Paramount Bank has come out to set the record straight following ownership wrangles over a piece of land in Parklands.
A bank official told Hot News the Directors are disturbed by false social media reports that they “grabbed” a piece of land belonging to one Zaverchand Ramji Shah.
The bank said it auctioned the land after Zaverchand failed to pay shs 25 million loan he took.
Court documents indicate Zaverchand used the land as security.
Zaverchand insists he is the legal and registered owner of LR No. 209/6/measuring approximately 0.2617 Ha.
The land is in Parklands, Nairobi County.
Shah and his family said they have lived on the land since 1989.
Zaverchand rushed to court in 2008 to save his property from the auctioneer’s hammer.
In civil suit number 549 of 2008 at the Milimani Commercial Court, he sued the Universal Bank, Paramount Universal Bank limited, Kurwa limited and the Commissioner of lands.
According to Court documents, on 29th January 2009, he obtained an injunction restraining Kurwa Limited which had bought the land from the Bank from taking possession.
“The plaintiff is ordered to deposit with the 2nd defendant the sum of kshs 25 million. Being the purchase consideration paid by the 3rd defendant for the suit property and disbursements paid to facilitate the transfer within 30 days. In default, the orders granted by this court in his favor shall automatically lapse,” Justice Luka Kimaru said.
However, he failed to raise the money in 30 days.
Justice Kimaru said Zaverchand was not serious when he said that he was able to refund Kurwa Limited the money.
The court said he was not candid.
“This court cannot exercise its discretion in favor of a party who is not truthful when advancing his case. Those are the reasons this court dismissed the plaintiff’s application dated 23rd February 2009 on 4th March 2009,” Justice Luka Kimaru ruled.
On 17th June 2015, his other case was dismissed
On 10th May 2019, he went to court for the case to be reinstated.
He told the Court that he was sick and elderly and suffered from heart burns, epigastric and varicose veins.
The Court papers say he was not incapacitated and that he was able to follow up his everyday affairs.
He claimed that he had no other property, but the court papers indicate that he had another registered property as LR No 209/6/5 in Parklands.
The court refused to reinstate the case saying the property had been transferred more than once.
The old Zaverchand was unlucky as the Court said he did not sign an affidavit on 10th May 2019 since there was overwhelming evidence that he was not in Nairobi.
Judge Mary Kasango said he forged the affidavit to support his case.
On 30th April 2020, Judge Kasango dismissed his application and the bank repossessed the land to recover its money.
“In the end, the notice of motion dated 10th May 2019 is hereby dismissed with costs,” Judge Kasango ruled.