{
  "id": 2093099,
  "title": "Co-op Bank to sell Sony Sugar property over Sh862mn debt",
  "url": "https://urgent.news/2026/08/20/co-op-bank-to-sell-sony-sugar-property-over-sh862mn-debt",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-20T06:55:00.000Z",
  "source": {
    "name": "Capital Business",
    "slug": "capital-business",
    "url": "https://capitalfm.africa/co-op-bank-to-sell-sony-sugar-property-over-sh862mn-debt/"
  },
  "original_language": "en",
  "account": "Nairobi, Kenya (Aug 20) – Co-operative Bank of Kenya has given a 40-day statutory notice to South Nyanza Sugar Company (Sony Sugar) to sell a property valued at Sh862.3 million due to an outstanding debt. In a notification dated July 14, 2026, the bank stated it would exercise its power of sale under the Land Act, 2012, unless Sony Sugar settles the debt within the 40-day period. Sony Sugar is reportedly in default on a lending facility of Sh862,328,980.41, for which the bank has a legal charge and a First Ranking All Asset Debenture. The bank will proceed with the sale after the 40-day period if the default is not rectified. Any payments made after the notice will be accepted on account, but Co-operative Bank reserves the right to enforce its security as per the Land Act provisions.",
  "summary": "In a notification dated July 14, 2026 and addressed to the company's Chief Executive Officer, the bank said it would exercise its statutory power of sale over Land Reference No. 16339/1 unless Sony Sugar clears the outstanding amount within 40 days of being served with the notice.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}