TRADE WINGS LIMITED v KENYA NATIONAL TRADING CORPORATION LIMITED [2004] KEHC 125 (KLR)
- Court
- High Court of Kenya
- Case number
- 125
- Citation
- [2004] KEHC 125 (KLR)
AI Summary
Beta
Machine-generated — may contain errors. Not legal advice.
TypeCivil SuitPostureConsent Order on Rate of InterestCoramP. Kihara Kariuki
Holding
Interest on the admitted principal sum of Kshs. 22,250,000/- shall be paid by the Defendant to the Plaintiff at the court rate of 14% per annum from the date of filing suit, 9th September 1998, to the date of payment in full.
Facts
The Plaintiff, Trade Wings Limited, claimed interest at a rate of 42% per annum on a principal sum of Kshs. 22,250,000/-, but conceded it would be exorbitant. The Defendant, Kenya National Trading Corporation Limited, argued for a rate of 14% per annum as the court rate.
Issues
- Rate of interest to be paid by the Defendant
- Whether interest should be payable for the period when the court file was missing
Reasoning
The court determined the rate of interest based on the consent of the parties and the lack of evidence to justify a higher rate. The court rate of 14% was deemed fair and just.
Outcome
The Defendant is ordered to pay interest at 14% per annum.
Orders
- Interest on the admitted principal sum of Kshs. 22,250,000/- shall be paid by the Defendant to the Plaintiff at the court rate of 14% per annum from the date of filing suit, 9th September 1998, to the date of payment in full.
Remedies
- Payment of interest at 14% per annum
Authorities cited
Cases cited (1)
- Shah v Guilders International Bank Ltd [2002] 1 EA 269
Experimental AI summary generated by a language model, not a lawyer. It may contain errors or omissions and must not be relied on for legal decisions — the full judgment below is the authoritative source.
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