billionaire is known for having sponsored a number of Rift Valley politicians and was amongst top jubilee financiers in 2013 elections.
David Langat is a known businessman with interests in Ideal Real Estate Company, The Nyali Centre, DL Furniture Company, the Sunrise Hotel, DL Food and Beverages Company, Koisagat Tea Estate, Mufindi Tea and Coffee Limited, Rift Valley Tea Solutions Limited and Kibena Tea Limited. He acquired the latter 3 from Rift Valley Corporation as a whopping Ksh 6 billion in 2018.
Famously known as DL, David Langat started his journey in business in Mombasa in the 1980s through investments in poultry businesses. He is one of the deep pocketed individuals known to rally strongly behind the quest for Deputy President William Ruto to succeed President Uhuru Kenyatta as the country’s fifth leader.
Transnational Bank is linked to the late President Moi’s Family.
Kenya Insights allows guest blogging, if you want to be published on Kenya’s most authoritative and accurate blog, have an expose, news TIPS, story angles, human interest stories, drop us an email on [email protected] or via Telegram
How Little Known KwikBet Leveraged Stolen Kenyans Data To Build Its Empire
The Jaffer’s : How The Fuel Scandal Exposed The Sons Who Poisoned Kenya’s Fuel Tanks
THE FIXER IN THE FILE ROOM: How Parliamentary Health Committee Clerk Adan Gindicha Cleared Mediheal Hospital of Organ Harvesting Claims Despite Mounting Evidence
Report Reveals How Betika’s Empire Was Allegedly Built On Stolen Data
Nairobi Freezes Binance Accounts in Sweeping Anti-Fraud Crackdown as Global Scandal Record Haunts World’s Largest Crypto Exchange
EXCLUSIVE: Odibets Bought Stolen Data From Millions Of Kenyans
Taiwan President Cancels Trip After African Countries Close Airspace
Murkomen, Sudi and MP Fingered In Sh20 Billion Runda Land Grab
Sold, Pledged and Vanished: The Mounting Controversies Over The Saruni Apartments On Riverside Drive
Why the April 21 Flopped Protests Expose Kenya’s Rudderless Opposition
Forged Legacy: How Kaplan and Stratton’s Peter Gachuhi Is Accused of Faking a Top AG’s Will as State Claims Damning Evidence
Sold And Abandoned: How Diageo and Asahi Are Locking Kenya’s EABL Minority Shareholders Out Of East Africa’s Biggest Corporate Heist
Poison at the Pump: How Kenya’s Fuel Marking System May Be Exposing Millions to Cancer-Causing Chemicals
THE HANDSHAKE THAT BECAME A NOOSE: How Tuju’s Alleged Intimate Access to EADB’s Yeda Apopo Produced a Sh294 Million Deal With No Written Contract, and Why That Trust Destroyed an Empire
Inside Details Of Sh78 Billion Fraud in KPC’s Mombasa-Nairobi Line 5 Pipeline Project That Has Continued To Bleed The Country
How Firm Linked To Mombasa Tycoon Jaffer Was Allowed To Import Fuel At Bloated Price And Set To Make Billions In Profits From Iranian War Crisis In Kenya
THE ZAKHEM-ECOBANK MACHINE: How Kenya’s Courts Were Weaponised to Drain a State Corporation of Over KES 78 Billion
The Teflon Company: How Gulf Energy’s Insiders Built Billions on Kenya’s Fuel, and Walked Away Clean
The Lawyer at the Centre of Kenya’s State Machine: Eric Gumbo, the AG’s Bypassed Office, and the Half-Billion-Shilling Question
The Debt They Would Not Pay: How Standard Group Ducked Sh50 Million In Regulatory Fee For Years, Then Called It A Witch-Hunt
-
Business2 weeks agoWattanga Fired Over Incompetence in Tech, Insiders Say
-
Business1 week agoKenyan Motorists Stare At Possible Engine Damage And Heavy Losses As Report Confirms Substandard Fuel In Circulation
-
Business6 days agoTHE FUEL CABAL: How Mohamed Jaffer, a KPC Insider, and a Ministry Official Are Alleged to Have Manufactured Kenya’s Worst Petroleum Crisis in Three Years, While Kenyans Burned
-
Business1 week agoGetting Away With It: How Kenya’s Most Politically Connected Fuel Company Gulf Energy Is Pocketing Billions While Rival Firms Face Public Wrath
-
Business1 week agoHow Safaricom Could Sell You Out To KRA
-
News1 week agoThe Kewota Racket: How Kenya’s Female Teachers Are Being Bled Dry
-
Business1 week agoSugar Empire in the Dock: How Kibos’s Mombasa Refinery Landed 1,481 Phantom Tonnes at the Port — and Why Nine Government Agencies Are Now Watching Its Every Move
-
Business5 days agoTotalEnergies Moves to Sue TikToker for Sh10 Million Over Contaminated Fuel Claim as Kenya’s Petroleum Sector Burns