W.E. Tilley (Muthaiga) Ltd, described in court documents as a fish processing firm owned by Nashir Haideralli, will be interesting to watch as the Imperial Bank story unravels.
Besides Imperial Bank, which wants the firm’s assets attached in a bid to recover $100 million the firm owes it, Prime Bank and Fidelity Bank are also laying claim to the firm’s frozen assets, noting that they charged the parcels of land in monies extended to W.E. Tilley.
In addition, the firm was adversely mentioned in connection with the collapse of Charter House Bank in 2006.
While presenting a dossier on the extent of fraud and tax evasion at Charter House Bank, then Mandera central legislator Billow Kerrow, told parliament that the fish firm, with investments in Tanzania, was one of the conduits in the scandal.
It was also revealed that investigators found out that the account held by one W.E. Tilley showed receipts of $58.9 million against sales of $1.35 million, which the report indicated was “suspected money laundering.”
Fidelity and Prime Banks have moved to be enjoined in the Imperial Bank suit after feeling exposed by W.E. Tilley (Muthaiga) Ltd.
In its court papers, Fidelity says part of the land affected by the freeze orders issued to Imperial Bank was used by W.E Tilley and Value Pak Foods to secure loans. Prime Bank is also laying claim to two other pieces of land in Ruiru also affected by the freeze following Imperial Bank’s suit, noting that the parcels of land were charged on them.
“It is just that Fidelity Bank be enjoined in these proceedings. The two properties were charged during the normal course of business between W. E. Tilley and Fidelity Bank. Pursuant to the said charges, Fidelity has first right over the said properties,” the bank said in its court papers.
Inter bank stake
Fidelity Bank has accused Imperial Bank’s receiver managers of intentionally ignoring its stake in the land despite acknowledging in its suit that the land had been used to secure loans from it.
“It is noteworthy that W.E Tilley has been Fidelity Bank’s client to whom it has been granting financial facilities from time to time. Even though the court order mentioned Fidelity Bank and properties that were charged to it, Imperial Bank, knowing that Fidelity had an interest in the present matter, deliberately failed to enjoin it as an interested party,” the lender says.
W.E. Tilley Ltd has admitted receiving $100 million from the bank and has offered to have a second charge created over its properties. The firm, which specialises in fish products, according to its website, is not new to banking scandals in the country. In 2006, it was adversely mentioned in the Charter House Bank collapse.
A search at the company registrar shows that W.E. Tilley Ltd was registered in Kenya on March, 21, 1969 and is involved in butchers, slaughterers and purveyors of all kind of meat. It is owned by Nashir Haideralli, with a 99 per cent controlling interest.
Other shareholders are Aziz Haideralli Jessa, the estate of Nurbanu Jessa and Nargis Aziz Jessa, all of whom are defendants in Imperial Banks’ fraud suit.
The search also shows that Diamond Trust Bank has charged two parcels of land on the firm amounting to $1.26 million. It is also affected by the freeze orders.