MOMBASA, KENYA: A fierce legal battle has erupted between two banks for control of the TSS Grain Miller which was used to secure loans from both National Bank of Kenya (NBK) and Kenya Commercial Bank.
TSS Investments which owns TSS Grain Miller was declared bankrupt last year causing the Kenya Commercial Bank which advanced it a Sh2 billion loan to take over and auction the miller to recoup its money but National Bank of Kenya NBK which had also given a similar amount of loan to the investor rushed to the court to stop the sale.
NBK obtained orders stopping the auction but failed to remove KCB as the administrator of the property.
TSS died in January leaving behind a crumbling financial empire that ran across several countries. His children are torn apart by court battles for his properties. A relative and his former employees have been charged with forging documents and his signature to secure huge loans from banks.
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In a separate transaction, Juja Cofee Exporters associated with the late Mombasa tycoon has disputed a Sh4 billion debt demanded by the National Bank of Kenya NBK.
Juja Coffee Exporters Limited admitted before court in Mombasa in May that it owes money to the bank from a past loan but disputes the amount sought. The firm questions how the loan ballooned to Sh4 billion but NBK has asked the High Court for orders to auction it to recover its money.
In the latest battle NBK and KCB are battling to control TSS Grain Miller to enable them recover loans taken between 1998 and 2014. NBK advanced the loan in 2014 while KCB advanced two loans in 1998 and 2007.
https://www.standardmedia.co.ke/business/article/2001248384/two-banks-fight-over-control-of-mombasa-tycoon-s-business
Plan for your succession, involve your progeny in your undertakings. Nobody ever comes out of this damn life alive
The minute the vultures landed everything went south for this empire
Forget about the banks for a moment. Do these billionaires die without writing a will? In some cases (perhaps not this one), I think this rich men are murdered by greedy family members, mostly children.
Will haiwezi saidia kama uko na madeni kwa banks. loans lazima zilipwe
True that, by the time banks, KRA and creditors are done then the family will be minus.
We often see some of the drama. Relatives, often the sons, bring the frail old man to hospital expecting him to die there. Halafu once in a while wanakuja kuchungulia ka bado yupo hai and they get mightily disappointed to find him in better health than they brought him. Often the old wazees will confide that they aren’t or weren’t really sick, their problem is/ was hunger!!
Will itasaidia continuity of the empire and therefore normal sustainable repayment of the loans taken to advance the business. See the great height Modern Coast’s progeny has taken his late dad’s business.