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SBM bank faces auction over Sh106m debt

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By Albert Amenya

SBM bank faces auction over Sh106m det

High court has finally delivered a judgement ordering SBM bank to pay Aryan limited Sh26 million plus interest at the rates charged by the same bank. The amount to be paid attracts interest of 30 per cent from July 2011 when the case was filed. The bank has been ordered to pay or be auctioned.

This comes after the bank’s application for stay pending appeal was dismissed by the Court of Appeal in February 2023, paving way for the execution but the bank has refused to pay.

High court has also Aryan to execute the decree to recover the entire amount plus the interest incurred pending the determination of party to party costs.

On 30th March 2023, Fantasy Auctioneers attached all movable properties of SBM Bank formerly – the successor of Fidelity Bank – at its head office in Nairobi and Mombasa. The proclamations have confirmed and forwarded. Everything has been stamped by the bank.

According to Fantasy auctioneers, the amount owing as at March 2023 is in the region of Sh106 million but the bank is reluctant to pay and is only but buying time.

The auctioneer reveals that the manager requested them not to leak the information to the media, workers and the members of the public as they try to sort out the issue in the best way they can. Attached here are relevant documents of proof.

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