How Co-op Bank Siphoned Money in and Out of Court Settlement

It is now evident that Co-op bank Mtwapa branch siphoned money while settling its lease dispute with a landlord, Mombasa Maize Millers limited.

According to millionaire Mohammed Islam Ali’s Maize Millers company, it was the bank that requested them to settle the matter out of court and further allow them to occupy their Mtwapa premises till January 2020 at a handsome fee.

Co-op bank had gone to court earlier this year seeking an injunction against its eviction by maize millers ltd. The Mohammed Islam owned company was rightfully evicting them after their lease period that began on February 15, 2015, expired on January 31, 2019.

The new deal will see Mombasa Maize Millers Ltd receive a whopping sh24 million between now and January 2020 as a rental. Ksh24 million is enough money to acquire and build a proper office in Mtwapa.

“The plaintiff (bank) agrees and undertake that it shall handover vacant possession of the premises to the defendants on January 31, 2020,” part of the consent already signed by the two parties read in part.

Co-op bank already paid maize millers company an unknown amount of money as costs of the suit and counterclaim on a full indemnity basis. The money paid was highly inflated.