TRUST BANK CORPORATION LIMITED (In Liquidation) v EDWARD INVESTMENTS (PRIVATE) LIMITED and EDWARD NHIRA MBERI and LOVEMORE MUKONO and JOHN MUNEMIWA MBERI

Key Issues

• {"issue_text":"Whether the defendants are liable to repay the withdrawn funds despite the plaintiff's failure to release the full facility amount","issue_type":"mixed","dispositive":"yes","related_facts":"plaintiff credited US$50,000; first defendant withdrew US$40,813.01; plaintiff failed to release US$9,186.99"}
• {"issue_text":"Whether the restructuring of the facility was valid without the defendants' signatures","issue_type":"law","dispositive":"yes","related_facts":"defendants refused to sign restructuring document; plaintiff relied on clause 16"}
• {"issue_text":"Whether the plaintiff is entitled to penalty interest","issue_type":"law","dispositive":"yes","related_facts":"plaintiff's breach by non-release of funds; clause 5.2 provides for penalty interest"}
• {"issue_text":"From what date should interest be calculated","issue_type":"law","dispositive":"yes","related_facts":"facility expired 31 December 2014; summons issued 14 December 2015"}

Background