Shell sues Sterling over petroleum sh363m deal
Oct 06, 2002
SHELL (U) Limited has sued Stirling Internal Civil Engineering Limited demanding for recovery of over sh363m supplied for petroleum products
SHELL (U) Limited has sued Stirling Internal Civil Engineering Limited demanding for recovery of over sh363m supplied for petroleum products, reports Hillary Kiirya
Stirling, a UK multinational, is jointly sued with a subsidiary company, Federeci an Italian registered firm.
Shell through Kituma Magala and Company Advocates filed the suit in the commercial court.
Shell claims that Stirling and Federeci on an order received from them Bitumen and other petroleum products on credit and the total amount for the order was sh463,140,926 but paid only sh100m.
“By agreement dated June 17, 2002, Stirling and Federeci jointly acknowledged indebtedness to Shell and by the same agreement they undertook to pay the outstanding sum in installments of sh100m per month commencing June 30 until payment in full but breached the agreement,†said Magala.
He added that they made the first payment and on the second installment, acting on breach of agreement, they issued Stanbic Cheque No.006070 in the sum of sh50m but was returned unpaid.
He said that Stirling and Federeci have despite having been put on notice ignored and refused to make good their indebtedness. Shell wants court to order them pay interest of 25% on the sh363m and costs of the suit.
Stirling, a UK multinational, is jointly sued with a subsidiary company, Federeci an Italian registered firm.
Shell through Kituma Magala and Company Advocates filed the suit in the commercial court.
Shell claims that Stirling and Federeci on an order received from them Bitumen and other petroleum products on credit and the total amount for the order was sh463,140,926 but paid only sh100m.
“By agreement dated June 17, 2002, Stirling and Federeci jointly acknowledged indebtedness to Shell and by the same agreement they undertook to pay the outstanding sum in installments of sh100m per month commencing June 30 until payment in full but breached the agreement,†said Magala.
He added that they made the first payment and on the second installment, acting on breach of agreement, they issued Stanbic Cheque No.006070 in the sum of sh50m but was returned unpaid.
He said that Stirling and Federeci have despite having been put on notice ignored and refused to make good their indebtedness. Shell wants court to order them pay interest of 25% on the sh363m and costs of the suit.