Infinity Industrial Park asks CBK to investigate Bank of Baroda deals

Infinity Industrial Park Limited has requested the Central Bank of Kenya (CBK) to investigate Bank of Baroda (Kenya) Limited's actions regarding the industrial park. This comes after a High Court ruling in Nairobi that nullified the bank's appointment of joint administrators over the industrial park. The High Court ruled that the administration was improper and inconsistent with the purposes of administration under the Insolvency Act.

Infinity has asked the CBK to review Bank of Baroda's conduct, including its credit management, governance, legal-risk controls, and handling of the company's proposals to repay or reduce its indebtedness. The court found that the administrators were appointed shortly after Bank of Baroda's unsuccessful attempt to set aside a default judgment, and that there was no urgent situation requiring the bank to act.

Infinity has also asked the regulator to examine the internal decision-making that preceded the appointment, the legal and credit advice considered, and whether the implications of the ongoing court proceedings were adequately considered.