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Barclays Bank on CMC di Ravena’s Neck Over Debts It Owes Them

Arror and Kimware
File Photo /COURTESY

CMC di Ravena has obtained a court order to stop creditors from seeking redress from local courts. Barclays bank had instituted a suit seeking to repossess 98 vehicles and equipment. The bank wants to auction the vehicles and equipment to recover a Sh595 million loan.

The company which was granted the order told the court that they wished that the suit for bankruptcy that has been filed in Italy be the main case.

The company is also said to be at loggerheads with the Rift Valley Water Services Board (RVWSB) who claim that the company used them fraudulently as security for the loan from Barclays . They said said that the paid Sh82 million of the loan being claimed by the bank.

The board said that the Italian company went to them to fund for the vehicles which the Barclays bank had already funded.

Read:Raila to Accompany Uhuru on Trip to China to Seek Ksh368 Billion SGR Expansion Loan

According to the company’s lawyers said that the Italian court had appointed three administrators Antonio Gaiani, Luca Mandrioli and Andrea Ferri which were appointed to asses the company’s assets and file a report.

The Italian firm at the centre of the Sh20.5 billion Kimwarer and Arror dams scandal.

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Written by Merxcine Cush

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