Former Cabinet Secretary Moses Kuria is caught in what looks like a big, messy legal tangle after Credit Bank PLC filed a recovery suit at the High Court asking to get back an unpaid amount sitting above Sh72 million. The case also drags in production firms and various business associates said to be linked with the ex-minister, and it revolves around loan facilities that went bad, starting as far back as 2019.
Court papers, as presented, show that the dispute began with financial support extended to Smith & Gold Productions Limited for works connected to Bomet University College. The bank says that what started off as a Sh10 million credit facility in 2019, secured through personal guarantees from directors including Kuria, later ballooned into a multi-million shilling obligation, largely because payments stalled for years and restructuring efforts kept failing.
In the documents submitted to the Commercial and Tax Division of the High Court, there is a repayment breakdown even after repeated talks. Credit Bank further states that a second Sh20 million facility, released in December 2019, later turned into a non-performing account.
Then, in 2022, the lender tried to correct the situation by restructuring the debt into a Sh40.9 million term loan; it claims this was supposedly underpinned by fresh guarantees and pledges tied to proceeds from the Karatu Stadium construction project.
But the bank alleges those pledges were never met. It says that after issuing a final demand notice in September 2025, it got no meaningful response, so it was left with no option but to run to court to force the defendants to clear the balance. By September 2025, the total outstanding liability, including contractual sums and penalty interest, had risen to Sh72,129,716.
The suit is asking for a court declaration holding the directors and the accompanying firms—like Emerging Capital Holdings Limited—jointly as well as severally responsible for the entire figure, not just part of it. On top of the principal sum and the interest that has already accrued at 13 percent per year, the bank is also pushing for the defendants to pay the litigation expenses.
Leave a Reply