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The High Court has extended orders suspending Equity Bank’s  decision to appoint receiver managers to run the affairs of TransCentury PLC over a disputed Sh4.8 billion loan.

Justice Alfred Mabeya, of the Milimani Commercial and Tax Division, extended the interim orders staying a decision by the bank to appoint two receiver managers to run the affairs of the investment firm until he gives a substantive ruling on the matter after hearing submissions from all parties.

“I find that no prejudice will be suffered if the interim orders are extended. Therefore the orders earlier issued stand pending a ruling to be given on notice,” Mabeya (pictured) said on Wednesday.

TransCentury, through lawyer Phillip Nyachoti, told the court there were negotiations to sell a property at Sh390 million and the proceeds would go to the account. “We are making efforts to settle the debt,” Nyachoti said.

He informed the judge that they had made full disclosure of relevant information relating to the accounts adding that the payment of Sh108 million had not been effected because there’s an order to the top officials of TransCentury restraining them from interfering with the bank accounts.

“Unless the order is set aside, the plaintiff can’t touch or do anything with the account,” Nyachoti said.

Equity Bank, through lawyer Kimani Kiragu, informed the court TransCentury had failed to make full disclosure on payment of the debt.

“There is non material disclosure as Plaintiff failed to disclose that the process was finalized. The rights issues were completed and only Sh828 million was raised. The allegations that there was a chance of raising Sh2 billion was a misrepresentation,” said Kiragu.