Nairobi, July 21 -- Citibank N.A. Kenya has petitioned the High Court to stop criminal investigations against its CEO, Martin Mugambi, over a disputed Sh261 million loan advanced to a Murang'a-based tea factory managed by the Kenya Tea Development Agency (KTDA).

In its court filings, the bank says the Directorate of Criminal Investigations (DCI) is unlawfully criminalising a commercial lending decision in investigating Mr Mugambi over the approval and disbursement of the loan to Kiru Tea Factory Company Ltd.

DCI wants to establish whether forged board documents were used in the application of the $2.02 million (Sh261.1 million) loan, how the cash was disbursed, and the beneficiaries of the millions of shillings amid claims of diversions...