[Captain (Rtd) Kung’u Muigai (Right), a director of Benjoh Amalgamated Ltd with his lawyer in the Court of Appeal on September 18, 2017 during the hearing of the case on the auction of Muiri Coffee Estate by KCB Bank. [Photo/nation.co.ke]
The verdict of a case pitting President Uhuru Kenyatta relative and KCB Bank will be delivered on November 17.This is after the hearing of the case which has been pending in court for over 22 years came to a close on Monday.During the closing remarks, the Court of Appeal heard that the auction of a Sh3 billion estate belonging to Captain (Rtd) Kung'u Muigai was based on fraudulent bank statements of account.Appeal judges Roselyn Nambuye, Milton Makhandia and Kathurima M’Inoti were told that KCB Bank did not furnish Muiri Coffee Estate Ltd with a statement of accounts before it finally auctioned the estate ten years ago.The judges further heard that KCB proceeded to sell the land before producing a full statement of account to to Benjoh Amalgamated Ltd which it had advanced a loan in 1989.According to the Nation, Benjoh, owned by Captain Muigai had offered two securities in Nyandarua County as a guarantee for the land and Muiri Coffee Estate Ltd associated with former assistant Minister Ngengi Muigai which had also pledged the farm as security.Lawyers Kyalo Mbobu and Kinthinji Marete said the sale of the 443-acre Muiri Coffee Estate in Kiambu County was irregular and asked the court to dismiss the appeal filed by KCB after the High Court ruled that Benjoh was entitled to a full statement.But lawyer Philip Nyachoti urged the judges to allow KCB’s appeal and find that the High Court erred in its finding that the bank did not keep a proper record of its customer’s account.Nyachoti said the bank was entitled to sell the pledged securities to recover its money.