Mauritius bank wins lengthy Sh841m loan fight with Kenyan oil marketer

The High Court has allowed Mauritius Commercial Bank (MCB) to recover a $6.5 million (Sh841.7 million) debt from Kenyan petroleum company Jade Petroleum Limited after a decade-long dispute related to the collapse of Imperial Bank. The court ordered Jade Petroleum to pay the debt after finding that MCB had paid the money to South Africa’s FirstRand Bank, trading as Rand Merchant Bank (RMB), when it called guarantees issued to secure the debt of the petroleum firm.