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Image Source: TenorKenya’s High Court has temporarily stopped NCBA Bank Kenya, one of the country’s largest lenders, from taking control of troubled logistics company Multiple Hauliers (EA) Ltd.
Multiple Hauliers challenged the appointment in court.
Between the lines: NCBA has not acquired Multiple Hauliers and does not currently control its operations or assets.
Zoom out: NCBA is in the middle of a KES 116.3 billion ($794 million) takeover by South African lender Nedbank.
The Multiple Hauliers case shows that one of the bank’s largest corporate debt disputes is still unresolved as the takeover process moves forward.