The Spectre International Company in Kisumu is insolvent.
The company that is associated with Raila Odinga’s family is faulted for defaulting a loan of Sh. 7.7 Million.
Betric Kenya Ltd accused Spectre Company of defaulting to pay them money for fuel supplied in 2016.
On Wednesday, a Mombasa court gave Betric Kenya Ltd permission to recover their money, plus interest, from the opposition leader’s firm. They had delivered 14,500 liters of fuel to Spectre International at a cost of Ksh8 million.
Betric Kenya’s lawyer, Wameyo Onyango, further noted that since the supply, only a small amount has been paid up, which is contrary to the agreement they initially had which required the company to pay for the fuel supply within 30 days.
“The total amount payable in respect thereof being Sh8 million, the defendant has made some payments leaving a balance of Ksh7.3 million,” Betric Kenya mentioned in court.
Additionally, Betric Kenya revealed that in order to acquire the product for Spectre International, they had to acquire a loan which has never been services and has since been accruing an interest of five percent every month since 2016.
“The plaintiff avers that it has severally written to the defendant demanding the immediate payment of the outstanding accruements.
“But the defendant, in spite of repeated promises, has failed to pay hence this suit,” Betric Kenya stated.
Betric Kenya director Beatrice Aoko noted that the defendant is now to pay them Ksh7.7 million for the fuel delivered and the accrued interest on the loan they borrowed, since the delayed payment can only be faulted on Spectre International.