The High Court has blocked the transfer of Sh1 billion by a foreign firm involved in a commercial dispute with Kenyan banker Hassan Zubeidi.
The firm, Active Partners Group, is now required to deposit with the court the money to be received from the South Sudan government following their mutual agreement recorded before Commercial Court Judge Fred Ochieng on May 4.
In his urgent application before Justice Francis Tuiyot, Zubeidi said he had entered into an agreement with the firm and its managing director, Mohamed Abdulrahman Mohamed Fagir, on August 18, 2010, for the payment of the money in a business transaction. He sued the two defendants for USD11million upon failure to receive the money.
The banker said he later learnt that the proceeds were to be paid in the United Arab Emirates (UAE) after the two parties recorded an agreement before Justice Ochieng. The defendants had no known assets, bank accounts or permanent business premises in Kenya and he stood to suffer financial loss, Zubeidi had explained in his sworn statement.
Justice Tuiyot said the injunction will remain in force pending the hearing of the suit on May 19.