Nairobi, June 16 -- The East African Development Bank (EADB) has lost its bid to recover Sh1.3 billion from Kenya Bus Service (Mombasa) Limited and its guarantors, bringing to an end a 23-year court battle.

The lender's claim collapsed after the High Court found that it had failed to satisfactorily explain how the original loan and accrued profits had escalated to the amount being sought.

The court said the bank did not provide sufficient documentation to justify the figures presented.

"The bank cannot, in a liquidated demand, simply throw figures at the court. There is no indication or documentation showing how the loan amount ballooned to $9.9 million within six years. In the circumstances, the suit lacks merit and is hereby dismisse...