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Borrower fights Absa demand for instant payment of loan due in 2039
Rival officials of Vetlab Sports Club have accused Absa Bank of illegally changing bank account signatories and exposing millions of shillings to possible misuse.
The High Court has temporarily blocked Absa Bank Kenya from auctioning a set of commercial properties tied to a Sh80 million loan due in 2039 after the borrower missed a single payment instalment.
The dispute pits a borrower’s expectation that a long-term credit facility should continue running against a bank’s contractual right to demand immediate repayment after a monthly default.
