Kenya’s High Court has ruled that I&M Bank can collect Sh864.7 million($6.7 million) from Buzeki Enterprises Ltd., saying a promissory note issued to the bank must be honored as written.The logistics firm is owned by businessman and politician Zedekiah Bundotich Kiprop (Buzeki).
- Kenya’s High Court has cleared I&M Bank to collect Sh864.7 million from Buzeki Enterprises, owned by billionaire Zedekiah “Buzeki” Kiprop.
- The court ruled a 2016 promissory note must be enforced as written.
- Buzeki Enterprises had argued payment depended on a land sale, but the court rejected this.
- Judgment includes interest and legal costs payable to the bank.
According to the court, a promissory note signed in 2016 clearly required Buzeki Enterprises to pay a fixed amount on November 30, 2016.
The judge emphasized that the note contained no conditions, so none could be added later. The written document alone controlled the agreement.
How the conflict began
Buzeki Enterprises had agreed to buy over 100 trucks and trailers from RT (East Africa) Ltd. and issued promissory notes totaling Sh864.7 million to cover the cost.
RT, a client of I&M Bank, later transferred the note to the bank in exchange for financing. When the repayment date arrived and no payment came through, I&M Bank sued as the legal holder of the note.
The company’s defense
Buzeki Enterprises argued that repayment was linked to the sale of Taru Ranch in Kwale County, claiming the debt wasn’t due because the sale never happened.
The court dismissed this explanation, saying the alleged condition wasn’t written in the note and was introduced too late in the case to be considered.
The judge found that the bank had every right to demand payment because RT had legally assigned the note to it.
The court ordered Buzeki Enterprises to pay Sh864.7 million, plus interest and legal costs.
