A Shs3.6 billion loan recovery-gone-bad will set Barclays Bank back by further billions of shillings unless the appeals court overturns aHigh Court order that awaits execution.
Before the appeals court, the bank is hoping a high court decision that ordered that, together with Shumuk Properties Ltd, it pays Shs18 billion in damages to Emerald Hotel and Chrystal Way Ltd is overturned. Barclays Bank also hopes that the appellant court will allow it proceed with sale of Emerald Hotel to Shumuk Properties Limited.
The CEO East Africa correspondent at the Court of Appeal, Joel Roy Mucunguzi, says the high court ruling is “problematic
