A Gulf African Financial institution department in Nairobi. FILE PHOTO | NMG

A businessman has sued Gulf African Financial institution and a courier service demanding greater than Sh50 million accusing the financial institution of shedding his title deeds, which had been deposited with the lender as safety for a mortgage.

Hashim Mohamed Kher and his firm, Al Heelam Holdings accuse the lender and Information Rush Providers Ltd of shedding his authentic title deeds in 2013.

Learn: Gulf Africa, Mi Vida properties pen properties financing deal

He’s additional accusing the financial institution of levying unlawful fees and penalties even after acknowledging the lack of the title.

Mr Mohamed says the financial institution ought to pay him after failing to finish a transaction for the sale of one of many parcels of land, which might have seen him eliminate the property, settle the mortgage and depart him with a stability of Sh6.2 million.

“The plaintiffs aver that in any respect materials instances, the defendant owed the plaintiffs an obligation of care to make sure that the titles deposited with it had been secure and safe, which the defendant breached by gross negligence, recklessness,” Mr Mohamed stated within the petition.

The financial institution has denied all of the allegations and is as an alternative looking for to be paid by its former buyer.

The lender says it despatched the unique title deeds and assertion on excellent balances that had been collected for supply by Information Rush Courier Providers and had been misplaced on the best way to supply.

Justice Josephine Mongare directed the events to file their submissions inside 14 days and seem earlier than her on March 22.

Mr Mohamed instructed the court docket that he and his firm obtained loans from the lender and offered two title deeds as safety in 2010.

Learn: Gulf African Financial institution, Toyota Kenya signal vehicles financing deal

In 2013 he wished to promote one of many properties to offset the mortgage, after allegedly getting a purchaser –Welldan Contractors— who would buy one of many properties for Sh65 million.

→ [email protected]