KAHAMA OIL Judgment 29
The plaintiffs failed to prove on a balance of probabilities that the 2nd defendant did not disburse funds or that KOM Group of Companies Limited of Nairobi Kenya is a legal entity. Evidence established that all loan facilities were disbursed as per agreements, including via escrow accounts, and that plaintiffs defaulted on repayments. The defendants did not breach the facility agreements; rather, the plaintiffs breached by failing to repay. The counterclaim for the outstanding debt is upheld.
Source excerpt
- Syndicated loans
- Loan default
- Breach of contract
- Guarantees and mortgages
- Counterclaim
- Burden of proof