Sharp Daily
No Result
View All Result
Wednesday, June 4, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Savannah Cement Creditors asked by the Appointed Administrator to File their Claims

Patricia Mutua by Patricia Mutua
July 27, 2023
in News
Reading Time: 2 mins read

Creditors are now afforded the opportunity to lodge claims against Savannah Cement, which is presently under administration due to unpaid debts owed to Absa Bank and KCB Bank amounting to over Kshs 10.0 bn. Mr. Harveen Gadhoke, the appointed administrator representing the two lenders, has communicated that creditors have until August 25, 2023, to submit their claims along with relevant supporting documentation and proof of debt form for consideration.

Read more: Portland Cement Company Settles  Ksh6.8 Billion Loan

The situation arose in May when the High Court lifted an order that had previously prevented the lenders from acting in response to a long-lasting legal dispute. Justice Alfred Mabeya revoked the order granted to Savannah Cement in December, which had halted the appointment of an administrator and the banks’ ability to seize the company’s assets. The suspension was initially provided to Savannah Cement while the court reviewed a previous decision that allowed the lenders to take control of its assets due to the outstanding debt.

Savannah Cement had contested the debt amount, arguing against the sums owed to KCB and Absa, and filed an application in May 2022. However, the application was subsequently dismissed. The company had also raised concerns about the presiding judge, Justice Wilfrida Okwany, who had allowed the banks to enforce their securities. Nevertheless, Justice Mabeya ruled that the request for Justice Okwany’s recusal was no longer relevant in light of subsequent developments.

RELATEDPOSTS

Savannah Cement assets up for sale as administrator invites bids

August 2, 2024

Read more: Why Administration Is Not A Death Sentence Against Insolvent Companies

As the administration process unfolds, creditors will now have the opportunity to assert their claims, and the situation will be carefully monitored to determine the resolution of the financial issues surrounding Savannah Cement.

Email your news TIPS to editor@thesharpdaily.com

Previous Post

Exploring New Frontiers: The Implications of Putin Hosting African Leaders in Russia

Next Post

The Retail Industry in Kenya has shifted towards Convenience Stores and Mixed-Use Concepts from the Traditional Shopping Malls

Patricia Mutua

Patricia Mutua

Related Posts

News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025
News

The downside of Impact Investing

May 2, 2025
News

Leadership challenges at the University of Nairobi

April 24, 2025
News

Easter eggs and earnings: Growing your nest egg with CMMF

April 16, 2025
News

Geoffrey Ruku declares KES 377M net worth during CS vetting

April 15, 2025

LATEST STORIES

Economic reforms are costly

June 3, 2025

Cytonn Income Drawdown Fund (CIDDF)

June 3, 2025

Navigating the money market and fixed income funds landscape

June 3, 2025

Best investments for Kenyan seniors: Secure, predictable & low-risk

May 30, 2025

Why June is the Secret Sweet Spot for Travel

May 30, 2025

Strategies to elevate more women to corporate leadership

May 30, 2025

Tap on Kenya’s 2025 tech revolution

May 30, 2025

How CURBS supports employers and employees

May 30, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024