Section of NextGen Mall Along Mombasa Road Put on Auction kenyans.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kenyans.co.ke Daily Mail and Mail on Sunday newspapers.
Equity barred from Mututho home sale in Sh20m loan row
Thursday April 29 2021
By BRIAN NGUGI
Summary
Equity Bank had earlier obtained orders to sell the property in Riruta Satellite, Kawangware, which it holds as securities for a Sh9 million loan the MP borrowed 20 years ago, in a public auction.
A court has blocked Equity Bank’s #ticker:EQTY plan to put the multimillion-shilling matrimonial home of former Naivasha MP John Mututho on sale in a bid to recover a Sh20 million accrued debt.
Senior resident magistrate Peter Muholi put the planned auction of the MP s prime property in Nairobi comprising an eight-bedroom double-storey residential house on hold until an application is heard and determined.
Mututho Salvages 8-bedroom Matrimonial Home in Nairobi
Former Naivasha MP John Mututho addressed the media on September 18, 2019 in Nakuru County
Daily Nation
Former NACADA Chair John Mututho has temporarily saved his 8-bedroom matrimonial home in Nairobi’s Kawangware area from being auctioned over a Ksh20 million debt.
The two-storey mansion located in Riruta Satellite had been held as security for a Ksh9 million Mututho obtained from a local bank.
After rushing to court to stop the sale, Senior Resident Magistrate Peter Muholi suspended the auction until an application is heard and determined.
Former National Authority for Campaign against Alcohol and Drug Abuse (Nacada) chairman John Mututho.
THE STANDARD By
Frankline Sunday |
February 5th 2021 at 00:00:00 GMT +0300
Auctioneers are struggling to find buyers for property worth billions of shillings repossessed from owners that have defaulted on loans.
This comes on the back of an unprecedented increase in the number of non-performing loans arising from the coronavirus pandemic, with lenders moving to sell assets as the grace period on loan repayments lapses.
One of the country’s leading auctioneers, Garam Investments, is looking at a portfolio of more than Sh10.6 billion in residential property, as well as acres of land, some which have failed to find buyers for more than a year.
The big shots who faced auctioneers’ hammer
Monday December 28 2020
By SAM KIPLAGAT
Summary
Several prominent personalities including a retired clergyman, businessmen, renowned journalist and a host of former and current politicians faced auctioneers’ hammer this year as they battled with banks over loans they were unable to repay.
They are struggling to hold onto their prime assets over mounting bank loans as Kenya’s economy slows down and repossessions pick up.
For some, a last-minute effort saved their houses from imminent sale while others sought court orders to stall the process.
Several prominent personalities including a retired clergyman, businessmen, renowned journalist and a host of former and current politicians faced auctioneers’ hammer this year as they battled with banks over loans they were unable to repay.