The High Court has delivered a significant ruling for Mauritius Commercial Bank (MCB), permitting the recovery of a $6.5 million (Sh841.7 million) debt from Kenyan oil marketer Jade Petroleum Limited. This decision comes after a decade-long dispute over financing issues.
The court found that MCB had fulfilled its obligations by paying the amount to South Africa’s FirstRand Bank, operating as Rand Merchant Bank (RMB), when it invoked guarantees associated with the debt of Jade Petroleum.
This ruling underscores the complexities of financial disputes in the region, particularly those stemming from the collapse of Imperial Bank, and highlights the ongoing challenges faced by companies in settling their debts.