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Karuturi, Stanbic trade fraud claims in debt war - 10 months ago, 22 Mar 07:27

By: Galgallo Fayo

Troubled flower firm Karuturi has accused a local lender that assumed control of the company during receivership of using the receivers and managers to suppress its sales by more than Sh2 billion to justify disbursement of more loans and prevent it from coming out of forced management. Karuturi, which is one of the world’s largest flower firms, accuses Stanbic Bank #ticker:CFC of working with the receiver managers to suppress the company’s sales and inflate expenses to justify the granting of fresh loans in form of bank overdrafts to the flower firm. The bank denies the allegations. Karuturi made the claims in response to a suit that Stanbic Bank filed in court seeking settlement of a Sh1.8 billion debt. Stanbic-appointed receiver managers are accused of suppressing flower sales and of using suppressed currency exchange rate to the disadvantage of Karuturi during the receivership. Minui Thoithi and Kuria Mucheru were appointed Karuturi’s ...
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