By Nancy Akinyi
Triton Bulk storage tank must be sold in the next 60 days, a Nairobi court has ordered.
Commercial Court Judge Luka Kimaru maintained that Kenya Commercial Bank, Southern African PTA Bank and Fortis Bank must jointly participate in the sale.
The proceeds must be kept in an interest earning account pending determination of a case to determine who is entitled to it. The judge, however, maintained that Fortis Bank, based in Netherlands, should execute the transfer because it holds the title documents.
Receiver managers
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Triton Bulk storage secured financial advances from Fortis Bank for Sh75 million and created a charge on the property. KCB and PTA banks say they have secured the facility to the tune of Sh1.4 billion. The facility’s receiver managers David Kabeberi, Piyush Shah, KCB and PTA bank were in agreement the facility be sold because it was wasting away. The banks moved to court on grounds that Triton boss Yagnesh Devani was transferring the asset to a third party. The receiver managers agree that after the sale, the parties can litigate on who has the strongest claim on the property.
