HomeBusinessOdinga's Oil firm offered Ksh7.7 million debt relief

    Odinga’s Oil firm offered Ksh7.7 million debt relief

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    The High Court’s decision to temporarily halt enforcement of a directive to collect Ksh7.7 M in debts from East Africa Spectre Limited, an oil business company with ties to Raila Odinga’s family, came as a welcome relief.

    At the magistrate court, Spectre firm filed an appeal agreeing to pay the remaining balance. Justice Olga then ordered the entire sum of Ksh7.3 M to be paid within 45 days. An interest-bearing account is required for the payment.

    The company that filed the lawsuit against East Africa Spectre ltd stated that it was having trouble remaining competitive and wanted the outstanding debt settled. They had shipped oil to the Spectre company between Jun 4th and Jul 18th, of 2016, but were only paid a fraction of the agreed amount a month after the delivery was completed. Spectre has agreed to pay the remaining Ksh7.3M as a matter of right and justice as ruled by the court.

    “In light of the evidence presented by the applicant, I find that East Africa Spectre Limited, did not meet the order 42 requirements of Rule 6(2) of the Civil Procedure and is entitled to summary judgment on the basis of substantial loss.” stated the judge.

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