The Central Bank of Kenya (CBK) has failed in its attempt to prevent the payment of a contested Sh122.4 million debt stemming from office modernization contracts initiated almost two decades ago.

• The debt is owed to furniture maker Zadock Furniture Systems and contractor Maridadi Building Contractors.
• The CBK argued the claims were settled and sought to avoid double payment, but the court found their challenge was filed too late.
• The court recognized an arbitral award issued in favor of the contractors as binding and enforceable, paving the way for payment collection.