Kampala, Uganda - Monday, March 16, 2026: The East African Development Bank (EADB) has noted the great interest expressed in recent days over a matter involving one of its debtors in the Republic of Kenya.

Ensuing public discourse and commentary, most of it grossly misleading, compels the bank to issue the following statement for context and clarification, and based on publicly available disclosures and documents in various courts of law:

In 2015, Dari Limited - a company registered in the Republic of Kenya - borrowed USD 9,197,084 from the EADB under a loan facility agreement dated 10th April 2015. This agreement was jointly negotiated and agreed upon by both parties who were respectively represented by counsel.

As security for the facility, Dari Limited shareholders and directors pledged various properties they owned in Nairobi which were subsequently charged to the Bank.
Subsequently, the loan was drawn on the 29th of July 2015 pursuant to the terms of the Facility Agreement, after the charges were duly registered in favour of the Bank.

As of the second quarter of 2016, the loan was in default, prompting the EADB to issue various demand notices to Dari Limited in November 2017 which were ignored and not honoured.

Following the default on the loan repayment (and other conditions for the loan), the EADB was compelled to file proceedings in the High Court of Justice in England, United Kingdom - the forum and the governing law provided for and agreed under the Facility Agreement.

On the 19th of June 2019, the Bank obtained judgment for the sum of USD 15,162,320.95 - being the principal sum, interests, and penalties which continued to accrue in line with the facility agreement. Both parties had legal representation in the Courts of England.

The High Court in Nairobi later recognized and confirmed the U.K. judgment against Dari Limited on 13th February 2020, and later by the Court of Appeal in Nairobi on 20 April 2023. At no point, over the course of this seven-year-long dispute, has the EADB received any credible or verifiable repayment offer from the debtors as have been alleged.

Consequently, under the terms of the Charge, the Bank successfully auctioned the Ngong Road property that had been pledged by Dari Limited as security, on the 1st of October 2024, after following all due processes and the highest bidder purchased the property. At the time, there were no court orders preventing the sale of the property at the auction.

After the auction, Dari Limited sued the Bank and service providers, challenging inter alia the valuation of the property. Dari was granted an interim injunction order which could only relate to pledged property that had not yet been sold. However, in a substantive ruling, delivered on the 9th of March 2026, the High Court in Nairobi struck out the suit, and effectively vacated the interim orders.

The EADB distances itself from the ongoing public theatre of the borrower's distortion of facts and disinformation and remains guided by the principles of the rule of law, its governance policies, and, more importantly, by the loan facility agreement entered.

END.