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I&M bank loses case against loan guarantor, defaulter

I&M Bank headquarters in Kigali. The bank wanted the court to authorise the sale of the land used as a guarantee for a loan. PHOTO | CYRIL NDEGEYA

I&M Bank Rwanda has lost a case against a guarantor it sued alongside a customer who defaulted on a loan. The case is being viewed as a precedent that offers key lessons to lenders.

The bank advanced a top up loan worth Rwf135.5 million to coffee processor Socor Ltd in February 2015 based on a guarantee that lapsed. The borrower subsequently defaulted forcing the lender to sue him and the guarantor Kubwimana Cryslogue.

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