NBK gives go-ahead for auctioning of tycoon’s land

The Natioal Bank of Kenya (NBK) has authorized the sale of land owned by Mombasa tycoon Tahir Sheikh Said to recover a Ksh3.6 billion loan borrowed by a company owned by the businessman.

Juja Coffee Exporters Limited had moved to court opposing the sale of the five parcels of land that had been used as collateral claiming to be the owners.

High Court Judge Patrick Otieno however discharged the orders he had issued to the company after it failed to pay Ksh100 million, which was a condition imposed on July 13 for the orders to be extended.