Stanbic Bank barred from repossessing Laboso family land
A Bomet court has stopped a bank from reposing Itibo land belonging to the family of late Governor Joyce Laboso to recover a Sh45 million loan.
In the matter filed at the Bomet High Court and certified as urgent, Judy Laboso, sister of the former governor, wants Stanbic Bank restrained from possessing the property, arguing that she stands to suffer greatly and irreparably.
Edwin Abonyo, Laboso’s widower and the administrator of her estate has been listed as the first respondent,
Mary Laboso, the other sister of the late county boss is the second respondent while Kaleen Mokthar Ahamed is the third respondent.
In court documents filed by lawyer Ondieki Mogambi, Judy disputes the loan, saying from the documents obtained she has established that only Sh33 million ($322, 395) was disbursed.
She has expressed fears that there were neither minutes nor resolutions passed by Itibo Limited to borrow and charge the properties enlisted, including the suit property.
“The intended sale is illegal, unprocedural and void ab initio, which needs the intervention of this honourable court, because there were no minutes passed by the directors of Itibo Limited to take the loan, which the fourth defendant intends to recover by exercising its power of sale over the said property,” read the document in part.
It further reads; “The bank never bothered to request for the said minutes and resolutions before issuance of the loan, hence it was illegally issued. Charge over the said property is void ab initio and unenforceable at the very least.”
Applicant further claims the loan was not utilised for the business of the Itibo Limited but rather squandered by the first, second and third respondents.
The two sisters (Mary and Judy), Abonyo and David Lang’at, Laboso’s brother are the four shareholders of Itibo Limited.
In the supporting affidavit filed at the court before Lady Justice Roselyn Korir, the applicant says Itibo Limited is the registered owner of all that property known as Title number Kericho/Kapletundo/Chemagel block 1/28 allocated to it in a succession cause number 46 of 2014 in the estate of their late mother Rebecca Laboso.
From the charge documents, the plaintiff says the charge was signed by late Laboso and Kaleen Mokthar Ahamed and that there was no company seal affixed to the charge documents and letter of offer leading to preparation of the charge and subsequent charging of the suit property. Matter will be mentioned on 12 May.