TSS heirs seek details on Imperial loan
The children who are suing as the executors of the deceased’s will want the bank compelled to release details showing offer of the parcel of land as security by TSS and repayments made on the facility. Among the details they are seeking from the bank is a letter of offer if any issued to Tahir Sheikh Said Transporters Ltd for the loan or loans advanced, resolution by Tahir Sheikh Said Transporters for the borrowing and documents used to secure the loan.
Troubled Imperial Bank has been ordered to file a response to an application by three children of the late Mombasa tycoon Tahir Sheikh Said (TSS) who are seeking information on an alleged Sh300 million loan issued to the deceased’s transport company and charged over a parcel of land. Justice Njoki Mwangi directed Imperial Bank, which is under receivership, to file a replying affidavit to the application by Osman, Amina and Said Ahmed Tahir Sheikh Said within seven days.The children who are suing as the executors of the deceased’s will want the bank compelled to release details showing offer of the parcel of land as security by TSS and repayments made on the facility.Among the details they are seeking from the bank is a letter of offer if any issued to Tahir Sheikh Said Transporters Ltd for the loan or loans advanced, resolution by Tahir Sheikh Said Transporters for the borrowing and documents used to secure the loan.
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According to the plaintiffs, they learnt from their brother in law that Imperial Bank was threatening to sell the land on the basis of some loan taken by TSS Transporters Ltd but they were not given any details of the loan.The applicants further argue that they have carried out an official search and realized a charge dated December 18 2014 for Sh300 million was registered over the land.“This is the first time the plaintiffs have got confirmation of the existence of the charge but they have no other information apart from what appears on that search,” the application states in part.The applicants further argue that unless the court issues orders for the production of the documents they are seeking, they will be unable to verify the authenticity and legality of the borrowing and creation of the charge over the land.According to the children, it is in the interest of justice and fairness that the bank be stopped from selling the land without issuing any valid notice and providing them with documentary evidence upon which the statutory power of sale is grounded.READ: Hearing on Sh8.7bn TSS fraud delayed for the fourth timeThe children further argue that they have been kept in the dark by the bank on how the money was borrowed, its disbursement, security and when the default, if any occurred.They argue that since the statutory notices issued on July 21 last year and January 8 this year were issued to the deceased, they are null from the beginning.“The plaintiffs to the best of their knowledge, never knew of the existence of the charge in favour of the defendant,” the application further states.In the main suit, the children want a declaration that TSS or his estate does not owe the bank any money under the charge over the parcel of land.They are also seeking a permanent injunction restraining the bank from instructing auctioneers to sell, advertised or in any way interfered with their possession of the land registered in the name of TSS.Justice Mwangi directed the applicants to file a supplementary affidavit within 21 days after being served with the response by the bank.The case has been fixed for hearing on September 24.