Sameh Textiles Industries Limited v Oriental Commercial Bank Limited (Civil Case 2186 of 2000) [2020] KEHC 2302 (KLR) (Commercial and Tax) (29 September 2020) (Judgment)
- Court
- High Court of Kenya
- Case number
- 2302
- Citation
- [2020] KEHC 2302 (KLR)
- Decided
- 29 September 2020
The Court accepts the accountant's report and orders the Defendant to pay damages of Kshs.9,500,000/= for the value of the sold properties, interest at Court rates from the date of judgment, and costs of the suit.
Facts
The Plaintiff, Sameh Textiles Industries Limited, alleged that the Oriental Commercial Bank Limited overcharged interest on a facility of 11th March 1995. The accounts taken by John Kabiru concluded that the Defendant overcharged the Plaintiff by Kshs.13,086,069/= with an overall impact of Kshs.49,220,019/=. The Bank rejected the accounts and sought clarification.
Issues
- Overcharge of interest on a facility
- Calculation of interest on a daily basis vs monthly basis
- Inclusion of account No. 200138007 in the report
- Restatement of accounts
Reasoning
The Court accepted the Bank's argument that the accounts were a post-judgment exercise and that the Plaintiff should have discovered the documents earlier. The Court found no evidence of payment towards the overcharge and no case for further damages.
Outcome
Judgment for the Plaintiff
Orders
- Damages of Kshs.9,500,000/= for the value of the sold properties
- Interest on damages at Court rates from the date of judgment
- Costs of the suit
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