Business
Equity to auction Fourways homes in loan dispute
Equity Bank has been given a go ahead to sell houses belonging to real estate firm Suraya Property Group to recover its loans. This follows a ruling by the Court of Appeal on the prolonged battle that has seen several parties trying to take over the mansions in Kiambu.
The bench judge agreed with Equity Bank as a reputable lender and the real estate firm can still recover their money, in case the appeal, which is yet to be heard succeeds.
Justices Roselyn Nambuye, Hannah Okwengu, and Imaana Laibuta said the lender can auction the mansions subject to the issuance of fresh notices, as it was directed by the High Court in 2020.
The houses in dispute were constructed by China Wu-Yi company and financed by Equity Bank at a tune of more than Sh1 billion.
But the real state firm has been xperiencing financial woes after Muga Developers, a joint venture which is partly by Suraya was placed under receivership in 2020 by Equity Bank with Mr Muniu Thoithi and Mr George Weru being appointed as the administrators.
“The applicant having offered the suit property as security, it has become a commercial entity that can be compensated in monetary value,” the ruling reads.
The Fourways Junction Estate [p/courtesy]
Suraya Property is owned by Peter Muraya and his wife Susan with whom he formed Muga Developers with the family of the late Samuel Gatabaki in 2007 to develop fourways junction estate. Gatabakis provided the land while Suraya was to source for funds to finance the development.
The luxarious estate which boasts of a mix of apartments, office blocks, a shopping mall, a fully-fledged country club and a three-star hotel is strategically located closer to the leafy Runda Estate.
China Wu-Yi which constructed the estate is also fighting to get some 10 houses as part of the payment for their services.
But Suraya Property has denied the claims stating that even if there was a deal to that effect, the property is charged to Equity Bank which granted the Sh1.76 billion loan to finance the project.
Kenya Insights allows guest blogging, if you want to be published on Kenya’s most authoritative and accurate blog, have an expose, news TIPS, story angles, human interest stories, drop us an email on [email protected] or via Telegram
Kenya’s gambling industry pushes back against a licensing bill
Kenya’s betting tax reform and why it matters
KETRACO CEO Advert Marred By Controversies As Fears Grow That Kipkemoi Kibias Is A Predetermined Candidate
I Will Bribe Every Judge in Town- MP Jack Wamboka
KNH ON THE BRINK: How Corruption, Revenue Plunder and State Neglect Are Destroying Kenya’s Flagship Hospital
Receivers In TransCentury Sh6B KRA Tax Arrears Are Biased And Must Be Removed, COFEK Claims
The Man Behind the Badge: How Prof. Erastus Kanga Turned Kenya’s Premier Wildlife Agency into a Theatre of Corruption, Fear and Impunity
City Lawyer Conrad Maloba Arrested Over Fake Ambulance Fraud
THE FIXER IN THE FILE ROOM: How Parliamentary Health Committee Clerk Adan Gindicha Cleared Mediheal Hospital of Organ Harvesting Claims Despite Mounting Evidence
Nairobi Freezes Binance Accounts in Sweeping Anti-Fraud Crackdown as Global Scandal Record Haunts World’s Largest Crypto Exchange
Forged Legacy: How Kaplan and Stratton’s Peter Gachuhi Is Accused of Faking a Top AG’s Will as State Claims Damning Evidence
Inside Details Of Sh78 Billion Fraud in KPC’s Mombasa-Nairobi Line 5 Pipeline Project That Has Continued To Bleed The Country
The Lawyer at the Centre of Kenya’s State Machine: Eric Gumbo, the AG’s Bypassed Office, and the Half-Billion-Shilling Question
Sold And Abandoned: How Diageo and Asahi Are Locking Kenya’s EABL Minority Shareholders Out Of East Africa’s Biggest Corporate Heist
Poison at the Pump: How Kenya’s Fuel Marking System May Be Exposing Millions to Cancer-Causing Chemicals
How Firm Linked To Mombasa Tycoon Jaffer Was Allowed To Import Fuel At Bloated Price And Set To Make Billions In Profits From Iranian War Crisis In Kenya
THE ZAKHEM-ECOBANK MACHINE: How Kenya’s Courts Were Weaponised to Drain a State Corporation of Over KES 78 Billion
The Teflon Company: How Gulf Energy’s Insiders Built Billions on Kenya’s Fuel, and Walked Away Clean
Kenyan Motorists Stare At Possible Engine Damage And Heavy Losses As Report Confirms Substandard Fuel In Circulation
Mombasa Lawyer Exposed In Sh600 Million Alleged Double-Dealing Diani Property Transaction
-
Business2 weeks agoKenyan Motorists Stare At Possible Engine Damage And Heavy Losses As Report Confirms Substandard Fuel In Circulation
-
Business7 days agoNairobi Freezes Binance Accounts in Sweeping Anti-Fraud Crackdown as Global Scandal Record Haunts World’s Largest Crypto Exchange
-
Business2 weeks agoTHE FUEL CABAL: How Mohamed Jaffer, a KPC Insider, and a Ministry Official Are Alleged to Have Manufactured Kenya’s Worst Petroleum Crisis in Three Years, While Kenyans Burned
-
Investigations7 days agoEXCLUSIVE: Odibets Bought Stolen Data From Millions Of Kenyans
-
Business2 weeks agoGetting Away With It: How Kenya’s Most Politically Connected Fuel Company Gulf Energy Is Pocketing Billions While Rival Firms Face Public Wrath
-
Investigations1 week agoTHE BRAZEN RETURN: Triton Thief Yagnesh Devani, Who Pillaged Kenya of Sh7.6 Billion and Fled, Now Asks the Same Courts He Escaped to Restore His Stolen Wealth
-
Investigations6 days agoTHE FIXER IN THE FILE ROOM: How Parliamentary Health Committee Clerk Adan Gindicha Cleared Mediheal Hospital of Organ Harvesting Claims Despite Mounting Evidence
-
Business2 weeks agoSugar Empire in the Dock: How Kibos’s Mombasa Refinery Landed 1,481 Phantom Tonnes at the Port — and Why Nine Government Agencies Are Now Watching Its Every Move