The High Court issued an order requiring Keroche Breweries Limited to pay Kenya Revenue Authority (KRA) Ksh.500 million as a condition to deter the taxman from recovering Ksh.9.1 billion from the brewer has now been set aside.
In a ruling delivered on Thursday by Court of Appeal, the company will deposit a sum of Ksh.100 million within 45 days.
To come up with the ruling, the court said it had put into consideration all factors including the challenging economic circumstance that the Covid-19 pandemic has imposed in the country and the whole world.
Other things moved from the brewer’s neck are the noticed issued on Equity Bank Limited and Absa Bank of Kenya on March 11, 2020, plus other notice that may have been issued to any of its bankers and debtors.
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In March, Justice David Majanja directed Keroche Breweries to pay the said amount of money within 30 days and failure to which an order stopping KRA from recovering the debt, by attaching Keroche’s account would lapse.
Aggrieved by the High Court’s ruling and refusal to vary the order, the company sought refuge from the Court of Appeal to challenge the orders arguing that the High Court Judge erred in law in failing to consider their inability to raise the said amount.