NAIROBI, Kenya — NCBA Bank Kenya PLC and logistics firm Multiple Hauliers (EA) Limited are locked in a high-stakes arbitration dispute in London involving claims exceeding Sh88 billion, escalating a long-running debt and restructuring battle.
The arbitration stems from allegations by Multiple Hauliers’ shareholders that the lender failed to fully disburse agreed credit facilities meant to support fleet expansion and operations.
The claim, filed in 2024, seeks damages including alleged lost business, disrupted contracts, and other commercial losses.
According to court records cited in the dispute, the facilities were secured by debentures and guarantees, but the contention centres on whether the bank fully honoured the funding commitments rather than the existence of the facilities themselves.
The Sh88 billion claim significantly exceeds the bank’s exposure of about Sh12.7 billion, complicating recovery efforts and raising the stakes for both parties.
If shareholders succeed, the lender could face substantial liability, while enforcement of securities before arbitration risks accusations of undermining the arbitral process.
The dispute has already triggered conflicting court decisions. In October 2025, the High Court barred the bank from appointing administrators or enforcing guarantees, warning that such action could undermine arbitration and potentially destroy the company before liability is determined.
However, the Court of Appeal later allowed the bank to challenge those restrictions, noting concerns that leaving the company under current management could expose assets to dissipation, deterioration, or continued trading losses.
Multiple Hauliers, once one of the region’s major transport operators, has struggled under heavy debt and failed restructuring efforts, with lenders seeking to protect collateral while investors attempt to salvage operations.
