News
Raphael Tuju Sued In A London Court By EADB Over A Sh1.4 Billion Owed By His Dari Restaurant
The East African Development Bank (EADB) has now 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 has defaulted.
The bank 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.
The London court has sinc dismissed Dari restaurants opposition to the bank claim, setting the stage for the bank to seek enforcement, including possible auction. Dari restaurant has however appealed against the dismissal.
Court documents showed that Dari restaurant signed an agreement on April 10, 2015, under which it borrowed a Sh962 million ($9.3 million) loan with Mr Tuju and a firm known as S.A.M Company Ltd as guarantors.
Final agreements saw the bank extend Sh951 million with the restaurant expected to repay the loan in 20 installments, two years after the agreed grace period the restaurant is yet to clear the loan.
Dari restaurant in it’s defence claims the interest rate that was charged was not unenforceable, a claim the judge at the High Court of Justice of England and Wales disagreed, ruling that it was a standard clause in loan agreements of the type advanced to the hotel.
“The court is in a position [to conclude] that the rate of default interest is not penal and that the proposed defence does not have a real prospect of success,” the judge ruled.
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