PRISK Boss sued over Sh 2M, 3-month loan
Performers Rights Society of Kenya (PRISK) Chief Executive Officer Joseph Njagih has been sued for defaulting on a Sh2 million loan.
Njagih took the loan and promised to repay within three months but has since defaulted.
According to court documents obtained by Nairobi News, Mr. Njagih had an agreement with Liberty Afrika Technologies Limited, and he advanced the said amount.
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Njagih was to repay the loan in full or before February 28, 2022, but has since defaulted, and Liberty told the Chief Magistrate Court at Milimani Commercial courts.
“By a credit agreement on December 10, 2021, the plaintiff agreed to advance the defendant a sum of Ksh 2,000,0000. It was a term of the agreement that the defendant would repay the loan amount in full on or before 28th February 2022.” Liberty states in civil suit No. E189 of 2022.
Failure to repay the loan by the said date, the terms of the agreement consented by both parties stated that the loan would attract an interest rate of 3.75 percent per month on a reduced balance.
Unable to keep the end of the bargain, on July 21, 2022, the CEO entered into another agreement with Liberty. This time he agreed to pay the loan and accrued interest in monthly installments.
“On or about July 21, 2022, the plaintiff and the defendant entered into an addendum to the credit agreement allowing the defendant to repay the debt and interest in monthly installments of Ksh200,000 per month with effect from November 6, 2022.”
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However, even with the new agreement, Liberty says the PRISK honcho has refused to pay.
The company is now demanding the court to compel Mr. Njagih to pay Sh2.6 million and further interest of 3.75 percent per month.
“The plaintiff claim is for the principal sum of Ksh2 million plus interest of Sh600,000 as at 11 November 2022 and a further interest at the rate of 3.75% per month from 1st November 2022 until payment in full.” Liberty urges the court.
Liberty says it has exhausted all avenues to settle the matter outside the court, including issuing Mr. Njagih a demand letter that he ignored.
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