Appeal Court Clears SBM to Recover Sh779 Million Through Alma Sale
NAIROBI,Kenya May 29-Cytonn Integrated Project has suffered a major legal setback after the Court of Appeal cleared the way for the auction of its Kenya breaking news | Kenya news today |..
✨ Key Highlights
The Court of Appeal has cleared SBM Bank Kenya to auction the high-end Alma residential development in Ruaka, allowing the bank to recover approximately Sh779 million owed on defaulted construction loans.
- The court dismissed Cytonn Integrated Project's plea to halt the sale, stating they failed to meet the legal threshold for an injunction.
- Key parties involved are SBM Bank Kenya, Cytonn Integrated Project LLP, and the Official Receiver.
- The dispute stems from loans advanced in 2019 and is linked to the collapse of the Cytonn High Yield Solutions LLP investment structure.
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Absa Kenya Posts Sh5.3 Billion Profit After Tax in Q1 - May 2026
Absa Bank Kenya has reported a Sh5.3 billion profit after tax for the first quarter ending March 2026, driven by growth in customer deposits and balance sheet expansion despite economic challenges. The Court of Appeal has separately cleared SBM Bank Kenya to auction the high-end Alma residential development in Ruaka, allowing the bank to recover approximately Sh779 million owed on defaulted construction loans. Meanwhile, Enwealth Trustees Services Limited has been granted approval by the Capital Markets Authority to operate as a licensed corporate trustee in Kenya, expanding the range of financial services available in the market.
