BILLIONAIRE BUSINESSMAN SUED OVER SH300, 000 DEBTS.

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Businessman Jacob Juma who has been sued for failing to pay a trader Sh 300,000.

BY SAM ALFAN.

A Nairobi businessman has been taken to court for failing to pay up cash owed to a “creditor”.

Imtiaz Ahmed Khan filed a case at Milimani commercial courts through his lawyer James Gitau Singh claiming that Jacob Juma has refused to pay him Sh 300,000.

In a court documents filed before Milimani commercial court, It is alleged that on May 13, 2014 Juma was at his request advanced as a loan a Sh 800,000 which he promised to pay.

Khan claims that upon repayment Juma handed a Cheque of Sh 800,000.On November 11, 2014 Khan presented a Cheque for payment when it was returned unpaid with the remark “payment stopped by drawer”.

Khan claims that on November 18, 2014 through lawyer Gitau demanded from Juma a sum of Sh 800, 000, pursuant to which Juma made a partial payment of Sh 500, 000, receipt of which was acknowledged.

Khan claims that despite demands and promises of payment, Juma has refused to pay the outstanding sum of Sh 300,000 being the balance of the money from those advanced.

Khan claim against Netel Investment Limited is Sh 800,000 less Sh 500,000 being money paid for issuing a Cheque that was returned unpaid, which Cheque that should not have been returned unpaid.

It is alleged that there is no other suit pending and there have been no other proceedings between the two parties. Khan seeks courts intervention to have his money paid.

Juma in his defence has denied the allegations claiming that on May 13, 2014 he entered into transactions with Khan where he sold to him Turkish Carpets.

He adds that he paid Khan Part of the purchase price for the carpets in cash and issued him with a postdated Cheque of Sh 800,000 for the balance of the purchase price to make full payment.

Juma adds that they were in agreement that the Cheque be held as a security for payment and not be deposited without notice of Juma.

The businessman claims that Khan deposited the Cheque contrary to their agreement and he was compelled to stop it.

Juma claims that in keeping the agreement he paid Khan Sh 500,000 in cash leaving a balance of Sh 300,000.

Juma admits being indebted to Khan is Sh 300,000 but has been unable to settle it following a down turn in his businesses which have been bogged down in litigation. He prays that he be allowed to pay the balance by way of equal monthly installments of Sh 15,000.

The matter is listed for November 18.

 


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