BILLIONAIRE TERMS BANKRUPTCY ALLEGATIONS AS MALICE.

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City tycoon Raju Sanghani with his lawyer before a Nairobi Court during the cross examination on commercial dispute case on Monday 16,2018/ PHOTO BY S.A.N.

BY NT CORRESPONDENT.

Billionaire has dismissed claims that he is bankrupt and termed the allegations as malicious

The City tycoon Raju Sanghani wants former proprietor of  Jack and Jill supper Market Mr Schon Noorani desist from  carrying out  smear campaign against  him by   spreading malicious  rumors that he  his bankrupt.

Mr Raju  has not denied owing  him a balance  of Kshs 167,270,500, saying Noorani has been previously paid in vouchers  to tune of over Sh 2 million, adding that bankrupt issue  does not arise.

Mr Raju states that  from  January 2016 to April 2018 has paid him a total of  Sh 303,153,501 this indication shows that Noorani claim contains a lot of falsehoods that goes towards  tarnishing the good  reputation of  the business tycoon.

The  dispute  between the parties  is still pending before commercial court awaiting determination.

“As per the terms of agreement, I have made payments in installments defraying the principal sum and an interest of 1.5% per month to a total amount owed. I have always paid all installments in time and never been in arrears”, he argued.

He claims that due to unreasonable interest rates imposed to him by the creditor, it is becoming increasingly difficult for me to make the monthly payments.

Attempts to reach agreement with Noorami on payment structure has proven futile due to his unreasonable demands on interest calculations compounded.

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