Shares of Karuturi Global may remain in action, as its subsidiary Karuturi Agro Products Plc, Ethiopia, has been granted 15,000 hectares for agricultural activities.
While Ethiopian and foreign companies such as Karuturi Global and Saudi Star have been given large leases and credit to farm lands in Gambella, local people have largely been left out, just as they have been excluded for decades
- Ethiopia Insight
18 Apr 2019
The decision by the Supreme Court's Court of Appeal gives the green light to Stanbic Bank Plc to dispose off Karuturi Limited assets as foreclosure to defaulted loans totaling to Ksh. 621 million in the flower farm's pre-receivership
CFC Stanbic bank has been asked to explain a debt it is owed by struggling Naivasha-based Karuturi flower farm.
Kenya's Court of Appeal is in December expected to determine if Karuturi will pay Sh1.8 billion contested debt to Stanbic Bank before the dispute before High Court is determined.
Kenya's court of appeal will rule on the 20th of December on the ownership of the Karuturi farm which was put under receivership over a debt it owed one of the banks.
Naivasha-based flower firm Karuturi has sued Stanbic Bank and four receiver managers for allegedly thwarting its revival through mismanagement and secret acquisition of loans.
The Court of Appeal will tomorrow start listening to an appeal case filed by Karuturi Limited against CFC Stanbic Bank and its receiver managers.
El año 2017 terminó como uno de los más fatídicos para los defensores de la tierra. También fue un año muy malo para muchos acaparadores de tierras.
L’année 2017 s’est avérée l’une des années les plus mortelles pour les défenseurs des terres. L’année a été assez mauvaise aussi pour plusieurs accapareurs de terres.
2017 went down as one of the deadliest years ever for land defenders. It was also a pretty bad year for several land grabbers.
In a paid advert, the receiver managers detailed the items for sale but also indicated that the close to 125 hectares where the company sits would not be sold.