It argues that the lender illegally appointed a receiver while they were still engaged in negotiations, saying it breached the law.
"TransCentury is a significant business in Kenya's economic landscape, we are committed to meeting our obligation, and hence the reason why we embarked on a Rights Issue transaction at the beginning of the year," he added. On Saturday, Equity Bank placed Transcentury and the East African Cables under receivership and administration for defaulting on Sh3.01 billion.
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