a major legal confrontation, Kenya Commercial Bank (KCB) is facing scrutiny over its aggressive pursuit of Pinewood Beach Resort and Spa, prompting broader questions about the bank’s ethical standards.
The legal battle has intensified, with Itco Investments Limited (ITCO) escalating it to the Court of Appeal to prevent KCB from seizing or selling the luxurious Kwale-based hotel.
ITCO says that a High Court ruling, which favored KCB, was based on misleading connections to unrelated legal proceedings, in which ITCO had no involvement.
Critics argue that KCB’s aggressive tactics in loan recovery raise serious ethical concerns and highlight the need for greater oversight and regulation.
This isn’t the first time KCB has faced such allegations; in Uganda, Tirupati Development Uganda Limited accused the bank of breach of contract and money laundering, among other serious allegations.
At the heart of the matter is the question of fairness and accountability in the banking sector.
Critics argue that KCB’s aggressive tactics in loan recovery raise serious ethical concerns and highlight the need for greater oversight and regulation.