Nairobi, Feb. 24 -- Guaranty Trust Bank has rejected a Sh33.18 million fine by the Competition Authority of Kenya (CAK) for illegally charging a corporate client interest on a credit facility after failing to agree on renewal terms.

GT Bank had been accused of unconscionable conduct against its customer, ASL Limited, a manufacturing firm that had maintained a credit line with the lender since 2021.

Unconscionable conduct is a business practice that's unfair and oppressive, taking advantage of a vulnerable consumer without adequate knowledge or bargaining power compared to the seller.

In its ruling on the complaint by ASL, the CAK also ordered the lender to refund ASL Limited Sh13,211,285, being the sum of the fees and charges determine...