JUDGMENT OF KWACH JA.
Wino Industries Ltd (Wino) filed a suit in the superior court against Development Finance Company of Kenya Ltd (DFCK) and Joseph Kamande Mwiruri and John Kanyora Geita (the receivers), seeking a number of reliefs including a declaration that Wino had fully repaid all monies legally due from it under two loan agreements entered into between DFCK and Wino; revocation of the appointment of the receivers and the discharge of charges, debenture and guarantees given as security for the repayment of the loans.
Wino’s case as pleaded in its plaint was that the loan had been given in Kenya shillings and that it had repaid in Kenya shillings the amount legally due and owing to DFCK. DFCK filed a defence in which it contended that the first loan of Shs 2,000,000/- was given in Kenya shilling equivalent of Swiss Francs and Pounds Sterling and that the second loan was an amount of Dutch Guilders equivalent of Kshs 600,000/-. DFCK raised a counterclaim for a declaration that Win…